With foreign reserves currently hovering at just above $2 billion and expected to be depleted to the $800 million to $1 billion range by the end of 2020, Central Bank of The Bahamas (CBOB) Governor John Rolle said yesterday that the bank has taken four steps toward protecting and increasing those reserves, including requesting that the National Insurance Board (NIB) offload some of its foreign investments.

Rolle said that along with immediately halting resident access to foreign exchange for international capital market investments, the suspension of dividend payments for local commercial banks and a relaxation in how banks are able to trade foreign currency should provide in excess of a $300 million buffer.

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