Annual Report & Statement of Accounts, 2024
Published: Thursday May 22nd, 2025
The Central Bank of The Bahamas is pleased to announce the release of its 2024 Annual Report, which includes a summary of the Bank's operations during 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 2024, and presents a comprehensive analysis of the Bank's Statement of Accounts for the year ending December 31, 2024.
According to the Report, the Bahamian economy’s expansion in 2024 continued to be paced by performance in the tourism sector, converging closer to its medium-term potential. In addition, various foreign investment projects provided steadied impetus to the construction sector. Average consumer price inflation moderated, reflective of the pass-through effects of lower global oil prices. Further, in the fiscal outturn for FY2023/24, the overall deficit reduced considerably, owing to a VAT-led growth in total revenue, combined with a decline in aggregate expenditure. In contrast, over the first half of FY2024/25, the overall deficit widened, as the expansion in total expenditure outstripped the rise in aggregate revenue. In the financial sector, bank liquidity declined, as the expansion in domestic credit outpaced the growth in the deposit base. However, external reserves grew in 2024, bolstered by net foreign currency inflows from real sector activities, and the receipt of proceeds from Government’s external borrowings.
Given the robust levels of external reserves, sustained improvement in the economy, and the uptick in private sector credit trends, the MPC endorsed a continued relaxed posture for bank lending to the private sector in 2024.
With regard to other major developments, in 2024, the Central Bank continued with its gradual liberalisation of exchange control administration, increasing the delegated authority for commercial banks to approve foreign currency transactions. In addition, the Central Bank continued with initiatives to advance payments system development, promote financial inclusion and address the ease of access to banking. For the SandDollar, the Central Bank increased outreach activities in the Family Islands and remained vigilant to the cybersecurity resilience of the interoperable digital wallet ecosystem.
A comprehensive breakdown of the Statement of Accounts for the year 2024, revealed that the Bank recorded a growth in total comprehensive income, reflective of an increase in revenue, which overshadowed the rise in expenses.
