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'Decade of contraction' ends with $50m credit expansion

The Central Bank's governor yesterday revealed "a decade of steady contraction" in lending to the private sector was halted by 2023's $50.3m credit expansion although mortgage activity remained "subdued".

Governor backs corporate income tax if ‘framing right’

The Central Bank’s governor has given guarded backing for a corporate income tax amid private sector calls for the Government to avoid a “piecemeal” approach to this reform.

Hitting near 3% growth to make ‘incredible difference’

Economic growth in the “upper 2 percent” range and above will make “an incredible difference” to The Bahamas’ economic prospects if achieved consistently, the Central Bank governor asserted yesterday.

Digital payments ‘a train that is not going to stop’

The Central Bank’s governor yesterday said he is aiming to “leapfrog The Bahamas to an even better digital payments state” as he warned: “This is a train that is not going to stop.”

Central Bank drops 2024 cheque elimination target

The Central Bank has abandoned its original target of eliminating paper cheque use by year-end 2024 because “a compelling fraction” of Bahamians need more time to adjust, its governor affirmed yesterday.

Central Bank advancing financial crisis ‘playbook’

The Central Bank’s governor yesterday asserted The Bahamas “is advancing efforts” to guard against a domestic financial crisis with the authority set to oversee these efforts potentially formed “within the next six months”.

Governor trims Bahamas GDP growth to ‘3% range’

The Central Bank’s governor yesterday again trimmed his 2023 economic growth forecast to “the 3 percent range” as he warned The Bahamas is poised to next year “resettle” back into low expansion rates.

More hotel rooms key to beyond COVID recovery

The Bahamas must increase its supply of hotel rooms and cruise passenger spending to maintain tourism’s growth pace beyond 2023 with industry earnings now “more than recovered” from COVID’s devastation.

Retail savings bond in ‘final approval stages’

The Central Bank is “committed” to launching a product designed to foster a greater “savings culture” among Bahamians before year-end 2023, its governor affirmed yesterday, with approvals “in the final stages”.

Tackle ‘structural inefficiency’ before capping banking fees

The Bahamas will cause more problems than it solves if it seeks to “cap” bank fees without first tackling “structural inefficiencies” in the industry, the Central Bank’s governor warned yesterday.

Europe’s ‘retreat’ outpaces Latin growth for Bahamas

The Bahamian international banking sector is still contracting because the “retreat” of European assets is “outpacing” new growth from Latin America, the Central Bank’s governor has affirmed.

Bad loans ‘too high’ - yet at 14-year low

The Central Bank’s governor says loan delinquencies are still “too elevated” compared to global standards even though - at 7 percent of total outstanding credit - they have fallen below pre-COVID levels and are at their lowest in 14 years.

‘No headroom’ for Gov’t Central Bank borrowing

The Government will not have “any extra headroom to borrow from the Central Bank” once legal reforms are passed to slash its lending limits by almost half, the latter’s governor revealed yesterday.

Governor: Income tax allows better targeting

The Central Bank’s governor says introducing an income tax will make it easier for the Government to focus investment incentives on target industries and direct social assistance to those most in need.

Financial Stability Council to develop ‘crisis playbook’

The Central Bank’s governor yesterday said the creation of a Bahamian Financial Stability Council will help “develop a playbook” for how regulators and the Government manage an industry “crisis”.

Governor eyes IMF-beating 4-6% GDP growth for 2023

The Central Bank’s governor yesterday forecast that The Bahamas could beat International Monetary Fund (IMF) projections by growing its economy “anywhere in the 4-6 percent range” for 2023.

Gov’t pledges law change over its $233m borrowing

The Government has promised to change the law to facilitate its “use” of $233m in International Monetary Fund special drawing rights (SDRs) that have for the past 16 months boosted The Bahamas’ foreign reserves.

Tourism surge to ‘overpower’ risks to Bahamas during ‘23

Pent-up tourism demand for The Bahamas will continue to “overpower” global inflation and the threat of a US recession “through to the end of 2023 at a minimum”, the Central Bank’s governor asserted yesterday.

The Tribune

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