The Central Bank of The Bahamas - Latest News - https://www.centralbankbahamas.comLatest NewsThyme Online Feeder 1.0en-usBahamas Registered Stock Repricing - October 2019https://www.centralbankbahamas.com?cmd=view&id=16631Bahamas Registered Stock Repricing - October 2019https://www.centralbankbahamas.com?cmd=view&id=16631Request For Proposal (RFP) Microsoft Exchange Migration Serviceshttps://www.centralbankbahamas.com?cmd=view&id=16630The Central Bank of The Bahamas (the Bank) is issuing this Request for Proposals (RFP) for the purpose of selecting a firm to upgrade and migrate the Bank's Microsoft Exchange and Active Directory servers. As the regulator of banks & trusts, money transmission businesses, credit unions and electronic money service providers, email communication is a critically important function within the institution. As such, the Bank intends to partner with a qualified and experienced firm to design and deploy robust messaging services to meet the Bank's current and future communication requirements. The selected partner will be responsible for ensuring the functionality and integration with all existing connected services and business applications that use mail and active directory services (e.g. Skype for Business, LDAP integration, etc.) and planned systems for collaboration (i.e. Microsoft SharePoint). Additionally, the selected partner is expected to provide guidance and recommendations on licensing compliance, solution high availability and information security best practices. All inquiries, interpretations, or clarifications, either administrative or technical, regarding this RFP, must be requested by email no later than the date indicated in the Schedule of Events. All non-proprietary written questions will be answered in writing and conveyed to all bidders. Oral statements concerning the meaning or intent of the contents of this RFP by any person are not considered binding. Questions regarding any aspect of this RFP should be sent electronically to: Tenders' Committee
Central Bank of The Bahamas
Subject Line: IT2019011 Microsoft Exchange Migration Services Request for Proposals
Via E-Mail: tenders@centralbankbahamas.com
Electronic copies of the proposal must be received on November 8, 2019, at or before 4:00 pm EDT. Faxed, hardcopy or oral proposals will not be accepted and could result in disqualification.
https://www.centralbankbahamas.com?cmd=view&id=16630
Second Round Public Consultation on the Bank Resolution Frameworkhttps://www.centralbankbahamas.com?cmd=view&id=16629The Central Bank of The Bahamas ("Central Bank") released a Consultation Paper in June 2018 (First Round Public Consultation) setting out its proposals for changes to the legislation relating to the resolution of problem banks. The Central Bank is proposing further amendments to the proposed financial crisis management framework. The Central Bank also proposes several other amendments, unrelated to the financial crisis management framework, which seek to, inter alia, curtail the amount of funds which it may lend to the government, authorize the Central Bank to issue digital currency as legal tender and allow the Central Bank to provide banking services to certain non-bank financial institutions, such as credit unions. The Central Bank has released a Second Round Public Consultation Paper which summarizes the key additional changes which the Bank is proposing to the draft Bills and Byelaws issued in the First Round Public Consultation. The proposed enhancements are set out in the draft Banks and Trust Companies Regulation (Amendment) Bill, 2019, the draft Central Bank of The Bahamas (Amendment) Bill, 2019, the draft Protection of Depositors (Amendment) Bill, 2019 and the draft Protection of Depositors' (Amendment) Byelaws, 2019. These draft Bills and Byelaws may be found in the Annexes to the Second Round Consultation Paper. https://www.centralbankbahamas.com?cmd=view&id=16629Survey of Payment Choices - 2019https://www.centralbankbahamas.com?cmd=view&id=16628The Central Bank of The Bahamas, in collaboration with other central banks in the Caribbean, is conducting a study of how consumers buy goods and services using cash and other ways to pay. To this end, we invite you to complete the Survey of Payment Choices 2019, the responses of which will be used for policy development. The survey runs until October 25, 2019, and the information received will be compiled by the Caribbean Economic Research Team (CERT). All responses will be kept confidential. Please click below link to the survey. https://www.centralbankbahamas.com?cmd=view&id=16628Bahamas Registered Stock Initial Public Offering - October 2019https://www.centralbankbahamas.com?cmd=view&id=16626

PROSPECTUS

THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS
BAHAMAS REGISTERED STOCK 2022, 2024, 2026, 2029, 2039 AND 2049 ISSUE OF B$75,400,000 ISSUED
UNDER THE BAHAMAS REGISTERED STOCK ACT

Prospectus Date: October 1, 2019

Issuer: Bahamas Government Open Date: October 8, 2019 (9:30 a.m.)
Registrar: Central Bank of The Bahamas Close Date: October 10, 2019 (3:00 p.m.)
Organizer: Central Bank of The Bahamas Settlement: October 15, 2019
First Int Pmt: April 15, 2020
Calendar: Actual/365
The Central Bank of The Bahamas will not accept applications after 3:00 p.m. each day.
Security ID Issue Size (B$) Unit Share (B$) Tenor (Years) Interest (Fixed) Maturity Interest Payment
BGR132022 1,500,000.00 100 3 2.94% October 15, 2022 Semi-annual
BGR132024 1,500,000.00 100 5 3.46% October 15, 2024 Semi-annual
BGR132026 1,000,000.00 100 7 4.08% October 15, 2026 Semi-annual
BGR132029 7,000,000.00 100 10 4.81% October 15, 2029 Semi-annual
BGR132039 39,000,000.00 100 20 5.29% October 15, 2039 Semi-annual
BGR132049 25,400,000.00 100 30 5.65% October 15, 2049 Semi-annual
75,400,000.00

Payments: Subscription amounts should be made electronically or via bank draft, payable to the Central Bank of The Bahamas only. CASH PAYMENTS WILL NOT BE ACCEPTED.
Requirements: (1) Bahamian E-Passport; or (2) NIB Smart Card paired with one of the following: Bahamian Driver's License, National Identity Card, Permanent Residence Permit, other National Passport, or Spousal Permit. New Business customers must present a list of its authorized signatories along with Memorandum/Articles of Association.
Refunds: Refunds will be made within three business days following the closing date. No interest will be paid on amounts refunded.
Certificates: Results will be made available on the Central Bank's website, and successful applicants can collect their certificates from the Central Bank 30 calendar days following settlement.
Allocation: Securities will be awarded in accordance with the Central Bank's priority level allocation process, with priority given to individual applications in amounts up to $250,000. All other applications-individuals greater than $250,000 and institutions-will be classified as Priority Level 2 and may result in a proration in the event of an oversubscription.
Application forms may be obtained from the Central Bank of The Bahamas' offices in Nassau and Freeport or from the Central Bank's website at www.centralbankbahamas.com. Additional details are also available on the website.
https://www.centralbankbahamas.com?cmd=view&id=16626
Request for Proposal: Enterprise Resource Planning (ERP) Solutionhttps://www.centralbankbahamas.com?cmd=view&id=16625As part of its strategic plan, the Central Bank of The Bahamas (the Bank) has embarked on a comprehensive Information Technology (IT) modernization initiative encompassing upgrading and adopting new technology systems, platforms and software solutions to meet the current and future needs of the Bank. The Bank hereby invites qualified bidders to submit proposals for designing an Enterprise Resource Planning (ERP) system that allows the organization to use a system of integrated applications to manage its' operational activities and automate back-office functions related to financial and human resources management. The overall goal of this modernization exercise is to:
  • Ensure automation and integration with existing systems utilized by the Bank in its core departments, i.e. Banking, Banking Supervision and Research.
  • Increase operational efficiency by eliminating the use of worksheets and other manual tools that increases processing times and are prohibitive to end-to-end workflows.
  • Improve the ability to perform and complete tasks in an automated manner and within an integrated platform.
  • Implement and execute cohesive workflows within an integrated system and making redundant the need for standalone systems, processes and approvals that will introduce and sustain a paperless environment.
  • Increase operational efficiency by facilitating robust security, streamlined processes, forecasting and reporting, agility, and scalability.
Any decision to award a proposing firm shall be based on the demonstrated ability to understand and deliver the services desired by the Bank. Other factors that shall contribute to the selection of a proposing firm include, but are not limited to, price, accessibility, and a proven record of accomplishment in delivering the requested solution. All inquiries, interpretations, or clarifications, either administrative or technical, regarding this RFP, must be requested by email no later than the date indicated in the Schedule of Events. All non-proprietary written questions will be answered in writing and conveyed to all Bidders. Oral statements concerning the meaning or intent of the contents of this RFP by any person are not considered binding. Questions regarding any aspect of this RFP should be sent electronically to: Tenders' Committee
Central Bank of The Bahamas
Subject Line: IT2019010 Enterprise Resource Planning Solution Request for Proposals
Via E-Mail: tenders@centralbankbahamas.com
Electronic copies of the proposal must be received on November 14, 2019, at or before 4:00 pm EDT. Faxed, hardcopy or oral proposals will not be accepted and could result in disqualification.
https://www.centralbankbahamas.com?cmd=view&id=16625
The Central Bank Unveils its New CE $50 Banknotehttps://www.centralbankbahamas.com?cmd=view&id=16624The Central Bank of The Bahamas unveiled its new $50 banknote on October 2, 2019. This banknote, which is the sixth installment in the CRISP Evolution family, promotes industry-first technology by using a series of world-class products never before integrated on a banknote-anywhere else in the world. In 2013, the Central Bank partnered with Orell Fussli, a specialty security printing company in Switzerland, to modernize the look of its banknotes. The results of those collaborations represent the new CRISP Evolution banknote designs that the Bahamian public sees today. During this process, the Central Bank paid attention not only to the look of the notes, but also to features to make the notes more secure, and robust substrates to make the notes more durable and last longer in circulation. For production of the $50 banknote, the Central Bank approached Landquart AG in Switzerland, manufacturer of a cotton-polymer substrate called Durasafe-on which the Swiss banknotes are printed-and Crane Currency in the United States, producer of a security thread called Rapid-similar to the thread used on the US $100 note-to assist. This presented a new manufacturing challenge, as Durasafe and Rapid had never before been used in a single note, and there were properties about each that suggested incompatibility. As the final input, the Central Bank engaged the Canadian Bank Note Company Limited to manage the project, adapt the design, and print the banknote. The CRISP Evolution $50 is, therefore, an industry first; inspired by the vision of the Central Bank of The Bahamas.



The new $50 banknote is predominantly light blue, with shades of pink, green, orange, and brown. The note maintains the same size and dimensions of existing Bahamian banknotes, and introduces market leading security features, like a clear polymer window cleverly integrated into the window of Parliament House. On the front, the note bears a portrait of the late Sir Roland T. Symonette and an image of a blooming Frangipani flower in the center. The back carries a vignette depicting a rendering of the Central Bank's building.


The banknote boasts many other new and innovative features which can be viewed on the Bank's website at www.centralbankbahamas.com. The Bank's online training tool can also be found on the website or downloaded from the Apple App Store or Google Play Store under the name "CBB Banknote MAP".

https://www.centralbankbahamas.com?cmd=view&id=16624
Results of Treasury Tender September 2019https://www.centralbankbahamas.com?cmd=view&id=16622Results of Treasury Tender September 2019https://www.centralbankbahamas.com?cmd=view&id=16622Monthly Economic and Financial Developments, August 2019https://www.centralbankbahamas.com?cmd=view&id=16620Domestic Economic Developments Overview Domestic economic developments, which remained healthy through August, pre-dated the passage of Hurricane Dorian which caused extensive damages to private and public sector infrastructure in Grand Bahama and Abaco. Tourism maintained a positive momentum, evidenced by sustained gains in high value-added stopover arrivals, while ongoing foreign investment projects provided stimulus to the construction sector. The latest price developments continued to show pass-through influence from the hike in the value added tax (VAT) rate at the beginning of the 2018/19 fiscal year, while Government's budgetary operations for the fiscal period showed a halving in the deficit, owing predominantly to a VAT-led increase in total revenue. On the monetary front, bank liquidity contracted during the review month, amid a reduction in total deposits and a rise in domestic credit; similarly, external reserves declined, on account of the seasonal uptick in foreign currency demand. Real Sector Tourism Both July and August indicators confirm ongoing strengthening in tourism. In the latest official data from the Ministry of Tourism (MOT), total visitor arrivals rose by 7.9% during July, after a 10.7% growth the year earlier. In particular, both air and sea traffic registered increases of 7.7% and 8.0%, compared to 13.0% and 9.9%, respectively last year. Stopover lead gains for New Providence were incrementally firmer at 2.9%; while cruise trends undermined most of the robust but moderate boost to the Family Islands of 17.8%. However, Grand Bahama's slackened stopover performance caused an overall slowing in arrivals to 2.6%. On a year-to-date basis, total arrivals grew by 13.2%, surpassing the 5.0% growth during the same period last year. Underlying this outcome, gains in sea visitors accelerated to 12.7%, from 2.1% in 2018, while air arrivals growth steadied at 14.6%. By island, total visitors to New Providence advanced by 20.0%, as both air and sea traffic strengthened. Similarly, total arrivals to the Family Islands rose by 10.1%, attributed to gains in both the air and sea segments. In contrast, the sustained weakness in Grand Bahama tourism was evidenced by a 10.1% decrease in total arrivals, with declines recorded for air and sea passengers. In line with the rise in arrivals to New Providence, the latest data from The Bahamas Hotel & Tourism Association (BHTA) and the MOT showed improvements in key performance indicators. Specifically, the average hotel occupancy rate rose by 9.9 percentage points, to 82.9% for the month of July, as the number of room nights sold advanced by 16.0%. Further, the average daily room rate (ADR) firmed by 2.9% to $258.87 per night, contributing to a 19.0% growth in room revenue. Over the seven-month period, the occupancy rate grew by 10.5 percentage points to 77.5%, while the number of room nights sold expanded by 19.0%. Further, the ADR advanced by 8.2% to $277.40, resulting in a 29.0% strengthening in room revenue. The latest data from the Nassau Airport Development Company Ltd. (NAD), which extend stopover indicators through August, showed that total departures for the month of August - net of domestic traffic - expanded by 12.1%, extending the 11.7% growth in the prior year. Specifically, the dominant U.S. segment firmed by 13.2%, following a 10.7% increase a year ago, while gains in the non-U.S. segment slowed to 4.1% from 20.0% a year earlier. A similar trend was evident on an 8-month basis, as total departures advanced by 17.0%, outpacing the 11.7% rise recorded over the same period of 2018. In particular, growth in U.S. departures accelerated to 18.4% from 10.9% in the prior year, while gains in non-U.S. departures decelerated to 8.3% from 16.9% last year. In the vacation rental market, the latest data from AirDNA revealed that total room nights sold improved by 49.1% in August over the same month in 2018, reflecting increased bookings for both hotel comparable and entire place listings within all of the major markets. However, pricing indicators varied as the average daily room rate (ADR) for entire place listings edged up by 0.4% to $403.31, while the ADR for hotel comparable listings decreased by 5.1% to $153.76. By island, ADRs for entire place listings across all of the major destinations, with the exception of Abaco, increased during the month, while for hotel comparable listings, declines were registered across all the major markets, with the exception of Abaco and Grand Bahama. Over an eight-month period, vacation rental sales grew by 30.4% in comparison to 2018, with all major destination groupings showing improvements. However, average nightly pricing for entire place listings fell by 1.4%, while that of hotel comparable accommodations decreased by 6.5%. Prices Reflective mainly of the increase in the VAT rate, domestic inflation-as measured by the All Bahamas Retail Price Index - rose by 2.0 percentage points to 3.3% during the twelve months to June. A breakdown by category showed that after posting reductions in 2018, average prices for furnishing, household equipment & maintenance, rose by 6.4%; clothing & footwear, by 2.3% and miscellaneous goods & services, by 4.9%. In addition, average prices quickened for transport (8.4%), alcohol beverages, tobacco & narcotics (3.7%), food & non-alcoholic beverages (2.0%), as well as for housing, gas, electricity & other fuels (2.6%). In contrast, during the review period, average costs decreased for communication, recreation and culture, education and restaurant & hotels. Fiscal Sector Provisional data on the Government's budgetary operations for the entire FY2018/19, revealed a reduction in the deficit, by $192.5 million (46.4%), to $222.4 million vis-a-vis FY2017/2018. Underlying this outturn, total revenue expanded by $373.6 million (18.3%) to $2,416.0 million, outstripping the $181.1 million (7.4%) growth in aggregate expenditure, to $2,638.4 million. Total revenue gains were largely bolstered by the 4.5 percentage points increase in the VAT rate, which led to a $214.3 million (31.5%) expansion in VAT receipts to $894.9 million. Further, amid the reclassification of VAT on realty taxes to stamp taxes, financial and realty-associated stamp taxes rose more than two-fold, to $225.3 million from $109.5 million in the comparable period of the previous fiscal year. In addition, receipts from business license and banks & trust companies'fees advanced by $31.8 million (28.1%) and $9.5 million (52.3%), respectively. In addition, gains in customs & other import duties, as well as a rise in inflows from departure taxes, supported a $10.4 million (2.4%) growth in taxes on international trade to $442.4 million. Further, non-tax revenue rose by $19.4 million (9.5%) to $223.4 million, attributed to a $30.1 million rise in income from the sale of good and services, explained by higher immigration fees, and increased collections from fines, penalties & forfeits. Expenditure growth was due in large measure to a $232.6 million (10.6%) rise in recurrent spending to $2,421.2 million. Specifically, purchases of goods and services - mainly related to the settlement of arrears - rose by $141.6 million (31.5%). In addition, subsidies were higher by $64.9 million (19.8%) and social assistance, by $20.3 million (12.3%). Further, increases were also posted for current transfers, by $21.7 million (16.8%) and interest payments, by $15.8 million (5.0%). In contrast, disbursements related to employee compensation fell by $17.6 million (2.4%). Total capital outlays were reduced by $51.6 million (19.2%) to $217.2 million, attributed mostly to a $41.1 million (18.0%) decline in the acquisition of non-financial assets and a $10.4 million (26.1%) falloff in capital transfers. For full text reading, please download the attached document. https://www.centralbankbahamas.com?cmd=view&id=16620Request for Proposal: Server Infrastructure and Virtualization Technology Refresh https://www.centralbankbahamas.com?cmd=view&id=16618The Central Bank of The Bahamas (the Bank) is requesting proposals from interested and qualified firms to provide a technology refresh of its servers, storage and virtualization infrastructure. Additionally, the Bank seeks to introduce a turn-key Virtual Desktop Infrastructure (VDI) Platform, enabling approximately 100 staff to concurrently access a virtual Microsoft Windows 10 desktop solution. This Request for Proposal (RFP) states the overall scope of the initiative, current technology used, outcomes desired, as well as, desired vendor qualifications, bid criteria and evaluation process. Any decision to award a proposing firm shall be based on the demonstrated ability to understand and deliver the services desired by the Bank. Other factors that shall contribute to the selection of a proposing firm include, but are not limited to, price, accessibility, and a proven record of accomplishment in delivering the requested solution. All inquiries, interpretations, or clarifications, either administrative or technical, regarding this RFP, must be requested by email no later than the date indicated in the Schedule of Events. All non-proprietary written questions will be answered in writing and conveyed to all Bidders. Oral statements concerning the meaning or intent of the contents of this RFP by any person are not considered binding. Questions regarding any aspect of this RFP should be sent electronically to: Tenders' Committee Central Bank of The Bahamas Subject Line: Server Infrastructure and Virtualization Technology Refresh Request For Proposals Via E-Mail: tenders@centralbankbahamas.com Electronic copies of the proposal must be received on October 18, 2019, at or before 4:00 pm EDT. Faxed, hardcopy or oral proposals will not be accepted and could result in disqualification. https://www.centralbankbahamas.com?cmd=view&id=16618