The Central Bank of The Bahamas - Latest News - https://www.centralbankbahamas.comLatest NewsThyme Online Feeder 1.0en-usQuarterly Statistical Digest - May 2020https://www.centralbankbahamas.com?cmd=view&id=16714QSD May 2020 is now available. For complete viewing of monetary, financial, fiscal and economic statistics through March 2020, please click on the document below.https://www.centralbankbahamas.com?cmd=view&id=16714Request For Proposal Central Bank of The Bahamas New Premises Project: Communications Consultancy Serviceshttps://www.centralbankbahamas.com?cmd=view&id=16713
Request For Proposal
for
CENTRAL BANK OF THE BAHAMAS NEW PREMISES PROJECT: Communications Consultancy Services (Inclusive of Graphics, Signage, Documentary, Media, Community Relations services)

Central Bank of The Bahamas (CBOB) is constructing its new premises on the former Royal Victoria site between East Street and Parliament Street, south of Shirley Street, and north of East Hill Street in the city of Nassau, on New Providence Island, The Bahamas. This is a prominent and auspicious venture. The iconic premises will reflect the nationally eminent status of the Central Bank and serve as a pivot point and key directional influence for the revitalization and future development of Downtown Nassau. The new premises are expected to present a source of national, regional, and international pride; and to project the operations of the Central Bank while protecting its staff and the public that rely on its services. To assist the project, CBOB has engaged numerous services providers and experts; and continues to add to that team. The Central Bank has retained Architekton Design Studio Bahamas Ltd. (ADSBL) to provide architectural services for the design of the new Central Bank of The Bahamas (the Project). Adamson Associates, Inc. will be assisting ADSBL. Graphite Engineering Ltd. formulates a team of varied specialists that are assisting CBOB as the owner's representative and project oversight group. The selected bidder resulting from this RFP process will work within the ambit of the architects and with members of the overall project team that also work with the architects under the auspices of the owner and the owner's representative group.

Sealed Proposals must be submitted to:
Tenders/Procurement Committee
Central Bank of The Bahamas
Nassau, New Providence, The Bahamas

Subject Line: CBOB-NPP-20200619 Communications Consultancy Services

via email to:
tenders@centralbankbahamas.com

Electronic copies of the proposal must be received
on Friday, June 19 2020 2020 by 5:00 P.M. Eastern Standard Time


Proposals will NOT be accepted after this date and time;
and will not be accepted via facsimile, hardcopy, or oral presentation. Please view attachments for further reading.

https://www.centralbankbahamas.com?cmd=view&id=16713
Bahamas Registered Stock Secondary Market Prices May 2020https://www.centralbankbahamas.com?cmd=view&id=16712Bahamas Registered Stock Secondary Market Prices May 2020https://www.centralbankbahamas.com?cmd=view&id=16712Results of Treasury Tender May 2020https://www.centralbankbahamas.com?cmd=view&id=16711Results of Treasury Tender May 2020https://www.centralbankbahamas.com?cmd=view&id=16711Request For Proposal Central Bank of The Bahamas New Premises Project: Commissioning Agent/Providerhttps://www.centralbankbahamas.com?cmd=view&id=16710
Request For Proposal
for
CENTRAL BANK OF THE BAHAMAS NEW PREMISES PROJECT: Commissioning Agent/Provider

Central Bank of The Bahamas (CBOB) is constructing its new premises on the former Royal Victoria site between East Street and Parliament Street, south of Shirley Street, and north of East Hill Street in the city of Nassau, on New Providence Island, The Bahamas. This is a prominent and auspicious venture. The iconic premises will reflect the nationally eminent status of the Central Bank and serve as a pivot point and key directional influence for the revitalization and future development of Downtown Nassau. The new premises are expected to present a source of national, regional, and international pride; and to project the operations of the Central Bank while protecting its staff and the public that rely on its services. To assist the project, CBOB has engaged numerous services providers and experts; and continues to add to that team. The Central Bank has retained Architekton Design Studio Bahamas Ltd. (ADSBL) to provide architectural services for the design of the new Central Bank of The Bahamas (the Project). Adamson Associates, Inc. will be assisting ADSBL. Graphite Engineering Ltd. formulates a team of varied specialists that are assisting CBOB as the owner's representative and project oversight group. The selected bidder resulting from this RFP process will work within the ambit of the architects and with members of the overall project team that also work with the architects under the auspices of the owner and the owner's representative group.

Sealed Proposals must be submitted to:
Tenders/Procurement Committee
Central Bank of The Bahamas
Nassau, New Providence, The Bahamas

Subject Line: CBOB-NPP-20200529 Commissioning Agent/Provider

via email to:
tenders@centralbankbahamas.com

Electronic copies of the proposal must be received
on Friday, May 29 2020 by 5:00 P.M. Eastern Standard Time


Proposals will NOT be accepted after this date and time;
and will not be accepted via facsimile, hardcopy, or oral presentation. Please view attachments for further reading.

https://www.centralbankbahamas.com?cmd=view&id=16710
Annual Report & Statement of Accounts, 2019https://www.centralbankbahamas.com?cmd=view&id=16708The Central Bank of The Bahamas is pleased to announce the release of its 2019 Annual Report, which includes a summary of the Bank's operations over the year, an analysis of regulatory developments affecting the financial sector, a review of monetary policy, as well as payment systems developments. The Annual Report also provides an examination of the economic and financial environment, both internationally and in The Bahamas during 2019, and presents a comprehensive analysis of the Bank's Statement of Accounts for the year ending December 31, 2019. According to the Report, the domestic economy sustained its modest growth momentum in 2019, supported by expansionary impulses from tourism and foreign direct investments. However, the passage of Hurricane Dorian in September left the Abaco market temporarily offline and Grand Bahama with weather-related loss of hotel capacity. With regard to employment, for the twelve-months to November 2019, the jobless rate decreased for New Providence. Meanwhile, hurricane-induced dislocation and labour migration invalidated comparative assessments for Abaco and Grand Bahama. Further, the fiscal deficit declined sharply for FY2018/19, as the VAT-led growth in total revenue outstripped the rise in aggregate expenditure. In contrast, in the aftermath of Hurricane Dorian, trends over the first half of FY2019/20 revealed that the overall deficit widened. In the financial sector, both bank liquidity and external reserves expanded in 2019, as the growth in the deposit base, outpaced the increase in domestic credit. Given the modest economic growth, constrained credit demand and adequate levels of external reserves, the Central Bank's Monetary Policy Committee maintained its accommodative policy stance in 2019. In terms of other major developments, the Bank remained committed to its supervisory and regulatory agenda in 2019, employing risk-based supervision, with widening focus on non-bank entities. Further, The Bahamas' second Financial Sector Assessment Programme (FSAP) mission, led by the IMF, was conducted in January 2019. In addition, the Central Bank launched, Project Sand Dollar, the digital currency pilot, in Exuma in December, 2019. The Bank also issued, in December, 2019, a credit bureau license to CRIF Information Services Bahamas Limited. A comprehensive breakdown of the Statement of Accounts for the year 2019, revealed that the Bank recorded a modest decrease in total comprehensive income, as the increase in expenses outpaced the growth in revenue. For full text reading, please download the attached document.https://www.centralbankbahamas.com?cmd=view&id=16708May $20M Prospectushttps://www.centralbankbahamas.com?cmd=view&id=16707

PROSPECTUS

THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS
BAHAMAS REGISTERED STOCK 2040 AND 2050 ISSUE OF B$20,000,000 ISSUED UNDER THE BAHAMAS
REGISTERED STOCK ACT
Prospectus Date: May 1, 2020

Issuer: Bahamas Government Open Date: May 11, 2020 (9:30 a.m.)
Registrar: Central Bank of The Bahamas Close Date: May 13, 2020 (3:00 p.m.)
Organizer: Central Bank of The Bahamas Settlement: May 15, 2020
First Int Pmt: October 21, 2020 (short)
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
BGR136140 10,000,000.00 100 20 5.30% April 21, 2040 Semi-annual
BGR136150 10,000,000.00 100 30 5.69% April 21, 2050 Semi-annual
20,000,000.00
Amid the COVID-19 Pandemic the Central Bank will observe thebelow changes to the procedures for Bahamas Registered Stock Initial Public Offerings
Payments: Subscription amounts should be made electronically. Settlement instructions for Central
Bank as follows:

Beneficiary Bank: Central Bank of The Bahamas
BIC: CBBHBSNS(XXX)
Account: CBOB General Account 1315010051
Branch Code: 10000 (if applicable)
Details: Applicant Name + NIB Number + BRS Application

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 settlement date. No interest will be paid on amounts refunded.
Certificates: Results will be made available on the Central Bank's website, and successful applicants will be notified via email when certificates are available for collection. Amid the COVID-19 Pandemic, the Central Bank has suspended the printing and collection of physical certificates until further notice.
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.
Liquidation: The early redemption of securities with remaining maturities beyond 20 years must be executed in the market. The Central Bank will not purchase such securities.

ADDITIONAL INSTRUCTIONS REGARDING THE CENTRAL BANK'S AMENDED PROCEDURES TO ACCOMODATE THE COVID-19 PANDEMIC ARE ATTACHED
https://www.centralbankbahamas.com?cmd=view&id=16707
Suspension of Foreign Currency Purchases through the Investment Currency Market and Bahamas Depositary Receipt Programmehttps://www.centralbankbahamas.com?cmd=view&id=16706The Central Bank of The Bahamas announces, with immediate effect, the suspension of approvals of applications to purchase foreign currency for transactions via the Investment Currency Market (ICM) and the Bahamas Depositary/Depository Receipt ("BDR") programme. Both programmes fund external portfolio investments, the latter also promoting deepening of domestic capital markets. https://www.centralbankbahamas.com?cmd=view&id=16706Monthly Economic and Financial Developments (MEFD) March 2020https://www.centralbankbahamas.com?cmd=view&id=16705

Domestic Economic Developments

Overview

During the review month, developments in the domestic economy were dominated by the Novel Coronavirus (COVID-19) pandemic. Globally imposed travel restrictions related to COVID-19 adversely impacted tourism output, as both the high value-added air segment and sea traffic ground to a halt. While the construction sector was undergirded by ongoing foreign investment projects and hurricane rebuilding efforts, these also paused as the Emergency Powers (COVID-19) Order, 2020, imposed a lockdown of the country. On the monetary front, bank liquidity contracted over the review period, as the expansion in domestic credit outpaced the rise in the deposit base. Further, external reserves grew, albeit a slowdown from the prior month, buoyed by net foreign currency inflows from re-insurance receipts. The Central Bank's policy posture, meanwhile, shifted to promoting credit forbearance for borrowers displaced by the pandemic and to managing foreign exchange market stability.

Real Sector

Tourism

Ahead of the pandemic impact, damage from Hurricane Dorian still weighed down stopover tourism, discounting strong cruise sector growth, which also featured significant shifts in calls to private ports facilities outside of New Providence and Grand Bahama. Official data provided by the Ministry of Tourism (MOT) revealed that total foreign arrivals grew by 17.0% for the month of February, extending the 13.9% growth during the same period in the previous year. In the underlying developments, sea traffic gains (largely cruise visitors) accelerated to 23.6%, after a 12.1% rise the prior year. However, air arrivals decreased by 3.1%, in a reversal from the 19.7% expansion in 2019 that had captured the hotel capacity boost from Baha Mar. A breakdown by island, revealed that arrivals to the Family Islands increased by 50.9%, after a 0.2% uptick a year earlier, as sea passengers expanded by 64.1%, outstripping the 28.2% reduction in air traffic. This reflected increased first ports of call to the private island developments of cruise lines. Visitor arrivals growth for New Providence tapered to 0.5%, from a healthy 32.2% expansion last year, with the air component increasing further by 5.9%, while sea arrivals declined by 2.0%. Conversely, the contraction in arrivals to Grand Bahama continued, but at a sharply moderated 2.2%, compared to 22.3% during the same period last year. This reflected a 48.6% reduction in air arrivals, which outweighed the 5.5% gain in the sea segment. For the first two months of the year, total arrivals rose by 12.3%, but was below the 16.6% growth recorded in the previous year. Notably, a 16.9% increase in sea passengers, negated the 3.3% falloff in air visitors. The Family Islands experienced a 57.1% boost, extending the 10.0% gain in the prior year, with robust cruise segment gains eclipsing the sharp falloff in air arrivals that was mainly due to Abaco's capacity absence. In contrast, visitors to New Providence declined by 7.3%, vis-a-vis a 31.0% expansion in 2019, with the reduction in the sea segment, outpacing further stopover traffic increase. Similarly, underpinned by contractions in both air (49.9%) and sea (6.5%) arrival, total traffic to Grand Bahama fell by 12.2%. The latest data from The Bahamas Hotel & Tourism Association (BHTA) and the MOT indicated that pricing and occupancy trends among large surveyed resorts culminated in a marginal hotel room revenue growth of 1.0% during February. This reflected a 0.7% decrease in the average daily room rate (ADR) to $272.24, and a 1.8% growth in room night sales. However, the average hotel occupancy rate fell by 1.1 percentage points, to 76.5%. For the year-to-date, room revenue declined by 1.0%, as the ADR reduced by 1.1% to $266.71, and the average occupancy rate moved lower by 0.8 percentage points to 72.8%, despite a 1.0% rise in the number of room nights sold. The most recent data, provided by AirDNA showed that for the month of March, activity within the short-term vacation rental market contracted. Specifically, total room nights sold decreased by 3.3%, contrasting with a 56.2% growth during the same period in the previous year. Underlying this developments, bookings for both entire place listings and hotel comparable fell by 1.9% and 13.4%, respectively. In contrast, the average daily room rate (ADR) for both entire place listings and hotel comparable rose by 12.9% to $412.19 and by 2.3% to $153.89, respectively. On a year-to-date basis, total room nights sold advanced by 21.9%, as bookings for both entire place and hotel comparable advanced by 19.9% and 38.9%, respectively. Conversely, the ADR for entire place and hotel comparable listings declined by 3.3% and 3.5% to $383.01 and $152.47, respectively.

Employment

Owing to the passage of Hurricane Dorian, which dislocated significant parts of the workforce in Grand Bahama and Abaco, the latest Labour Force Survey by the Department of Statistics was confined to just New Providence. The Survey revealed that, for the 12 months to November 2019, conditions in New Providence improved, with the number of employed persons increasing by 4.6% to 152,640, extending the 2.4% gain of the preceding year. After factoring the labour force growth of 4.4%, to 170,835 the unemployment rate narrowed by 30 basis points to 10.7%. For full text reading, please download the attached document.
https://www.centralbankbahamas.com?cmd=view&id=16705
Suspension of Foreign Currency Purchases through the Investment Currency Market and Bahamas Depositary Receipt Programmehttps://www.centralbankbahamas.com?cmd=view&id=16704The Central Bank of The Bahamas announces, with immediate effect, the suspension of approvals of applications to purchase foreign currency for transactions via the Investment Currency Market (ICM) and the Bahamas Depositary/Depository Receipt ("BDR") programme. Both programmes fund external portfolio investments, the latter also promoting deepening of domestic capital markets. Foreign exchange access through these channels will resume, once market uncertainties around the COVID-19 pandemic subside. In the interim, the public is encouraged to make increased use of domestic investment opportunities. This inward focus would still have positive benefits for the economy and sustain a build-up of long-term savings. Further to the suspension, all approvals granted under both programs prior to 01 May 2020, will expire as of 30 June 2020. Meanwhile, the ICM will continue to facilitate the repatriation of foreign currency income, capital gains and liquidated capital--at the appropriate premium. The Bank is focused on maintaining adequate foreign reserves to support the Bahamian dollar fixed exchange rate while preserving access to foreign exchange for priority international transactions. Priorities include spending on imports, maintenance of external debt obligations of the public and private sectors, and servicing obligations against foreign direct investments. The Bank will continue to monitor the international environment and adopt other measures, as necessary, to satisfy these objectives. By way of background, the ICM and BDR programme facilitate residents' purchase of foreign securities and, to some extent, foreign real estate, provided application is made to the Central Bank and approved. ICM operations were recently delegated, to a significant extent, to commercial banks. Residents are permitted to buy and sell foreign exchange through the market at the respective premiums of 5.0% and 2.5% above the official rate of B$1.00 = US$1.00. The BDR programme grants access at the official rate, allowing publicly traded foreign securities to be listed through depository receipts on The Bahamas International Securities Exchange (BISX). Residents acquire B$ interest in the receipts, while sponsoring broker/dealers are authorised to conclude the external side of the transactions. On an annual basis, up to 5% of the external reserves at previous year's end, but not exceeding $35 million, is allocated to the participating broker/dealers. https://www.centralbankbahamas.com?cmd=view&id=16704