STEADY RISE IN DIGITAL CURRENCY: Central Bank estimates ‘north of $300K’ Sand Dollars in circulation

“We are going to be focusing on making an aggressive push to get more businesses enrolled in the infrastructure” NASSAU, BAHAMAS — The Central Bank estimates that in excess of 20,000 individuals are currently utilizing Sand Dollars, with “north of $300,000” of the digital currency currently in circulation. Central Bank Governor John Rolle yesterday noted that […]

ECONOMIC CUSHION: Foreign reserves at “comfortable” $2.26B, Central Bank governor assures

But he notes govt will have “significant” financing needs going forward NASSAU, BAHAMAS — The country’s foreign reserves to date stand at a “comfortable” $2.26 billion, the Central Bank revealed yesterday, noting that demand for foreign exchange, mainly for imports of goods and services, has dropped by 14 percent. According to Central Bank Governor John […]

LENDING SLUMP: Banks see loan requests drop by nearly 60 percent in second half of 2020

NASSAU, BAHAMAS — Private sector appetite for credit was “sharply scaled back” over the second half of 2020, with loan requests dropping by nearly 60 percent due to the economic downturn as a result of the COVID-19 pandemic, according to the Central Bank. Central Bank Governor John Rolle, while commenting on the regulator’s Monthly Economic […]

Central Bank: Government savings bond for small investors in the works

NASSAU, BAHAMAS — The Central Bank has committed to work with the Ministry of Finance to establish a government savings bond scheme for small investors, according to Central Bank Governor John Rolle. Addressing the Bahamas Business Outlook yesterday, Rolle said increased savings would expand the resources available for investment in business, infrastructure and growth. “For […]

Private-sector foreign currency inflows fell over 30 percent in 2020, says CBOB governor

NASSAU, BAHAMAS — Total foreign currency inflows through the private sector in 2020 fell by almost 33 percent, according to Central Bank Governor John Rolle, who noted that a further drawdown on the country’s foreign reserves is expected over the first half of this year. Rolle, who addressed the Bahamas Business Outlook yesterday, noted that […]