The Central Bank of The Bahamas - Latest News - https://www.centralbankbahamas.comLatest NewsThyme Online Feeder 1.0en-usRemarks by Governor Rolle on Fostering Training to Enhance the Effectiveness of Anti-Money Laundering and Counter Financing of Terrorism Outcomeshttps://www.centralbankbahamas.com?cmd=view&id=16568Launch of the Association of Certified Anti-Money Laundering Specialists (ACAMS) Bahamas Chapter 24th May, 2019 It is a pleasure to be here at the launch of The Bahamas Chapter of the ACAMS network. We all appreciate the importance of having skilled professionals to manage the money laundering and related risks posed to the financial system. We appreciate that The Bahamas must demonstrate increasingly greater effectiveness in countering attempts to exploit its financial system for illicit purposes. To this end, ensuring a critical mass of skills and certifications across our industry is essential. Perception wise, it signals to the outside world that our jurisdiction is not a haven for, nor does it intend to be known as a haven for illicit financial flows. My expectation is that as the critical mass of skills in the industry increases, The Bahamas will demonstrate more in practice, and in the experience of customers, that it is applying risk-based principles, which do not undermine the quality of services on supply. I believe we still have gaps in how risk-based outcomes are being achieved. The pressure persists for regulatory guidance to be overly prescriptive and check-list based, with the result that the retail customer experience is still too degraded. We will only arrest this trend through--in addition to all of our other interventions--strengthening competence around the application of AML/CFT safeguards. I expect that we will make more progress in this regard, thanks to AML certifications of this nature. My own position, which is not yet the institutional view of the Central Bank of The Bahamas, but which I will work to become the institutional view, is that the Money Laundering Reporting Officers (MLROs) and Compliance Officers ought to be subjected to an ongoing certification process to satisfy the regulatory requirements for holding their posts. Some of the recent initiatives of the Bahamian regulators and the government were to identify that our compliance culture was not sufficiently risk-based. The result was that financial inclusion and access was hindered for those on the margins of the system. Thanks to the provisions of the FTRA, the Central Bank has been able to provide guidance that streamlines "know your customer" (KYC) requirements for access to retail domestic banking services. For low-risk customers, a passport is adequate documentation in itself for account opening. In the absence of the passport, a list of other government issued identity documents are acceptable. Verification of address by proof of a utility bill has given way to establishing proof that the client can be contacted by electronic or other means. The Central Bank of The Bahamas has also made it clear that high risk does not mean than an extra burden should be imposed to identify oneself--rather more due diligence should be exerted around the other dimensions of how a relationship is established and monitored. Also, for low-risk retail prospects, the Central Bank has gone on record to state that the potential customer does not not have to offer proof of employment in order to open a bank account. The Central Bank of The Bahamas has already placed its support behind this ACAMS training initiative. It will allow The Bahamas to make more necessary, qualitative process in perfecting its national AML/CFT regime. For all OF the Bahamian financial sector regulators, and the rest of the financial serviceS industry, this provides more concentrated opportunities for in country training. I congratulate the founding Steering Committee and the Executive Board of the ACAMS Bahamas Chapter and assure you of the Central Bank's sustained support. Thank you. https://www.centralbankbahamas.com?cmd=view&id=16568Results of Treasury Tender May 2019https://www.centralbankbahamas.com?cmd=view&id=16567Results of Treasury Tender May 2019https://www.centralbankbahamas.com?cmd=view&id=16567Central Bank and Clearing Banks Association To Host Financial Literacy Fairhttps://www.centralbankbahamas.com?cmd=view&id=16566

Contact Kevin Demeritte, External Relations,                                              FOR IMMEDIATE RELEASE

Central Bank of the Bahamas or Maya Nottage,                                           May 20, 2019                                                    

Director of Communications, Blue Orchid Bahamas

Telephone (242) 302-2710 or (242) 323-3322 

Email kademeritte@centralbankbahamas.com or maya@blueorchid.tv

Website www.getmoneysmartbahamas.com

CENTRAL BANK AND THE CLEARING BANKS ASSOCIATION TO HOST FINANCIAL LITERACY FAIR AT FUSION SUPERPLEX

Event will include Financial Recovery Workshop for struggling families 

Nassau, Bahamas, May 20, 2019-The Central Bank of The Bahamas , in collaboration with the Clearing Banks Association (CBA), will host the first Get Money Smart Bahamas Financial Literacy Fair on Saturday, May 25, 2019 at Fusion Superplex, John F. Kennedy Drive and Gladstone Road. At the event, the hosts will share information about saving, spending, budgeting and making sound financial decisions to help attendees improve their financial state. Participating CBA members include Bank of The Bahamas Limited, Commonwealth Bank Limited, CIBC FirstCaribbean International Bank (Bahamas) Limited, Fidelity Bank (Bahamas) Limited, Scotiabank (Bahamas) Limited, and RBC Royal Bank (Bahamas) Limited. 

“This event is bringing together all of the Clearing Banks to give Bahamian consumers as much support as possible in building and maintaining a strong financial future for themselves and their families,” said Gowon Bowe, Chairman of the CBA. “The advice is free. All you have to do is make your way to Fusion Superplex to meet with us. If you have been ignoring financial issues or putting off dealing with them, this Fair will provide a great opportunity for you to sit with one of the banks to figure out how to improve the situation before it gets even worse. We don’t want our customers to have difficulty managing their finances. That doesn’t serve anyone. We’re here to support our customers.”

The Fair includes a Financial Recovery Workshop which will be held from 1:00pm to 2:00pm in one of the Fusion Superplex theatres, where light refreshments will be provided. “The workshop will help families who are struggling with managing their finances to understand how to make simple changes to alleviate some of that financial pressure they’re feeling,” said Governor John Rolle of The Central Bank. “We will also host a question and answer period so that attendees can get facts from the various banks about their financial concerns. Everyone can learn from each other. We want to make managing money a much easier process so that they can enjoy life.”

Social media users can pitch questions for the workshop by connecting with Get Money Smart Bahamas on Facebook and Instagram at @GetMoneySmart242. Learn more about the campaign at www.getmoneysmartbahamas.com 

Photo:

Photo Caption: The Get Money Smart Financial Literacy Fair is one of the Central Bank’s efforts to promote widespread financial education among Bahamians, says Governor John Rolle (pictured here). The event will be held at Fusion Superplex, John F. Kennedy Drive and Gladstone Road, on Saturday, May 25, 2019 from 12:00pm – 4:00pm and will include a Financial Recovery Workshop that begins at 1:00pm.

Contact

For more information, please contact: 

Kevin Demeritte, External Relations, Central Bank of the Bahamas or Maya Nottage, Director of Communications, Blue Orchid Bahamas at (242) 302-2710 or (242) 323-3322 or by email at kademeritte@centralbankbahamas.com or maya@blueorchid.tv 

https://www.centralbankbahamas.com?cmd=view&id=16566
Bahamas Registered Stock Repricing - May 2019https://www.centralbankbahamas.com?cmd=view&id=16565Bahamas Registered Stock Repricing - May 2019https://www.centralbankbahamas.com?cmd=view&id=16565Notice of BRS Availability May 2019https://www.centralbankbahamas.com?cmd=view&id=16564

PROSPECTUS

THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS
BAHAMAS REGISTERED STOCK 2020 ISSUE OF B$75,000,000
ISSUED UNDER THE BAHAMAS REGISTERED STOCK ACT

Prospectus Date: April 15, 2019

Issuer: Bahamas Government Open Date: May 9, 2019 (9:30 a.m.)
Registrar: Central Bank of The Bahamas Close Date: May 13, 2019 (3:00 p.m.)
Organizer: Central Bank of The Bahamas Settlement: May 15, 2019
First Int Pmt: October 15, 2019(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
BRS129139 7,000,000.00 100 20 5.04% April 15, 2039 Semi-annual
BRS129149 18,000,000.00 100 30 5.55% April 15, 2049 Semi-annual
25,000,000.00

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: 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 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=16564
Monthly Economic and Financial Developments, March 2019https://www.centralbankbahamas.com?cmd=view&id=16563Overview Indications are that the domestic economy maintained its modest pace of growth over the review month of March. The sustained increase in stopover visitor arrivals supported gains in tourism sector output, while ongoing medium and small-scale foreign investment projects undergirded activity in the construction sector. In monetary developments, the corresponding robust real sector inflows boosted external reserves; however, liquidity contracted as resources shifted to Government. Real Sector Tourism Buoyed by robust gains in the key stopover visitor segment, indications are that tourism output continued to strengthen during the review period in both visitor volumes and pricing data. The latest statistics from the Ministry of Tourism showed a 19.3% increase in total arrivals during January, notably higher than the 4.8% uptick recorded in the prior year. This included accelerated gains in air and sea arrivals of 28.8% and 17.1%, from 7.0% and 4.3%, respectively, in the previous year; and marked strengthening for New Providence and the Family Islands outweighing a cruise-based decline in Grand Bahama. Moreover, stopover data from The Bahamas Hotel and Tourism Association, revealed that in the two months through February, estimated room revenues improved by 44.0%, on sustained occupancy and pricing advances. For the month of March, data from the Nassau Airport Development Company Ltd. (NAD) showed that total departures from the country's main airport - net of domestic passengers - grew by 18.8%, albeit lower than the 20.9% expansion in the prior period, when the Easter holidays fell earlier in the year. In terms of the components, the growth in both U.S. and non-U.S. departures slowed to 19.1% and 17.3%, from 20.9% and 21.0%, respectively. An analysis of longer-term trends, showed that during the first quarter, the total number of departures expanded by 22.0%, outstripping the 13.8% uptick recorded in the previous year, as both the U.S and non-U.S departure segments increased by 23.8% and 13.2%, after gains of 13.2% and 16.8%, respectively, over the same period last year. Healthy trends were also noted in the growing non-hotel based segment of the market, typically characterised by short-term vacation rentals. An analysis of data obtained from AirDNA, showed that the total number of room nights sold firmed by 24.3% to 78,160 in March, as bookings for "entire place" listings rose by 22.8%, and for hotel comparable listings, by 37.3%. Over the first quarter, total room nights booked firmed by 24.7%, underpinned by a 22.4% expansion in "entire place" bookings and a 42.6% rise in the hotel comparable segment. Moreover, all of the significant markets tracked experienced quarterly sales expansions, as room bookings for Exuma firmed by 51.5%, New Providence by 26.9%, Abaco by 21.4%, and Grand Bahama by 2.1%. Further, the average daily rate (ADR) firmed slightly, by 0.7% to $141.97 for hotel comparable listings, while the rate for entire place listings softened by 1.5% to $341.49. For full text reading, please download the attached documents. https://www.centralbankbahamas.com?cmd=view&id=16563Remarks by Governor Rolle on the Monthly Economic and Financial Developments (MEFD) March 2019https://www.centralbankbahamas.com?cmd=view&id=16562Today we are releasing the Central Bank's monthly analysis of domestic economic developments for the month of March. It contains the latest money and credit trends and an assessment of economic conditions through the first quarter of 2019. The Bank has also provided the results of the latest survey of private sector lending conditions that is attached to the published slides. The collective analysis helps the Bank to determine whether policy adjustments are necessary on any level that would affect credit other financial developments that affect the safety and soundness of the local banking system, and/or the health of the external reserves that back up the value of the currency.https://www.centralbankbahamas.com?cmd=view&id=16562Results of Treasury Tender April 2019https://www.centralbankbahamas.com?cmd=view&id=16561Results of Treasury Tender April 2019https://www.centralbankbahamas.com?cmd=view&id=16561Central Bank of The Bahamas 2018 Annual Reporthttps://www.centralbankbahamas.com?cmd=view&id=16560The Central Bank of The Bahamas is pleased to announce the release of its 2018 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. Further, the report provides an examination of the economic and financial environment, both internationally and in The Bahamas during 2018, and offers a comprehensive analysis of the Bank's Statement of Accounts for the year ending December 31, 2018. The report showed that the domestic economy maintained its modest growth trajectory in 2018, buoyed by gains in tourism output and positive impulses from foreign investment-led construction activity. In this environment, employment conditions continued to gradually improve; although the jobless rate was slightly higher, as the expansion in the labour force outpaced the rise in the number of persons employed. Further, the fiscal deficit, which contracted considerably in FY2017/18, sustained this trend during the first half of FY2018/19, underpinned by VAT-related gains in revenue. In the financial sector, as the growth in domestic credit contrasted with the decline in the deposit base, both liquidity and external reserves decreased in 2018. Given the robust levels of external reserves, modest economic expansion and weak consumer credit, the Central Bank's Monetary Policy Committee maintained its accommodative policy stance throughout 2018. With regard to other major developments, the Bank sustained its active surveillance and regulatory agenda, particularly as it relates to Basel II and III implementation. Further, in 2018, the Bank adopted a more granular model to assess anti-money laundering (AML)/counter financing terrorism (CFT) risks. Other important initiatives included the transition of credit unions to a risk-based supervisory framework, similar to that of the banks. Further, in an attempt to deepen the Bank's efforts to modernize and improve access to domestic financial services, especially among Family Island residents, the initiative to develop and introduce a digital version of the Bahamian dollar, branded "Project Sand Dollar" was launched. In addition, the Bank continued to progress with the implementation of the credit bureau, as the Credit Reporting Act was passed in Parliament and the selection process for the credit bureau restarted. The associated regulations were also finalized for gazetting in January, 2019. A comprehensive breakdown of the Statement of Accounts for the year 2018, showed an increase in total comprehensive income, as the growth in revenue outstripped the rise in expenses. For full text reading, please download the attached document. https://www.centralbankbahamas.com?cmd=view&id=16560Notice of BRS Availability April 2019https://www.centralbankbahamas.com?cmd=view&id=16558

PROSPECTUS

THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS
BAHAMAS REGISTERED STOCK 2020 ISSUE OF B$75,000,000
ISSUED UNDER THE BAHAMAS REGISTERED STOCK ACT

Prospectus Date: April 15, 2019

Issuer: Bahamas Government Open Date: April 23, 2019 (9:30 a.m.)
Registrar: Central Bank of The Bahamas Close Date: April 25, 2019 (3:00 p.m.)
Organizer: Central Bank of The Bahamas Settlement: April 29, 2019
First Int Pmt: April 29, 2019
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
BRS130020 75,000,000.00 100 1 2.42% April 29, 2020 Semi-annual
75,000,000.00

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 equal to and 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.
https://www.centralbankbahamas.com?cmd=view&id=16558