STRATEGIC FOCUS FOR 2022-2025
Improve the monetary policy, financial stability and exchange control frameworks
- Introduce indirect monetary policy instruments, leveraging the modernisation of the government securities market and infrastructure.
- Expand the Bank’s capacity for financial forecasting and modeling techniques, by upgrading existing competencies and recruiting new staff.
- Develop an active toolkit for macro and micro-prudential supervision and policies.
- Pursue strengthening of the crisis management framework, including through formal engagement with the Ministry of Finance and other financial regulators.
- Continue to develop targeted proposals for liberalisation of residents’ access to foreign currency funding.
- Develop proposals to strengthen access to and usage of the Bahamas Depository Receipt and Investment Currency regimes for portfolio investments.
- Deepen stakeholder engagement on capital account liberalisation and capital flow management policies.
Enhance the financial sector supervisory and regulatory framework
- Advance the implementation of the Basel II and Basel III risk-based frameworks.
Develop guidance on account opening standards for business enterprises and improve domestic frameworks for politically exposed persons.
Sustain reforms to strengthen the AML/CFT regime.
Further enhance mechanisms for cooperation among the Bahamian Group of Financial Services Regulators.
Continue to strengthen the Bahamian crisis and risk management system, by creating technical capacity for crisis management within the Deposit Insurance Corporation.
Deepen financial inclusion frameworks.
Strengthen policy advice capacity
- Improve the framework for fiscal policy advice to the Government.
- Develop domestic policy proposals on consumer financial protection, financial literacy and financial inclusion, with efforts supported by the Financial Services Ombudsman.
Strengthen domestic infrastructures for payments and public debt management operations
- Continue to modernize the debt issuance and management framework for public debt.
- Promote increased non-bank participation in public debt issuances.
- Introduce a government savings bond instrument for retail investors.
- Promote widespread adoption of the digital domestic currency.
Enhance operational efficiency and risk management systems
Further strengthen the internal audit and corporate governance functions.
Improve enterprise risk management, inclusive of business continuity and information frameworks.
Conclude the modernisation and upgrade of core IT systems.
Complete the digitization of corporate records and adopt a modernised information governance framework.
Reform the performance management system to better anchor employee compensation.
Strengthen external relations and communications frameworks
- Give more visibility and promotion to the quality of the regulatory regime.
- Strengthen public relations capacity in the policy and technical work streams of the Bank.
- Maintain financial literacy activities.
- Deepen public engagement on Exchange Control policies and reforms.