Finance

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 »

Central bank report: Financial sector continues to record declines
Central bank report: Financial sector continues to record declines

July 19, 2019

The financial sector continues to face declines in the number of banks and employed people in 2018, and the sector's total domestic assets also declined in that year, according to the Central Bank of The Bahamas' (CBOB) Gross Economic Contribution of the Financial Sector in [...]

read more »

Finance Team Attends IDB Meetings in Ecuador

July 17, 2019

Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest (IDB Governor), Financial Secretary Marlon Johnson (Alternate IDB Governor), Deputy Financial Secretary Cherran O’Brien, and Ministry of Finance Economist Laron Neely...

read more »

Extra 15m for clinic upgrades, says Sands
Extra 15m for clinic upgrades, says Sands

July 17, 2019

NEARLY $15m has been earmarked for South Beach Health Centre and Elizabeth Estates Clinic to upgrade both facilities for emergency care, Health Minister Dr Duane Sands said yesterday...

read more »

BOB bids to block receivership request
BOB bids to block receivership request

July 16, 2019

Bank of The Bahamas (BOB) is seeking a stay of a court order that awarded $6 million in damages to firms partially owned by the family trust of former State Minister of Legal Affairs Damian Gomez...

read more »

WTO: What it means for the Family Islands, pt. 1

July 15, 2019

In this segment, The Bahamas' renewed efforts on World Trade Organization (WTO) accession and how that could impact the Family Islands will be assessed. For the purpose of this discussion, a closer look will be taken at WTO's impact on tourism, construction and small and [...]

read more »

Nottage takes over AS national risk chief

July 12, 2019

DR Cassandra Nottage has been appointed to the post of national identified risk framework coordinator, according to a press release from the Office of the Attorney General...

read more »

Office of the Attorney General - Notification of the appointment of the National Identified Risk Framework Coordinator

July 11, 2019

Dr. Cassandra Nottage Appointed National Identified Risk Framework Coordinator

Dr. Cassandra Nottage was appointed to the post of the National Identified Risk Framework Coordinator (NIRFC) effective August 14, 2018. Dr. Nottage has over 40 years of experience in Anti-Money Laundering/Countering the Financing of Terrorism and Proliferation...

read more »

Dept. of Inland Revenue now has full responsibility for all real estate tax matters
Dept. of Inland Revenue now has full responsibility for all real estate tax matters

July 11, 2019

The Ministry of Finance confirmed yesterday in a press statement that the Department of Inland Revenue (DIR) now has full responsibility for all tax matters that apply to real estate transactions, following government's changes to the Stamp Act and Value Added Tax (VAT) Act that [...]

read more »

Survey stresses importance of activating regulatory framework for private pension schemes
Survey stresses importance of activating regulatory framework for private pension schemes

July 11, 2019

Private pension fund assets are on the increase, with fund holdings close to $1.2 billion by the end of 2017 and the communications and utilities sector holding the largest amount of pension funds. However, the benefits paid out appear to be increasing quicker than the [...]

read more »

Halkitis: Govt's deficit reduction schedule is 'too aggressive'
Halkitis: Govt's deficit reduction schedule is 'too aggressive'

July 09, 2019

Government's schedule for reducing the country's deficit is "too aggressive" former Minister of State for Finance for the Progressive Liberal Party (PLP) Michael Halkitis said yesterday, adding that instead of three years to reduce the deficit to one percent of gross domestic product (GDP), the [...]

read more »

Gold fiasco - don't blame us
Gold fiasco - don't blame us

July 09, 2019

THE government is not to blame for the failure of a teenage water polo team to complete a weekend regional tournament, Algernon Cargill, president of the Bahamas Aquatics Federation, said yesterday...

read more »

Top real estate specialist and leading bank join forces in unique summer program to boost home sales, pledge 1-stop shop with 48 hour turnaround

July 08, 2019

A top producing real estate specialist is joining forces with a leading bank in what may be a first of its kind in The Bahamas – a collaboration intended to slice weeks and possibly months off the often-frustrating search-to-sold home buying process...

read more »

Forward bookings for next three months up 8.4

July 08, 2019

Forward bookings during the next three months for The Bahamas are 8.4 percent ahead of last year’s numbers for the same period, according to the Ministry of Tourism, which noted that June trended 12.3 percent ahead year-on-year.

read more »

Tax Appeal Commission Training

July 04, 2019

The newly formed Tax Appeal Commission will participate in a week long intensive workshop as part of a thorough mobilization process for the unit. The training takes place July 1-5 and underscores the purpose of the Tax Appeal Commission Bill, 2019...

read more »

Smith: We have no obligation to take IMF's advice
Smith: We have no obligation to take IMF's advice

July 04, 2019

The Bahamas is under no obligation to adhere to the recommendations of the International Monetary Fund (IMF) and should rely more on its own capabilities as it navigates the issues impacting the economy, a leading economist has asserted. Given that The Bahamas has managed to [...]

read more »

Future members of Tax Appeal Commission undergoing training

July 04, 2019

The members who will make up the new Tax Appeal Commission are currently undergoing training in order to eventually hear the appeals of tax cases. The members come from a section of the Department of Inland Revenue now known as the VAT (value-added tax) Appeal [...]

read more »

Smith: IMF's tax reform recommendation needs deep analysis
Smith: IMF's tax reform recommendation needs deep analysis

July 03, 2019

On the heels of another recommendation by the International Monetary Fund (IMF) for The Bahamas to reform its tax structure, a former minister of state for finance is warning that following some general prescription by the IMF could put the country in a worse off [...]

read more »

Govt responds to IMF Article IV Consultation

July 03, 2019

The Bahamas continues to see international recognition of its structural reforms and economic turnaround from years of stagnation. The government welcomes the comprehensive assessment done by the International Monetary Fund (IMF) Article IV and Financial Sector Assessment Program (FSAP) teams...

read more »