In keeping with a commitment to review existing arrangements, towards achieving a gradual yet meaningful liberalisation of Exchange Controls, the Central Bank has made several further adjustments in the Exchange Control regime, with effect from 1st April, 2016. These measures follow earlier adjustments introduced in May 1995, September 2002, January 2006 and January 2010, 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 as well as capital account transactions including overseas investments and measures to deepen the domestic capital markets.
These new measures involve increased delegated authority for Commercial Banks and Money Transmission Businesses (MTBs), in respect of imports, education-related remittances, small gifts to non-residents and transfers outside The Bahamas by work permit holders. On the capital side, areas affected include investments abroad and borrowing inside The Bahamas by temporary residents and work permit holders. These reforms are expected to result in enhanced efficiencies for both residents and temporary residents, as they conduct their personal business transactions, and seek to invest in The Bahamas or abroad. Details of these changes to the current and capital account regimes are set out in the Schedule: Relaxing Current and Capital Accounts.