The Central Bank of The Bahamas - Latest News - https://www.centralbankbahamas.comLatest NewsThyme Online Feeder 1.0en-usBahamas Registered Stock Secondary Market Prices April 2019https://www.centralbankbahamas.com?cmd=view&id=16557Bahamas Registered Stock Secondary Market Prices April 2019https://www.centralbankbahamas.com?cmd=view&id=16557Bahamas Registered Stock Initial Public Offering April 2019https://www.centralbankbahamas.com?cmd=view&id=16556

PROSPECTUS

THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS BAHAMAS REGISTERED STOCK 2022, 2024, 2026, 2029, 2039 AND 2049 ISSUE OF B$40,000,000 ISSUED UNDER THE BAHAMAS REGISTERED STOCK ACT

Prospectus Date: April 4, 2019

Issuer: Bahamas Government Open Date: April 10, 2019 (9:30 a.m.)
Registrar: Central Bank of The Bahamas Close Date: April 12, 2019 (3:00 p.m.)
Organizer: Central Bank of The Bahamas Settlement: April 15, 2019
First Int Pmt: October 15, 2019
Calendar: Actual/365
The Central Bank of The Bahamas will not accept applications after 3:00 p.m. each day.
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Security ID Issue Size (B$) Unit Share (B$) Tenor (Years) Interest (Fixed) Maturity Interest Payment
BRS129022 1,000,000.00 100 3 2.79% April 15, 2022 Semi-annual
BRS129024 1,000,000.00 100 5 3.29% April 15, 2024 Semi-annual
BRS129026 3,000,000.00 100 7 3.89% April 15, 2026 Semi-annual
BRS129029 2,000,000.00 100 10 4.59% April 15. 2029 Semi-annual
BRS129039 13,000,000.00 100 20 5.04% April 15, 2039 Semi-annual
BRS129049 20,000,000.00 100 30 5.55% April 15, 2049 Semi-annual
40,000,000.00
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 less than $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.
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Monthly Economic and Financial Developments, February 2019https://www.centralbankbahamas.com?cmd=view&id=16555Overview Indications are that the domestic economy sustained its upward trajectory during the review month, as an increase in long-stay visitor arrivals underpinned the improvement in tourism sector output, while foreign investment-led projects supported activity in the construction sector. Reflecting the hike in the value added tax (VAT) rate and higher oil prices, the inflation rate rose modestly in 2018. In addition, monetary sector developments were dominated by the build-up in banking sector liquidity and external reserves, due to the seasonal tourism-related increase in net foreign currency inflows. Real Sector Tourism Buoyed by the growth in air arrivals-the main source of stopover visitor traffic-tourism sector output continued to expand over the review period. Congruent with the improvement in air arrivals, preliminary information from the Bahamas Hotel and Tourism Association (BHTA) and the Ministry of Tourism for a sample of hotels in Nassau and Paradise Island, showed an expansion in room revenue of approximately 48.0% during January. This outcome was underpinned by gains in both the number of room nights sold by 36.0%, and the average daily room rate (ADR) by 9.4% to $265.39. Also of note, the hotel occupancy rate was approximately 16.9 percentage points higher than last year at 69.9%. More recent data from the Nassau Airport Development Company (NAD) through February 2019, revealed that in comparison to 2018, total departures-net of domestic passengers-strengthened by 26.4% for the month, and by 24.1% over the two-month period, vis-à-vis a 9.4% increase in the first two months of 2018. Indicative of the ongoing economic improvement in the key source market, U.S. tourist traffic firmed comparatively by 30.0% in February and firmed by 27.1% for the year-to-date. Among non-U.S. departure, the review month gained by 10.6%, sustaining a 10.9% boost over the year-to-date. The expansion in air arrivals also sustained the growth in the short-term rental market, as data from AirDNA revealed a 20.6% increase in the total number of room nights booked in February, compared to the same period of 2018, amid gains in both the entire place (17.7%) and hotel comparable (42.2%) categories. In terms of pricing, the ADR for hotel comparable listings-which is more consistent across periods-firmed by 1.3% to $141.39; however, the average cost of entire place listings softened by 1.8% to $327.40. An analysis of the major markets, showed that for February 2019, the number of rental room nights booked in New Providence for hotel comparable and entire place listings, rose by 44.8% and 18.7%, respectively. In contrast, the ADR for entire place listings contracted by 11.1% to $257.56, while the hotel comparable ADR edged-up by 0.6% to $117.51. In Grand Bahama, the number of room nights booked for entire place listings declined by 2.7%, as renters showed a preference for the hotel comparable category, which grew by 54.8%. In addition, the ADR for both entire place and hotel comparable listings fell by 17.5% and 7.2%, respectively, to $156.41 and $92.23. Exuma maintained its status as an attractive Family Island destination, as bookings for hotel comparable and entire place listings expanded by 61.8% and 45.3%, while the ADRs firmed by 12.4% to $168.75 and 15.4% to $437.10, respectively. Similarly, in Abaco, booked nights for hotel comparable listings expanded by 42.0%, and the ADR increased by 12.9% to $175.15, while the number of room nights sold for entire place listings increased by 14.4%; however, the ADR contracted by 15.8% to $286.48. Vacation rental trends also broadly strengthened over the first two months of 2019, as the total number of room nights booked across the archipelago advanced by 25.0%, reflecting gains in both the hotel comparable (46.1%) and entire place (22.2%) segments, with the ADR for the former up by 3.1% at $141.90 and the latter down, by 1.8%, at $328.87. Prices Reflecting mainly the increase in the VAT rate, consumer price inflation-as measured by the All Bahamas Retail Price Index-rose by 75 basis points to 2.3% during 2018. A breakdown by category, showed that accretions to average costs accelerated for transport to 4.6%; restaurants & hotel, to 4.1% and recreation & culture, to 2.9%. Similarly, gains in prices were also recorded for food & non-alcoholic beverages (2.4%); housing, water, gas & electricity-the largest category-(2.4%), and healthcare (2.1%). In contrast, the average cost of communications declined by 1.4%, while less pronounced declines were registered for the clothing & footwear and education categories. For full text reading, please download the attached document.https://www.centralbankbahamas.com?cmd=view&id=16555Central Bank of The Bahamas Approaches to Regulation of Crypto Assets in The Bahamashttps://www.centralbankbahamas.com?cmd=view&id=16554
Central Bank of The Bahamas Approaches to Regulation of Crypto Assets in The Bahamas
The Central Bank of The Bahamas ("the Central Bank") is pleased to announce that it has released to its website comments and questions on the Discussion Paper on The Proposed Approaches to Regulation of Crypto Assets in The Bahamas. The Discussion Paper was released in November, 2018 for a one-month consultation period. The Central Bank carefully considered the comments that were received and would like to thank those stakeholders and the general public who provided such comments. The listing of comments and questions received along with the Central Bank's responses have been compiled and posted to the website at www.centralbankbahamas.com. The Central Bank's final policy position on the Regulation of Crypto Assets in The Bahamas will be communicated in the coming weeks. The Central Bank remains committed to the further modernization of the financial services sector, without compromising its safety and soundness. It is within this context that the Central Bank will continue to monitor international best practices and regulatory developments in this space and to review its policy framework periodically 1st April, 2019
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BRS Initial Public Offering Calendarhttps://www.centralbankbahamas.com?cmd=view&id=16553BRS Initial Public Offering Calendarhttps://www.centralbankbahamas.com?cmd=view&id=16553Results of Treasury Tender March 2019https://www.centralbankbahamas.com?cmd=view&id=16552Results of Treasury Tender March 2019https://www.centralbankbahamas.com?cmd=view&id=16552Governor Rolle Addresses Global Financial Inclusion Meetingshttps://www.centralbankbahamas.com?cmd=view&id=16551
Welcome remarks by John A Rolle, Governor
At the Alliance for Financial Inclusion (AFI) Convergent Meetings of the Digital Financial Services Working Group and the Consumer Empowerment and Market Conduct Working Group
Nassau, Bahamas
26 March, 2019 Welcome to The Bahamas. We are pleased to host both the Digital Financial Services Working Group and the Consumer Empowerment and Market Conduct Working Group meeting in The Bahamas this week. The Central Bank of The Bahamas joined AFI less than one year ago, in order to benefit from a structured approach to promoting financial inclusion goals, and to learn first-hand from countries that are actively pursuing such ideals. The range of countries that make up this alliance illustrate aptly that financial inclusion is intended to mend social and economic disparities that are often obscured in average measures of economic wellbeing and income. The Bahamian experience draws this out. On a per capita basis, The Bahamas has the third highest GDP in the Western Hemisphere. Our financial sector is highly developed, when considered in terms of the size of the deposit base and outstanding credit of the domestic banking system, relative to GDP; and in terms of the share of the population that has access to basic banking services. Moreover, relative to the size of the population we enjoy the 35th highest density of bank branches in the world and the 15th highest density of automated banking machines in the world.1 From an identity perspective, members of the population do not have extreme difficulties acquiring birth certificates or primary documentation needed to apply for identity documents. But financial access is very uneven. On many of our rural island communities basic banking services are not available, or only available in very constrained conditions. The rising costs of providing banking through traditional physical channels have further scaled-back this access. Also, high concentrations See the IMF's 2018 Financial Access Survey Database: http://data.imf.org/?sk=388DFA60-1D26-4ADE-B505-A05A558D9A42. of undocumented immigrants are excluded from access to financial services, even when these services are available in the same spaces for documented persons. Equally problematic for countries like The Bahamas, there has been a dilution of access from the disproportionate application of global anti-money laundering and counter financing of terrorism standards, on low-risk, retail segments of our financial community. We are now attempting to reverse this through more proportionate risk-based systems. Beyond banking, affordability of access is more constrained in property insurance markets, where financial vulnerability is heightened because of the increasing frequency and intensity of hurricanes, which can in a single season push households into ruin. Finally, relevant to the themes of consumer empowerment, we recognise the scope for improved literacy and conduct regulations to improve financial welfare. As it should be, political pressures to address financial inclusion deficits are mounting in The Bahamas, and there has to be comprehensive constructive responses. In the strategies that the Bahamian Central Bank is formulating, we understand that the private sector will not optimally achieve all of the outcomes that we desire. We recognise that an enabling environment that embraces the aspirations of the Maya Declaration, with a focus on Fintech, to promote digital inclusion is critical. This is defining very critical elements of our approach. However, we also have to identify those elements of both the policy space and technology infrastructure that ought to be supplied by the public sector. For example, the Central Bank of The Bahamas is engaged in the creation and promotion of a digital version of the national currency which is expected to close vital payments system gaps for The Bahamas that many countries are able to leave up to the private sector to resolve. At the same time, the Bank has volunteered to coordinate development of a national financial inclusion strategy that would enlist all relevant stakeholders, and focus on more than just payments and banking. We are already seeing the benefits of our membership in the AFI, in bringing sharper focus to our financial inclusion initiatives. In that spirit, we look forward to a continued build out of this network of peers, capturing all of the accessible knowledge and experiences that you have to offer. Coming into these working group meetings I expect that we have broadly similar goals, and expectations; and that there will be mutual gains from our exchanges over the next four days. Indeed, we have two very stimulating agendas. As we have received you as our guests, we hope too that you will find time to experience a sampling of our culture and the beauty of our people and country. Welcome again and my best wishes for a productive week!
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Quarterly Economic Review, December 2018https://www.centralbankbahamas.com?cmd=view&id=16550The Central Bank of The Bahamas is pleased to announce the release of its Quarterly Economic Review for the fourth quarter of 2018. The Review provides an examination of the performance of the domestic economy, as well as sectoral developments, principally during the period October to December. Preliminary indications are that the modest pace of growth in the domestic economy was maintained during the fourth quarter of 2018, supported by ongoing gains in the high value-added stopover segment of the tourism market. In addition, several varied-scale foreign investment projects provided positive impulses to the construction sector. As a consequence, labour market conditions continued to gradually improve; although the unemployment rate edged-up, as the expansion in the workforce-inclusive of previously discouraged workers-outpaced the job gains. In price developments, domestic inflationary pressures remained relatively subdued, with the average rate rising modestly over the twelve months to November, reflecting the pass-through effects of higher international oil prices in earlier periods, as well as the hike in the value added tax (VAT) rate on 1st July. Provisional data for the second quarter of FY2018/19, showed that the Government's overall deficit narrowed significantly in comparison to the year-earlier period, as the VAT-led increase in aggregate revenue, outstripped the rise in total expenditure. Budgetary financing was obtained primarily from domestic sources and included a combination of long and short-term debt. Monetary developments were dominated by the contraction in liquidity and external reserves, as credit growth contrasted with the reduction in the deposit base, amid the seasonal increase in foreign currency demand during the latter half of the year. Further, banks' credit quality indicators improved, underpinned by modest gains in economic conditions, alongside entities' ongoing debt restructuring activities and loan write-offs. In addition, the latest available data for the third quarter revealed that banks' overall profitability strengthened, associated largely with a decline in bad debt provisioning and lower operating outlays. In the external sector, the estimated current account deficit widened during the final quarter of 2018. Underlying this outturn was a notable reduction in the services account surplus, combined with higher net income and current transfer outflows. In addition, the surplus on the capital and financial account contracted sharply, attributed to the net repayment of the public sector's net external liabilities, in contrast to the prior period, when Government's external bond issue led to a surge in the surplus. For full text reading, please download the attached document.https://www.centralbankbahamas.com?cmd=view&id=16550CRISP Evolution (CE) $3 Banknotehttps://www.centralbankbahamas.com?cmd=view&id=16549In keeping with its launch strategy for the CRISP Evolution (CE) family of banknotes, the Central Bank of The Bahamas will release the fifth member of the family, CE $3, on Thursday, March 28, 2019. This release will mark the first redesign of this banknote since 1984. The description of the new banknote is as follows: Predominantly, burgundy with shades of brown, red, lavender, and yellow, the banknote measures 156 mm long and 67 mm wide bearing on the front a portrait of Queen Elizabeth II, the series, and the signature of the Governor of the Central Bank of The Bahamas, together with the words "Central Bank of The Bahamas. These notes are legal tender under the Central Bank of The Bahamas Act 2000 for payment of any amount Three Dollars". A watermark of Queen Elizabeth II and numeral $3, a replica map of the islands of The Bahamas, and the denominational value in words and figures appear on the left, with an image of a Passion flower in the center. The back features images of sail boats at sea. The images are flanked above by the numeral $3 that appears in the upper left and lower right corners, while the words "Three Dollars" are in the upper right quadrant. Just below the images of sail boats is the Coat of Arms of the Commonwealth of The Bahamas along with the words "Central Bank of The Bahamas". More information on this banknote can be found on the Bank's website at www.centralbankbahamas.com on the release date, along with the Bank's online training tool. March 21, 2019https://www.centralbankbahamas.com?cmd=view&id=16549Remarks by Governor Rolle on "The Bahamian Payment System Modernisation: Advancing Financial Inclusion Initiatives"https://www.centralbankbahamas.com?cmd=view&id=16548Central Bank of The Bahamas Blockchain Seminar Introduction Inclusive of a digital version of the Bahamian dollar, the Central Bank of The Bahamas has defined several evolved objectives for the Bahamian payments systems. On some levels The Bahamas is positioned to use new technology to accelerate this transformation. It brings into focus the need for new policies and regulatory reforms to address best practices in the digital supply of financial services, consumer protection in its multifaceted forms, cyber security, and more. Please view the download for further reading.https://www.centralbankbahamas.com?cmd=view&id=16548