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Strategic Plan

STRATEGIC FOCUS FOR 2020

 

Improve the Monetary Policy Framework
  • Expand the Bank’s economic forecasting capacity through recruiting and training new staff, and upgrading of existing competencies.
  • Promote continued, targeted liberalization of exchange control measures, while maintaining foreign exchange market and exchange rate stability. 
  • Strengthen economic surveillance systems, including compilation and dissemination of international transactions data and macroprudential indicators.
Strengthen Supervisory and Regulatory Systems
  • Continue to upgrade the risk-based supervisory framework (Basel III) for banks and trust companies; and strengthen prudential oversight systems for domestic credit unions. 
  • Improve oversight frameworks for the assessment and suppression of risks related to money laundering, terrorism fi nancing, proliferation and other fi nancial crimes; ensure internationally compliant systems within supervised fi nancial institutions for such ends; and enhance the Bank’s contribution to national initiatives to defend against such risks.
  • Mitigate and diffuse the fi nancial effects of de-risking by correspondent banks through the promotion of fi nancial inclusion of persons and legal activities. 
  • Continue to advance legal reform proposals for Government’s consideration to strengthen the protection of depositor provisions and the fi nancial sector crisis management framework.
Promote Payment Systems and Financial Markets Infrastructure Development
  • Continue with payments system modernization initiatives to provide inclusive access to electronic payments capabilities throughout The Bahamas; advance the development of the central bank digital currency, inclusive of supporting policy frameworks.
  • Continue to advance the modernization of the Government bond market infrastructure through establishment of the securities depository, with integration of the framework with the domestic stock exchange; support preparatory efforts to list and trade Government domestic debt on the stock exchange.
Strengthen External Relations, Public Education and Financial Inclusion Efforts
  • Build public relations capacity through social media presence and regular policy dialogue with the public, promoting greater transparency and understanding of monetary and fi nancial sector policies. 
  • Maintain fi nancial literacy and public education campaigns, drawing on international best practices.
Enhance Operational Efficiency and Corporate Governance
  • Continue to leverage increased use of technology and automation in the Bank’s operations; strengthen workplace information security practices and standards.
  • Strengthen the Bank’s disaster recovery and business continuity systems.
  • Enhance internal support structures for Board oversight of the Bank’s policies and operations.
  • Conclude legal proposals on enhancing public transparency and accountability with the Bank’s operations.
Policy Advisory Capacity
  • Develop domestic policy proposals on consumer fi nancial protection, literacy and fi nancial inclusion; advance efforts to establish an offi ce of fi nancial sector ombudsman.
  • Improve the technical framework for fi scal policy advice, including public debt management.