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Relaxation of Exchange Control Restrictions on Capital Account Transactions

Published: Tuesday January 17th, 2006

On Friday, January 13, 2006, the Central Bank of the Bahamas held a press conference at 9:50 a.m. to speak of Relaxing Capital Account Transactions from the perspective of Exchange Control.

In keeping with a commitment to review existing arrangements, towards achieving a gradual yet meaningful liberalization of Exchange Controls, the Central Bank wishes to inform the public of several further adjustments in the Exchange Control regime. These measures follow earlier adjustments introduced in May 1995 and September 2002, both of which provided for an increased delegation of authority to commercial banks over a broad range of current account transactions such as payments for imports, travel and services.

Unlike earlier initiatives, these new measures focus almost exclusively on the relaxation of certain capital account restrictions, with the specific objectives of providing enhanced opportunities for residents to participate in and finance investments overseas and at the same time address several of the recommendations in the Bahamas Stock Exchange Committee’s Report to the Government on measures to deepen domestic capital markets.

Please review the document below for details of changes to the capital account regime.