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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.

‘No choice’ but to go Bahamian

The Government must build greater “trust and confidence” in its fiscal plan among Bahamian investors given it has “no choice” but to almost exclusively tap the local capital markets to meet its nine-figure deficit financing demands.

Gov’t warned: Don’t dictate how private sector invests

The Government cannot appear to be dictating how private companies invest their monies, a well-known banker is warning, following the furore over insurers possibly having to hold a “minimum” 50 percent of assets in public sector securities.

'We’re 20 years late on corporate income tax, so we’re catching up' says expert

A TOP financial expert believes it is the time to have a discussion about corporate income taxes for companies in The Bahamas.

Fidelity targets $25m annual profits despite 2022’s miss

Fidelity Bank (Bahamas) is targeting $25m in net profits for 2023 despite failing to achieve the same goal last year, its top executive revealed yesterday.

Stop ‘squeezing blood from stone’ on taxation

The Bahamas must reform a tax system that “squeezes blood from a stone”, a well-known banker argued yesterday, renewing his plea for greater “equity” via income-based taxation.

Fiscal Council’s reports ‘not a flip of the switch’

A Fiscal Responsibility Council member yesterday said there was nothing sinister about the body’s delayed publication of two key reports, and asserted: “This is not a flip of the switch.”

Stop ‘abandoning’ Budget projections

The Government must “stick to” its fiscal forecasts and stop treating the Budget “as an annual exercise” if it is to build much-needed investor confidence, a Bahamian banker is warning.

Debt consolidation ‘uptick’ as credit reports double

Fidelity Bank (Bahamas) doubled the number of debt consolidation-linked credit reports it requested for November, its top executive revealed yesterday, as it targets a “flat” loan book outcome for the fourth quarter.

‘Meeting of minds’ needed on distressed housing drag

The Government and commercial banking industry must have “a meeting of the minds” so the latter can “clean up” its backlog of distressed properties and resume aggressive mortgage lending again, a senior banker urged yesterday.

Bahamas faces high risk economic ‘roller coaster’

The Bahamas will be on an economic “roller coaster for a significant period of time” as the US Federal Reserve and other central banks take swift action to combat inflation, a local banker warned yesterday.

Fidelity cuts profits target by $2-$2.5m

Fidelity Bank (Bahamas) has cut its full-year profit forecast by $2m-$2.5m after incurring more upfront costs than anticipated with the ongoing roll-out of its merchant and card services.

‘FTX forced sale will not undermine’ nation plans

The seemingly-forced sale of The Bahamas’ flagship digital assets investor will not undermine the country’s ambitions to become a major “hub” in this space, a prominent banker argued yesterday.

‘Move the needle’: IMF puts Bahamas growth back to 8%

The Bahamas is being urged to “significantly move the needle” on medium-term economic expansion even though the International Monetary Fund (IMF) yesterday raised this nation’s 2022 growth forecast back to 8 percent.

End ‘finger pointing’ over Fiscal Council

A Fiscal Responsibility Council (FRC) member yesterday demanded an end to “political finger pointing” over its failure to deliver timely reports and called on both major parties to instead “get to the root of the matter”.

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