NASSAU, BAHAMAS — The Central Bank said that it still expects to launch a savings bond scheme by the end of the year.
This initiative aims to cultivate a stronger culture of savings among Bahamians. Governor John Rolle, speaking at a press conference on the Monthly Economic and Financial Developments report, stated: “Regarding the savings bonds, we anticipate the launch is going to happen in 2023. All the technical groundwork has been completed, and our primary focus now can turn to public education and outreach.”
The savings bonds will bear resemblance to Bahamas Government Registered Stock (BRS) in various aspects, including specified terms to maturity, face value, and regular interest payments. However, this offering will cater to smaller investors, granting them the flexibility to make affordable, incremental purchases. This accessibility will extend the instrument’s reach to a broader segment of the population.
The primary objective of the savings bond framework is to foster a culture of increased savings within the population, ultimately promoting greater financial independence.
The structure of this instrument aims to make it easier for individuals with limited financial resources to accumulate savings in manageable increments, providing access to low-risk returns that are typically reserved for investors with substantial sums to invest.
