The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Central Bank is working with the Bahamas Investment Authority (BIA) to create a single electronic Internet portal for foreign investment processing, the Central Bank's Governor said yesterday. "We are also liaising with the Bahamas Investment Authority ultimately to produce a single electronic application portal for foreign investment processing," revealed John Rolle. "This would be co-ordinated with other process reforms that the Government is considering for the Bahamas Investment Authority." Mr Rolle, who was speaking at a 'State of the Economy Report' conference hosted by the Bahamas Chamber of Commerce, said the regulator was looking at how it "fine-tunes" and streamlines the documentation requirements for exchange control approvals.

A Central Bank official noted during a seminar on exchange controls earlier this month that the regulator was committed to a five-to-seven working day turnaround for 'non-urgent' applications.

Bahamian-owned businesses as of this month are allowed to maintain operating deposit accounts, with up to $100,000 in foreign currency, at domestic commercial banks.

The buying and selling rates for the investment currency market have been reduced from 12.5 per cent and 10 per cent, respectively, to 5 per cent and 2.5 per cent. And residents are able to fund investments at a lower rate of $1.05 Bahamian dollars to $1 dollar US, and to repatriate investment currency proceeds to the Bahamas at a rate of $1.025 to $1 US.

"Measures such as regularising the overseas accounts of Bahamians has the potential to attract some resources back to the Bahamas. We have not had anyone yet ask for permission. We expect that those individuals will begin to come forward at some point," said Mr Rolle.