Finance

IMF projects weak GDP growth in region
IMF projects weak GDP growth in region

August 02, 2019

The International Monetary Fund (IMF) has given a bleak outlook for economic growth in the region, stating that real gross domestic product (GDP) growth in Latin America and the Caribbean is expected to occur at its slowest pace since 2016 this year...

read more »

ECLAC predicts Bahamas GDP growth of 2.2% in 2019

August 02, 2019

The Economic Commission for Latin America and the Caribbean’s (ECLAC) outlook for The Bahamas’ gross domestic product growth is ahead of most predictions at 2.2 percent for 2019...

read more »

Straw Market Authority suffered 700k loss in 2014
Straw Market Authority suffered 700k loss in 2014

August 02, 2019

The Straw Market Authority (SMA) suffered an operational loss of nearly $700,000 in 2014, a recent audit revealed. On July 24, Minister of Public Works Desmond Bannister, who has ministerial oversight of the authority, tabled three financial audits for the SMA. The audits, which were [...]

read more »

Survey: Profits decline, but companies optimistic about next six months
Survey: Profits decline, but companies optimistic about next six months

July 31, 2019

In the Central Bank of The Bahamas' (CBOB) Business Conditions and Expectations Survey for January through June 2019, businesses reveal that they have noted a decline in profits, though the survey found they are optimistic about the next six months of the year. The CBOB [...]

read more »

US Charge d'Affaires Pays Courtesy Call on the Minister of Financial Services, Trade & Industry and Immigration

July 30, 2019

US Charge d'Affaires Stephanie Bowers and officials of the United States Embassy met with Minister of Financial Services, Trade & Industry and Immigration, the Hon. Elsworth Johnson, and officials of the Ministry, in a courtesy call on Monday, July 29, 2019 at the Ministry's offices.

read more »

Central bank governor laments loan repayment delinquency rate

July 29, 2019

The rate of loan repayments delinquency in The Bahamas – despite a recent downward trend – is still beyond “terrifying” from an international perspective, Governor of the Central Bank of The Bahamas (CBOB) John Rolle said on Friday.

read more »

Concern about impact of excess liquidity on lending activity

July 29, 2019

The Central Bank of The Bahamas (CBOB) released its Financial Stability Report on Friday, which revealed no “pressing” risks to the financial stability of The Bahamas, though the report and Governor of CBOB John Rolle noted that excess liquidity in the banking system continues to pose the threat of commercial banks taking on risky lending activities in the medium-term.

read more »

Nat'l Payments Council examining costs associated with accepting credit, debit card payments
Nat'l Payments Council examining costs associated with accepting credit, debit card payments

July 29, 2019

The National Payments Council has begun to look at the high cost of fees associated with accepting credit and debit card payments, Governor of the Central Bank of The Bahamas (CBOB) John Rolle said on Friday. Rolle said the council along with Central Bank are [...]

read more »

Start-up looking for support to launch finance advice plan

July 29, 2019

A LOCAL tech start-up is seeking support to launch a financial and investment literacy programme aimed at teaching the millennial generation about the importance of investing and wealth-building...

read more »

Turnquest: OECD gives Bahamas thumbs up
Turnquest: OECD gives Bahamas thumbs up

July 25, 2019

The Organisation for Economic Co-operation and Development (OECD) has concluded that The Bahamas is a safe place for financial services and corporate investment activities, a press release from the Ministry of Finance revealed, explaining that the country's domestic legal framework is in line with international [...]

read more »

Bills to improve govt's AML/CFT regime passed

July 25, 2019

Parliamentarians yesterday passed bills to further safeguard the financial services sector - the Anti-Terrorism Amendment Bill, 2019 and the International Obligations (Economic and Ancillary Measures) Amendment Bill, 2019. The first bill stipulates that a financial institution must make a report to the Financial Intelligence Unit [...]

read more »

Financial services bills pass in House
Financial services bills pass in House

July 25, 2019

A compendium of financial services bills, including the Non-Profit Organisations (Amendment) Bill, 2019, was unanimously passed in the House of Assembly yesterday. Exumas and Ragged Island MP Chester Copper, who serves as shadow minister of finance, said the opposition did not have any "burning issues" [...]

read more »

Non-profits face cash crackdown
Non-profits face cash crackdown

July 25, 2019

UNDER the Non-Profit Organisations Amendment Bill, non-profits that fail to renew registration face having financial accounts frozen and being investigated by authorities, according to Financial Services, Trade and Industry and Immigration Minister Elsworth Johnson...

read more »

DPM: OECD peer review process for Bahamas deferred
DPM: OECD peer review process for Bahamas deferred

July 24, 2019

The peer review process planned for next month by the Organisation for Economic Co-operation and Development (OECD) will be deferred until The Bahamas enters into bilateral or multilateral tax treaties...

read more »

STEP Paid Courtesy Call on Minister Elsworth Johnson

July 23, 2019

The Board of Directors of the Society of Trust & Estate Practitioners (STEP) Bahamas, paid a courtesy call on the Minister of Financial Services, Trade & Investment and Immigration, the Hon. Elsworth Johnson, July 22, 2019...

read more »

OECD preparing for Bahamas peer review process next month
OECD preparing for Bahamas peer review process next month

July 23, 2019

The Organization for Economic Co-operation and Development (OECD) is preparing for a peer review process with The Bahamas next month that involves this country's tax treaty dispute resolution process, which the global financial watchdog calls a "top priority" for its base erosion and profit shifting [...]

read more »

Financial Services Minister Speaks at a Luncheon Hosted by the Chartered Institute of Arbitrators

July 23, 2019

Minister of Financial Services, Trade & Investment and Immigration, the Hon. Elsworth Johnson delivered remarks during a luncheon hosted by the Charted Institute of Arbitrators. The event was held at Luciano’s Restaurant, Thursday, July 18, 2019. The Minister was invited to the luncheon to state the country’s position on arbitration as the Government moves to create an arbitration centre on Grand Bahama in the near future. The Institute’s 2019 Executive committee was also installed.

read more »

DMP guest speaker at First Bahamas CryptoChicks Blockchain, AI Hackathon and Conference
DMP guest speaker at First Bahamas CryptoChicks Blockchain, AI Hackathon and Conference

July 22, 2019

Hon. Kevin Peter Turnquest, Deputy Prime Minister of The Bahamas and the Minister of Finance will give the opening remarks on Friday, August 23rd at the first Bahamas CryptoChicks Youth Blockchain and AI Hackathon and Conference...

read more »

Kenya's finance minister arrested, to be charged with fraud

July 22, 2019

Kenya's finance minister has been arrested on charges of fraud and corruption over contracts for the construction of two dams in western Kenya, a top police official said Monday. Finance Minister Henry Rotich gave statements to police at the criminal investigation [...]

read more »

Central Bank Becomes BISX Member
Central Bank Becomes BISX Member

July 22, 2019

The Bahamas International Securities Exchange (BISX) is pleased to announce that The Central Bank of The Bahamas (the “Central Bank”) has become a BISX Broker-Dealer Member. The Central Bank will become the seventh BISX Broker-Dealer Member...

read more »