The economic impact of COVID-19 on The Bahamas is unprecedented. The archipelago was just recovering from the devastation of Hurricane Dorian in the fall of 2019, when the pandemic led to a sudden stop in tourism, the main source of income and employment. The authorities mounted a rapid...

This paper highlights The Bahamas' Request for Purchase Under the Rapid Financing Instrument (RFI). The coronavirus disease 2019 (COVID-19) pandemic comes on the heels of the widespread destruction caused by Hurricane Dorian in September 2019. Coupled with domestic containment measures, the...

This 2016 Article IV Consultation highlights that economic growth in The Bahamas is estimated to have stalled in 2015, as a modest increase in air tourism arrivals was not sufficient to offset a contraction in domestic demand and weak exports of goods. Private consumption and investment were...

The Bahamas appears to be resilient to current threats to its financial stability, but action is needed to safeguard against potential weaknesses. There is a large stock of problem assets that needs to be dealt with from a variety of perspectives: systemic risk monitoring, banking supervision,...

Macrofinancial risks stem from the economy's vulnerability to external shocks to tourism and real estate investment, exposure to frequent and severe hurricanes, and a small and illiquid real estate market. Stress tests reveal the overall banking system is resilient to a range of adverse...

The CBOB considers increased financial inclusion as a critical reform area. In this regard, the FSAP assessed developments in financial inclusion for individuals and enterprises (SME finance), retail payments and provides recommendations for improvements. A review of the market was undertaken...

The Bank Supervision Department (BSD) of the Central Bank of the Bahamas (CBoB) has a generally effective supervisory program in place for the size and complexity of the Bahamian banking system. Since the prior FSAP in 2012, clear progress has been made enhancing the framework in a number of...

Growth has returned after years of stagnation. The reform-oriented government is tackling structural issues, with notable achievements in the fiscal area. The financial sector is sound and resilient to current stability threats, but credit remains scarce. The offshore sector faces heightened...