Governor John Rolle presented remarks at the recent 18th Annual Grand Bahama Business Outlook Conference held at the Grand Lucayan Hotel in Freeport, Grand Bahama.
He emphasised the placement of monetary and financial sector policies in medium and long range aspirations, speaking on key relevant issues such as the state of the economy, central banking, exchange controls, payment systems, credit bureau, consumer protection, access to capital, financial sector regulation, and correspondent banking.
He noted that the work on the National Development Plan (NDP) can set the stage for transformation into more robust growth than recently experienced and for an even more desirable pace of employment gains. "Some of the strategies that we will adopt for the NDP will have their greatest impact in the medium to longer-term, influencing particularly how The Bahamas develops a more skilled workforce that provides the foundation for greater economic diversification."
In regard to the capital account regime the Governor commented on the positive policy trends, which already allow Bahamians to invest in international capital markets and the relaxation of capital controls to allow Bahamians to make direct investments abroad. He reported further changes in 2016 that will increase the investment allowances for both investor groups and sole individuals.
Click here for the full text of the GBBO presentation.
In conclusion, Governor Rolle noted that a stable, sound, efficient, and well-regulated financial services sector "provides the foundation for the more robust economic outcomes to which we aspire, alongside the range of considerations to improve the ease of doing business. Our growth has to be sustained from better utilization of local financial resources, carefully considered intervention to make better use of available international capital, and with the assurances of financial stability that maintain the confidence of both domestic and foreign investors. The work of the Central Bank and other financial regulators are with all of these ends in mind. Our goal is to continue to support the public dialogue on the reform oriented elements of monetary and financial sector policies."