The Central Bank's Operations Remain Fully Accessible during the COVID - 19 Pandemic
Published: Wednesday March 18th, 2020
The operations of the Central Bank of The Bahamas remain fully accessible to the public during the adjustment to the Coronavirus (COVID-19) pandemic. However, health safety precautions are in effect.
The Bank is continuously engaged with supervised financial institutions, the Government and other stakeholders to support the smooth operations of the Bahaman financial system, including the following:
- Access to Bahamian dollar currency
- Operation of domestic payments and settlements systems
- Processing of Exchange Control applications
- Investments in Government debt securities
- Regulatory reporting and approvals
The Bank also activated business continuity procedures to balance health and safety concerns for its personnel, against assurances that they remain fully engaged to service the public.
The Bank is now adhering to the following operating protocols. Some of these could vary as public health risks evolve.
- Correspondences with the Bank will be accepted only in electronic format (email or telephone). The Bank will not accept hardcopies of letters or documents.
- All services for Exchange Control authorisation, and regulatory reporting and communications are available through electronic channels that have been shared with relevant stakeholders.
- Only staff and scheduled services providers will be permitted entry to the Bank's premises. The Bank will conduct all meetings with the public by virtual means (that is by teleconference or video conference).
- The Bank's staff will be unavailable for public appearances, speeches or presentations, other than those that can be hosted virtually.
- Official international travel for staff and senior officials has been suspended.
The public can continue to contact the Central Bank through the published email and telephone numbers and the direct contacts of officials whose contact information they possess.
With few exceptions, public applications for Exchange Control approvals can be directly processed through commercial banks. In the exceptions, applications can be submitted by email to [email protected], using either a copy of the online form or by outlining particulars of the request in the body of the email message. The website address is https://www.centralbankbahamas.com/exchange-control-notes-and-guidelines.
The public can continue to apply to invest in primary and secondary market sales in Bahamas Government Registered Stock (BRS). All offerings are posted on the front page of the Bank's website with instructions on how to make subscriptions. Existing investors, who already have investment accounts for BRS can submit their applications by email and have their payments processed by wire transfers through their commercial banks. New investors can establish their BRS accounts by having their KYC due diligence submissions endorsed by their existing bank, and by submitting the application by email. BRS purchase request can be submitted to [email protected].