NASSAU, BAHAMAS — Central Bank Governor John Rolle yesterday underscored the regulator's alignment with the Ministry of Consumer Affairs' concerns regarding what he termed 'discriminatory' point of sale practices in exchange rates, signaling potential regulatory action.

Governor Rolle, while speaking yesterday at the Global Interdependence Center Conference hosted by the Government and Public Policy Institute at the University of the Bahamas, said: "There are regulatory issues we have to deal with, and one, for example, which I think is important, is what I call the discriminatory point of sale practices in rates of exchange. That's a nice way of saying that sometimes, when you pay with a credit card, you don't get the same price as someone who pays with cash."

Rolle added: "That should not be the case. I think this is an example where regulation will be able to make a difference. It has already been flagged by the Ministry of Consumer Affairs, and the Central Bank is aligned with that concern."

Rolle noted that despite the rise in the usage of digital payments, the use of cash is high and will likely never be eliminated entirely. 

According to the recently released results of a Central Bank, cash remained the payment instrument most commonly used in The Bahamas. Following this, indications are that debit cards are the next most common instrument used, trailed by credit cards and electronic fund transfers.

Cheque usage paced behind electronic instruments, but still significantly ahead of mobile wallets.

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