NASSAU, BAHAMAS – The country’s total visitor arrivals increased by 16.4 percent to 10.1 million during the first eleven months of 2024, according to data released by the Central Bank.
In its Monthly Economic and Financial Developments report for December 2024, the regulator noted that official data from the Ministry of Tourism showed a significant rise in visitor numbers compared to the same period in 2023. This follows a year-to-date increase of 41.8 percent in 2023.
Sea arrivals rose to 8.5 million, up from 7.1 million the previous year. However, air arrivals saw a slight decline of 0.1 percent, with 1.6 million visitors, compared to the same period in 2023.
The report also highlighted data from AirDNA, which revealed that the Airbnb segment experienced growth, with total room nights sold rising by 6.8 percent to 63,064 in December 2024, compared to the same period in 2023.
In addition, the regulator reported on the country’s external reserves. External reserves contracted by $82.1 million to $2.62 billion during the review month, a slower pace compared to a $108 million decline in 2023. This development was partly attributed to a reduction in the Central Bank’s net foreign currency sales to the public sector, which decreased to $29.9 million from $74.1 million during the same period last year. Conversely, net foreign currency sales to commercial banks increased to $57.1 million, up from $9.8 million in the previous year. Additionally, commercial banks shifted to a net outflow of $42.4 million from a net inflow of $2.5 million in 2023.
On an annual basis, external reserves grew by $268.7 million, reversing the $243.5 million reduction seen in 2023. This improvement was supported by a significant increase in the Central Bank’s net purchases from commercial banks, which widened to $143.8 million from $118.6 million the previous year. Likewise, commercial banks’ net intake from customers rose to $157.7 million, up from $103.2 million in 2023. Furthermore, the Central Bank’s transactions with the public sector shifted to a net purchase of $51.8 million, compared to a net sale of $363.3 million the previous year.
