November 20, 2016
John Rolle
Stories this photo appears in:
DIANE PHILLIPS: Art in public places, lifting spirits and boosting revenue, bank on it
THERE’S a new reason to smile while driving along Eastern Road. It’s a painting of a young woman with eyes like giant saucers, glowing cheeks and silken skin, a face of innocence amid a swirl of bubbles.
Governor pledges to tackle private sector’s ‘pain spot’
The Central Bank’s governor yesterday pledged to tackle the “pain spot” suffered by many Bahamian companies over the difficulties encountered in opening bank accounts.
COVID loan defaults ‘not as bad as feared’
The Central Bank’s governor yesterday said the rise in COVID-related loan delinquencies is not as bad as feared with the increase set to fall “well below” the previous 15 percent peak.
Bank branches shrink 30% in seven years
The number of commercial bank branches in The Bahamas has declined by almost 30 percent over the past seven years, the Central Bank’s governor revealed yesterday.
Overseas investment COVID bar removed
The Central Bank yesterday confirmed that Bahamians will be able to resume purchasing overseas securities and real estate from October 1 after seeing a sufficient uptick in tourism-related foreign currency inflows.
Governor: Use $200m for Dorian rebuilding
The Central Bank’s governor yesterday urged Dorian-ravaged businesses and homeowners to draw down on “at least $200m” in unused reinsurance funds to finance rebuilding, adding: “The economy will be better off.”
Restrictions gave external reserves ‘$200m cushion’
The Central Bank’s governor yesterday revealed that restrictions imposed last year in the immediate aftermath of the COVID-19 pandemic’s outbreak had “provided at least a $200m cushion for the external reserves”.
Sand Dollar targets ‘further milestones’
The Bahamian digital currency’s roll-out will hit “further milestones” next month, the Central Bank’s governor says, with consumers gaining the ability to switch funds between their bank accounts and mobile wallets.
Governor: Public finance rebuild ‘ambition’ critical
The Central Bank’s governor yesterday said the government’s “fiscal consolidation ambition” is critical to protecting the external reserves and currency peg, as well as enabling the country to meet its debt payments.
Unpaid tax, utility bills to factor into credit track record
The Central Bank’s governor yesterday warned that unpaid tax liabilities and utility bills will factor into Bahamians’ credit scores once the nation’s first Credit Bureau begins issuing reports to lenders.
Governor: We saved $500m for reserves
The Central Bank’s governor yesterday disclosed that restrictions on foreign currency outflows imposed at COVID’s peak could have saved up to $500m in external reserves.
‘Clear signal’ by Q3 on $100m overseas investments re-start
The Central Bank will “be able to provide a clear signal” by the 2021 third quarter on when it will ease restrictions preventing Bahamians from making up to $100m per year in overseas investments.
Banks suffer $145m hit to cover COVID losses
The Bahamian commercial banking industry booked $145m in collective provisions last year to cover expected COVID-19 loan losses, the Central Bank’s governor revealed yesterday.
Tourism return to pre-COVID peak in 2023
The start of tourism’s revival has been “pushed back” beyond the peak winter season, the Central Bank’s governor warned yesterday, with a return to top performance not expected until 2023.
Governor ‘lays down gauntlet’ for banking
The Central Bank’s governor has “laid down the gauntlet” with his plans to modernise the commercial banking industry for the 21st century, a BISX-listed institution’s chief executive said yesterday.
Credit bureau to hit 30% of borrowers
Up to 30 percent of Bahamian borrowers will struggle to obtain loans due to the imminent arrival of the nation's first-ever credit bureau, a top banker is warning.
Bahamas suffered $400m 'shortfall' on foreign inflows
The Bahamas suffered a more than $400m foreign currency "shortfall" in 2020 that had to be covered by the Government's overseas borrowing activities, the Central Bank's governor revealed yesterday.
Governor in bank fee 'transparency' pledge
The Central Bank's governor yesterday pledged to deliver "greater transparency" on commercial bank fees as the country's first credit bureau prepares to start issuing reports by the 2021 second quarter.
Canadian bank dividend bar to end March 2021
The Central Bank has unveiled plans to lift the suspension on dividend repatriations by the Canadian-owned commercial banks in March 2021 due to "lessening uncertainty" surrounding COVID-19.
Governor warns on future tax increases
The Central Bank's governor has echoed warnings that Bahamians should brace for new and/or increased taxes as he dismissed suggestions the Government may soon default on its debt.
Complete tourism rebound pushed back until 2023
Tourism's full rebound has been delayed until 2023, the Central Bank's governor predicted yesterday, as he conceded that The Bahamas' recovery from COVID-19 is "further behind than expected".
Deferred bank loans slashed to under $1bn
Just under $1bn of commercial bank credit remained on deferral at end-September 2020, it was revealed yesterday, as new loan applications slumped by almost 60 percent in the 2020 first half.
Governor eyes 'savings bonds' to aid resiliency
The Central Bank's governor yesterday said "savings bonds" are being eyed to boost financial resiliency after it was revealed less than four in 10 Bahamian households had sufficient reserves when COVID hit.
Foreign reserves enjoy $200m restriction boost
The Central Bank’s governor yesterday said restrictions imposed on capital outflows have boosted the external reserves by $200m to-date, as he pledged: “Losing control of the peg is not an option.”John Rolle, unveiling the regulator’s economic assess
Governor: No tourism rebound fully till 2023
The Central Bank’s governor yesterday warned the tourism industry might not fully recover from COVID-19 until 2023 with the Bahamian economy now projected to contract by 15-20 percent this year.
Central Bank chief: Fiscal 'discipline' key after COVID
The Central Bank’s governor yesterday warned that the government must reimpose fiscal discipline once the COVID-19 crisis has passed so it can continue to access the debt markets. John Rolle, during a webinar hosted by the Ministry of Finance, said
Restrictions give $300m foreign reserves 'buffer'
The Central Bank’s governor yesterday said measures imposed to restrict foreign currency outflows will create $300m in “buffers” to safeguard the external reserves and the fixed US dollar peg.John Rolle revealed that the regulator has suspended all a
Economy may contract by 'mid to upper teens'
The Bahamian economy may shrink by between 15-19 percent this year with a fully recovery of COVID-19 losses not occurring until 2022, the Central Bank’s governor warned yesterday.John Rolle, in a bleak near-term assessment of the country’s post-pande
Foreign reserves not behind curb on fund transfers
The Central Bank’s governor last night denied that money transfer businesses are being restricted from conducting international transactions to help preserve The Bahamas’ foreign currency reserves.John Rolle, in an e-mailed answer to Tribune Business
Governor: $2bn reserves enough to overcome virus
The Central Bank’s governor yesterday reassured that $2bn in external reserves are enough to meet The Bahamas’ foreign currency needs despite the “major reduction” projected due to the virus.John Rolle, in e-mailed replies to Tribune Business questio
Residents to receive $500m in reinsurace
The Central Bank’s governor yesterday said Bahamas residents were in line to receive 50 percent of the more than $1bn in reinsurance settlement inflows to cover Hurricane Dorian losses. John Rolle told the Bahamas Business Outlook conference: “Colle
Govt debt trading on BISX misses target start date
The Central Bank’s governor yesterday expressed optimism that the trading of central government debt on BISX will begin before year-end despite the initial November deadline being missed.
Central Bank eyes 'movable collateral registry' initiative
The Central Bank is set to study the feasibility of creating “a registry to track movable chattel pledged by borrowers”, such as vehicles, in a bid to improve credit access for deserving borrowers. John Rolle, the Central Bank’s governor, yesterday
Central Bank governor: 'The system needs time to recover'
CENTRAL Bank governor John Rolle said yesterday that banks should have comfortable amounts of capital to absorb losses from Abaco and Grand Bahama storm damage - but only “may” be able to withstand losses if a comparable storm was to hit New Providen
Governor: Stick to plan for 'credibility'
The Bahamas must “show credibility” by sticking to its medium and long-term fiscal plan despite Hurricane Dorian’s $436m blow, the Central Bank’s governor urged yesterday. John Rolle, pictured, told Tribune Business it was critical that this nation “
Bank boss warns: we must act on jobless
The Bahamas must “aspire to higher” GDP growth rates in the two to three percent range if it wants to see “new jobs gushing rather than trickling”, the Central Bank’s governor is urging.
‘Economic lifeblood’ threat from EU list
The “lifeblood of the Bahamian economy” will be threatened if this nation is unable to avoid a revised European “high risk” list, the Inter-American Development Bank (IDB) has warned.
‘No big concern’ for the US$ peg in joining WTO
The Central Bank’s governor says the prospect of widening “trade imbalances” as a result of joining the WTO is “not a major concern” for The Bahamas’ fixed exchange rate system.
Provider for digital B$ ‘will not be greedy’
The digital Bahamian dollar’s technology provider yesterday pledged to “open up” opportunities for local start-ups and financial operators, and promised: “We won’t be greedy.”
Central Bank eyes ‘less interference’ on property deals
THE Central Bank’s governor yesterday said he is aiming to reduce “exchange control interference” with the approvals process for real estate deals involving foreign investors.
Governor calls for ‘more aggression’ over loan arrears
The Central Bank is pushing the banking sector to “speed up” resolving its remaining $742m loan arrears so that it can better fuel economic growth, its governor said yesterday.
‘Uneven’ financial access is hidden in The Bahamas
The Bahamas’ high per capita income and well-developed banking industry hides “very uneven access” to financial services, the Central Bank’s governor said yesterday.
Transaction costs ‘slowing’ electronic payments switch
The costs associated with settling electronic transactions are “slowing the pace of change” in the Bahamian payments system, the Central Bank’s governor said yesterday.
Digital B$ ‘pilot’ ready for 2020
The Central Bank’s governor has revealed that the Family Island communities where it will test the first version of a digital Bahamian dollar will be selected before the end of April 2019.
Digital B$ pilot to ‘crystallise’ in ‘19
The Central Bank is aiming to “crystallise” its strategy for a digital Bahamian dollar test project before year-end 2019, its governor revealed yesterday.
Governor: Target ‘minimum’ 2% for GDP growth
The Central Bank’s governor yesterday said The Bahamas needs to target a “minimum” of two percent annual GDP growth as he called for “stronger inroads” into double-digit unemployment.
Credit Bureau operator set for January selection
The Central Bank’s governor yesterday confirmed that the preferred operator for The Bahamas’ first-ever Credit Bureau will be unveiled in January amid IMF calls for its “speedy” creation.
Central Bank: We're dealing with independence slippage
The Central Bank yesterday said it had already taken action to reverse the slippage in its “independence” cited by a newly-released Inter-American Development Bank (IDB) report.The study, titled Nurturing Institutions for a Resilient Caribbean, argue
Method of determining country's deficit 'consistent with previous administrations'
CENTRAL Bank governor John Rolle says the government’s method for determining the country’s deficit has remained consistent from administration to administration even as he avoided being caught in the fray between the Minnis administration and the Pr
Governor to ‘bridge gap’ between banks, web shops
The Central Bank’s governor has reaffirmed his commitment to “bridge the gap” between the commercial banking industry and web shop operators, and help ease his licensees’ compliance concerns.
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