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Strategic Plan

STRATEGIC FOCUS FOR 2021

 

Increase the effectiveness and transparency of frameworks for monetary policy, financial stability and exchange control

  • Improve the Bank’s economic forecasting capacity through recruiting and training new staff, and upgrading of existing competencies
  • Perfect the forward-looking analytical perspective of the financial stability surveillance framework
  • Continue to maintain exchange rate stability, while supporting foreign exchange market activities
  • Strengthen economic surveillance systems, including compilation and dissemination of international transactions data and macro-prudential indicators.
  • Further expand the communication of monetary policy decisions and deliberations

 

Enhance the financial sector supervisory and regulatory framework, in line with international benchmarks

  • Further implement the Basel III risk- based supervisory framework for supervised financial institutions (SFIs)
  • Maintain oversight frameworks for the assessment and suppression of risks related to money laundering, terrorism financing, proliferation and other financial crimes to ensure internationally compliant systems within SFIs
  • Strengthen the Bahamian crisis and risk management system, by creating technical capacity for crisis management within the Deposit Insurance Corporation management as well as developing legislative proposals for a domestic collateral registry and overseeing the implementation of the registry
  • Enhance financial resilience mechanisms, by working with the banking sector to develop an effective product suite for disaster resilience
  • Deepen financial inclusion frameworks for persons and legal activities and support financial inclusion outcomes by completing and submitting recommendations on National Financial Inclusion Strategy to Ministry of Finance

 

Deepen payments systems development

  • Continue with payments system modernization initiatives to provide electronic payments capabilities throughout The Bahamas, inclusive of promoting the continued adoption of the central bank digital currency
  • Accelerate payment system modernization efforts, by incentivising reduced usage of cash and checks

 

Strengthen external relations and communications frameworks

  • Promote more transparency and understanding on central bank policies and operations, through continually building public relations capacity through social media presence and policy dialogue with the public.
  • Maintain financial literacy and public education campaigns, drawing on international best practices.
  • Adopt progressive, transparent, image-enhancing standards for delivery of services to external clients
  • Increase input and influence on international policy trends affecting The Bahamas

 

Enhance operational efficiency and risk management systems

  • Continue to modernize and upgrade core Information Technology (IT) systems comprehensively
  • Strengthen IT risk management and governance practices, through the development of relevant policies as well as further documentation and clarification of IT disaster recovery priorities
  • Strengthen the Bank’s disaster recovery and business continuity frameworks
  • Improve the information security framework and information asset risk management
  • Strengthen internal controls and governance, through enterprise-wide accountability for risk management
  • Continue to enhance the Bank’s investment strategy and develop frameworks to enhance liquidity management systems for international reserves
  • Enhance internal support structures for Board oversight of the Bank’s policies and operations

 

Strengthen policy advice capacity

  • Strengthen the framework for fiscal policy advice to the Government, by finalising the launch of the Fiscal Policy Advisory Report to frame advice on policies, including debt management
  • Rationalise the Supervisory Policy Action Committee, to align better with the Monetary Policy Committee
  • Develop domestic policy proposals on consumer financial protection, financial literacy and financial inclusion, with efforts supported by the appointment of a Financial Services Ombudsman