API tools faq
paste
Advertisement
TheAnonymousMafia

CentralBankOfTheBahamas| faqs.csv

TheAnonymousMafia
Jun 28th, 2018
982
0
Never
Add comment
Not a member of Pastebin yet? Sign Up, it unlocks many cool features!
text 54.50 KB | None | 0 0
raw download clone embed print report
  1. id,added,state,edited,addedby,summary,category,headline,editedby
  2. 10134,0000-00-00 00:00:00,public,2007-10-10 15:15:49,<blank>,"Among the functions of the Central Bank of The Bahamas, the regulation of the supply of money and credit is especially important to the Bank's overall objective of monetary stability. Accordingly, there are five primary instruments through which the Bank seeks to influence the flow and supply of money and credit in the banking system: Reserve Requirements, Discount Policy, Selective Credit Controls, Moral Suasion and Open Market Operations. In The Bahamas, while Open Market Operations have been employed within a very limited context, and Reserve Requirements have remained virtually unchanged, Discount Policy--supplemented by Moral Suasion--have been used with far greater regularity, and have been most effective in the Bank's efforts to manage bank liquidity.",",18:,",What are the main tools employed by the Central Bank in performing its functions?,Ms. Latera Carey
  3. 10135,0000-00-00 00:00:00,public,2007-10-11 09:03:29,<blank>,"By law, deposit money banks are obliged to hold a specified proportion of their deposits in cash or near-cash assets known as reserve requirements. Banks are prohibited from using such reserves to extend loans to customers. An increase in this requirement would limit the amount of loans that a bank is able to extend to its clients, whereas a reduction would increase the amount of funds available for lending. The Central Bank then, is able to influence the supply of money by either increasing or decreasing this requirement.\r\n\r\nThere are two types of reserve requirements employed by the Bank. In accordance with the Central Bank of The Bahamas Act, 2000, banks are required to maintain primary reserves referred to as the 'Statutory Reserve', against their Bahamian dollar liabilities. Since coming into force in 1974, the ratio has been unchanged at 5.0%, although the Bank does have the authority to raise it to 20.0%.\r\n\r\nThe Central Bank is also empowered to impose a secondary reserve, called the Liquid Asset Ratio(LAR), which mandates banks to maintain an average ratio of liquid assets in relation to their Bahamian dollar deposit liabilities. The LAR is currently set at 20.0% of demand deposits, 15.0% of savings and fixed deposits, and 15.0% of borrowings due to or from the Central Bank as well as inter-bank.",",18:,",What are reserve requirements?,Ms. Latera Carey
  4. 10136,0000-00-00 00:00:00,public,2007-10-11 09:03:54,<blank>,"The Discount or Bank Rate, which is set by the Central Bank of The Bahamas, is the interest rate charged by the Bank on loans to banks. Commercial banks usually respond to changes in the Discount Rate with proportionate changes in their Prime Lending Rate. The Discount Rate is an instrument of Discount Policy, and is used by the Bank to influence the flow of money and credit in a desired direction. For instance, since people's borrowing decisions, whether for investment or consumption purposes, is influenced by the interest rate charged on that borrowing, an increase(decrease) in the Discount Rate signals a desire by the Bank to slow(quicken) the rate of increase in credit expansion, since higher(lower) interest rate charges are likely to discourage(encourage) new borrowing.",",18:,",What is the Discount (Bank) Rate and how does it relate to Discount Policy?,Ms. Latera Carey
  5. 10137,0000-00-00 00:00:00,public,2015-06-12 17:42:59,<blank>,"<table><table border=""1"">\r\n<thead>\r\n<tr>\r\n<th>Date</th>\r\n<th>Rate</th>\r\n</tr>\r\n</thead>\r\n<tbody>\r\n<tr>\r\n<td>1980</td>\r\n<td>10.00%</td>\r\n</tr>\r\n<tr>\r\n<td>Apr-83</td>\r\n<td>9.00%</td>\r\n</tr>\r\n<tr>\r\n<td>Dec-84</td>\r\n<td>9.50%</td>\r\n</tr>\r\n<tr>\r\n<td>May-85</td>\r\n<td>8.50%</td>\r\n</tr>\r\n<tr>\r\n<td>May-86</td>\r\n<td>7.50%</td>\r\n</tr>\r\n<tr>\r\n<td>Dec-87</td>\r\n<td>9.00%</td>\r\n</tr>\r\n<tr>\r\n<td>Feb-92</td>\r\n<td>7.50%</td>\r\n</tr>\r\n<tr>\r\n<td>May-93</td>\r\n<td>7.00%</td>\r\n</tr>\r\n<tr>\r\n<td>Apr-94</td>\r\n<td>6.50%</td>\r\n</tr>\r\n<tr>\r\n<td>Jul-99</td>\r\n<td>5.75%</td>\r\n</tr>\r\n<tr>\r\n<td>Feb-05</td>\r\n<td>5.25%</td>\r\n</tr>\r\n</tbody>\r\n</table>",",18:,",What have been the changes in the Discount (Bank) Rate over the past few years?,Ms. Latera Carey
  6. 10138,0000-00-00 00:00:00,public,2007-10-10 15:30:14,<blank>,"The Central Bank does not accept deposits or make loans to private individuals. However, as the banker to the Government, it accepts deposits from the Government, public corporations and international financial institutions. The Central Bank lends to the Government by means of direct advances and/or by buying Government securities, such as Treasury bills and Registered Stocks. The Bank may also lend to commercial banks, which is normally done against the security of Registered Stock.",",18:,",Does the Central Bank accept deposits from or make loans to the general public?,Ms. Latera Carey
  7. 10139,0000-00-00 00:00:00,public,2007-10-11 10:06:30,<blank>,The Central Bank generates income from the following sources:\r\n\r\n>1. Interest earned on advances made to Government and on holdings of Treasury bills and Registered Stocks;\r\n\r\n>2. Interest earned on foreign currency securities and deposits;\r\n\r\n>3. Commissions received on foreign exchange transactions; and\r\n\r\n>4. Royalties and commissions earned from numismatic coin sales.,",18:,",How does the Central Bank make money?,Ms. Latera Carey
  8. 10140,0000-00-00 00:00:00,public,2016-01-12 16:37:12,<blank>,"The present Governor of the Central Bank is Mr. John A. Rolle, who has held this position since January, 2016. Mr. Michael Lightbourne is the current Deputy Governor, having been appointed June 4, 2007. Former Governors are: Mrs. Wendy M. Craigg (2005 - 2015), Mr. Julian W. Francis (1997 - 2005), Mr. James H. Smith (1987 - 1997), Sir William C. Allen (1980 - 1987) and Mr. T. Baswell Donaldson (1974 - 1980). Previous Deputy Governors are: Mr. Julian W. Francis (1993 - 1997), Mr. Hubert L. Dean (1981 - 1992 ) and Sir. William C. Allen (1974 - 1980).",",18:,",Who are the Bank's former Governors and Deputy Governors?,Mrs. Serena Rolle-Bethell
  9. 10141,0000-00-00 00:00:00,public,2007-10-26 12:30:45,<blank>,"The Central Bank is a statutory body, distinct and separate from the central government as set out in the Central Bank of The Bahamas Act, 2000, Section 3, Subsection (2):\r\n\r\nThe Bank shall be a body corporate having perpetual succession and a common seal and subject to the provisions of this Act, with power to acquire, hold and dispose of movable and immovable property of whatever kind, and to enter into contracts and to do all things necessary for the purpose of its functions.\r\n\r\nThe Bank is run by a Board of Directors, which has overall responsibility for policy and the management of its affairs and business.",",18:,",Is the Central Bank a Government department?,Ms. Latera Carey
  10. 10142,0000-00-00 00:00:00,public,2007-10-26 12:31:19,<blank>,"The sanddollar is an invertebrate marine animal that has a flat disk-shaped body. It is particularly well adapted for burrowing in sand banks. The entire surface of the animal's body is covered by small spines, which are used for digging and crawling. The mouth is located in the centre of the body's underside and on the upperside there is a pattern of five 'petals' spreading out from the centre.\r\n\r\nThe selection of the sanddollar as the logo of the Central Bank was made by the first Governor, Mr. T. B. Donaldson, who, in addition to wanting something Bahamian, was 'intrigued by the elegance and history' of this unusual specimen of marine life, of which an interesting legend exists. The markings on the shell of the sanddollar are said to symbolize the birth, crucifixion and resurrection of Christ.\r\n\r\nOn the topside of the shell, an outline of the Easter Lily is clearly seen. At the centre of the Lily, a five-pointed star representing the Star of Bethlehem appears. The five narrow openings are said to be representative of the four nail holes and the spear wound made in the body of Christ during the Crucifixion. Easily recognizable on the reverse side of the shell is the outline of the Christmas Poinsettia and also the Bell. When broken, inside the shell are five birds called Doves of Peace. Some say they are the Angels that sang to the shepherds on the first Christmas morning.",",18:,",Is there any significance to the selection of the Sandollar as the Central Bank of The Bahamas' Logo?,Ms. Latera Carey
  11. 10143,0000-00-00 00:00:00,public,2007-10-10 15:36:55,<blank>,"The Central Bank produces three publications: the Annual Report, Quarterly Economic Review and Quarterly Statistical Digest, which are available to the public free of charge. Quarterly publications are issued in the months of February, May, August and November, while the Annual Reports are available by April of the following year.",",18:,",What Publications does the Central Bank produce and when are they made available to the public?,Ms. Latera Carey
  12. 10144,0000-00-00 00:00:00,public,2016-01-12 16:40:54,<blank>,Persons can subscribe to the Annual Report by writing to the Bank. This and all other publications are also available on the Bank's website. The Bank's publications are free of charge to the public.,",18:,",How can I get copies of the Bank's publications and is there a charge or fee for them?,Mrs. Serena Rolle-Bethell
  13. 10145,0000-00-00 00:00:00,public,2007-10-10 15:38:15,<blank>,"Monetary Policy is the term used to characterise the measures taken by a central bank, in order to influence an economy. This is done principally through the central bank's regulation of the flow of money and credit in the banking system. In The Bahamas, the fundamental objective of monetary policy has always been to maintain stable credit and other conditions to support the fixed parity between The Bahamian and U.S. dollars, which has prevailed since 1973, while simultaneously allowing the economic development objective to be pursued.\r\n\r\nFiscal Policy is the term used to characterise measures taken by a government to influence an economy. These decisions involve mainly government's use of expenditure and taxation policies to bring about desired macroeconomic objectives.",",18:,",What is monetary policy and how is it different from fiscal policy?,Ms. Latera Carey
  14. 10146,0000-00-00 00:00:00,public,2007-10-26 12:28:40,<blank>,"In the morning of each official business day, and under the supervision of an Officer of the Central Bank's Banking Department, representatives of the commercial banks meet at the Central Bank to exchange cheques honoured by each bank on behalf of the other. Immediate settlement of balances arising out of the mutual claims and debts is effected through a credit or debit entry on the respective banks' account held with the Central Bank. In the afternoon, a special clearing facility is provided to accommodate various inter-bank payments such as loans and repayments of loans. At this clearing, cheques are drawn by commercial banks on their accounts with the Central Bank, and are presented directly by the banks' representatives to cashiers in the Banking Department, for immediate settlement.",",19:,",What does it mean when we say that the Central Bank acts as a Clearing House?,Ms. Latera Carey
  15. 10147,0000-00-00 00:00:00,public,2007-10-10 15:49:57,<blank>,"A commercial bank is a bank whose main functions are to accept demand deposits and to make loans, thereby facilitating the transfer of funds in the economy. Typically, commercial banks make loans to business firms, private individuals, and government related entities. They also issue time and savings deposits and operate trust departments. Though commercial banks do not issue currency, they do issue money in the form of demand deposits, hence they have the power of creating and destroying money.",",19:,",What is a Commercial Bank?,Ms. Latera Carey
  16. 10148,0000-00-00 00:00:00,public,2007-10-09 10:53:19,<blank>,"There are eight commercial banks in The Bahamas, two of which are Bahamian owned. These are: Fidelity Bank (Bahamas) Ltd., Citibank N.A., FirstCaribbean International Bank (Bahamas) (FCIB) Ltd., The Finance Corporation of The Bahamas (FINCO), Royal Bank of Canada, and Scotiabank Bahamas Limited. Bahamian-owned commercial banks are the Bank of The Bahamas International Ltd. and Commonwealth Bank Ltd.",",19:,",How many commercial banks are there in The Bahamas?,Ms. Latera Carey
  17. 10149,0000-00-00 00:00:00,public,2007-10-09 10:53:41,<blank>,"The Prime Rate is the lowest rate of interest charged by commercial banks on loans to their best customers. The Prime Rate is used as a base from which interest rates on loans to the private sector are determined. Although this rate is set by the commercial banks themselves, a clear linkage to the Central Bank's Discount Rate can be observed, reflecting banks' response to changes in Central Bank monetary measures.",",19:,",What is the Prime Rate and who sets this Rate?,Ms. Latera Carey
  18. 10150,0000-00-00 00:00:00,public,2016-01-12 16:11:39,<blank>,"<table><table border=""1"">\r\n<thead>\r\n<tr>\r\n<th>Date</th>\r\n<th>Rate</th>\r\n</tr>\r\n</thead>\r\n<tbody>\r\n<tr>\r\n<td>1974</td>\r\n<td>9.50%</td>\r\n</tr>\r\n<tr>\r\n<td>Apr-79</td>\r\n<td>9.00%</td>\r\n</tr>\r\n<tr>\r\n<td>Feb-80</td>\r\n<td>11.00%</td>\r\n</tr>\r\n<tr>\r\n<td>May-85</td>\r\n<td>10.00%</td>\r\n</tr>\r\n<tr>\r\n<td>May-86</td>\r\n<td>9.00%</td>\r\n</tr>\r\n<tr>\r\n<td>Feb-92</td>\r\n<td>8.00%</td>\r\n</tr>\r\n<tr>\r\n<td>Jan-93</td>\r\n<td>7.75%</td>\r\n</tr>\r\n<tr>\r\n<td>Jun-93</td>\r\n<td>7.25%</td>\r\n</tr>\r\n<tr>\r\n<td>Apr-94</td>\r\n<td>6.75%</td>\r\n</tr>\r\n<tr>\r\n<td>Jul-99</td>\r\n<td>6.00%</td>\r\n</tr>\r\n<tr>\r\n<td>Feb-05</td>\r\n<td>5.50%</td>\r\n</tr>\r\n<td>Jun-11</td>\r\n<td>4.75%</td>\r\n</tr>\r\n</tbody>\r\n</table>",",19:,",What have been the changes in the Prime Rate over the past few years?,Mrs. Serena Rolle-Bethell
  19. 10151,0000-00-00 00:00:00,public,2007-08-13 11:25:28,<blank>,"No, the Central Bank does not set interest rates nor any other fees or charges required by commercial banks. The Central Bank sets only the Discount (Bank) Rate, which is the rate at which it lends to banks. Banks might adjust their Prime Rate, the rate at which they lend to their best customers, in response to changes in the Discount Rate, but the ultimate rate offered to consumers and investors is at the discretion of commercial banks; bank fees and charges are set solely by the banks themselves.",",19:,","Does the Central Bank set the interest rates, fees and other charges that commercial banks charge their customers?",Ms. Latera Carey
  20. 10152,0000-00-00 00:00:00,public,2007-10-26 12:34:20,<blank>,"As a means of financing expenditure, the Bahamas Government is able to borrow from the private sector through the issuance of its own financial securities. It uses primarily two types of securities: the Treasury bills (T-bills) and Bahamas Government Registered Stock (BGRS).\r\n\r\nThe T-bill, which carries maturities of less than one year from the date of issue, provides short-term financing to the Government. They are issued to the investor at a discount, which means that the price paid for them is below the actual face value. Upon maturity, the investor receives an amount equal to the face value of the T-bill, thus earning income equivalent to the difference between the price paid for the security at issue and the amount received at maturity.\r\n\r\nBGRS, which carry maturities in some instances of up to 30 years, provide long-term financing to the Government. With a minimum investment of $100, they are issued at par, in multiples of 100, and carry interest rates which, if not fixed, are usually tied to the Bahamian Prime Rate. The investor then receives interest income, which is normally paid semiannually, and the principal investment at maturity.",",20:,",What is the difference between a Treasury bill and a Government Bond?,Ms. Latera Carey
  21. 10153,0000-00-00 00:00:00,public,2007-10-11 10:05:53,<blank>,"There are at least four interest rates associated with Treasury bill issues:\r\n\r\n>1. The **Average Tender Rate** refers to the average of all accepted bids, i.e. the actual amount paid for each $100 Treasury bill.\r\n\r\n>2. The **Average Discount Rate** is determined by subtracting the average tender rate from 100 and multiplying by 4.\r\n\r\n>3. The **Market Rate** is the rate the Central Bank charges on Treasury bills purchased from its portfolio. It is determined as the Average Discount Rate, less 0.1%.\r\n\r\n>4. The **Rediscount Rate** refers to the rate used by the Central Bank to discount Treasury bills offered for sale before maturity. It is determined as the Average Discount Rate plus 0.5%.",",20:,",How are Treasury bill rates determined?,Ms. Latera Carey
  22. 10154,0000-00-00 00:00:00,public,2007-10-26 12:35:33,<blank>,"The Central Bank of The Bahamas, as agent for the Government, advertises all T-Bill issues on the Government's behalf. Commercial banks, insurance companies and other interested persons, would then tender, or apply for the bills, which are issued in units of $100. Applications are made for the bills in amounts that applicants wish to hold, and at a rate that reflects the amount they wish to earn.\r\n\r\nFor example, if a company were to tender for a bill in the amount of $100, it might apply at a rate of 98%. This would mean that the company wishes to purchase a bill, which has a face value of $100.00, but is only prepared to pay $98.00 for it. The difference represents the amount it would like to earn from lending the Government $98 for a period of usually 91 days. On an annual basis, this would amount to an interest rate of 8% per year.",",20:,",How does the Treasury bill tender operate?,Ms. Latera Carey
  23. 10155,0000-00-00 00:00:00,public,2007-10-26 12:37:27,<blank>,"The Central Bank of The Bahamas functions as the Official Registrar for securities of the Government. Bahamas Government Registered Stock (BGRS) may be purchased by one of two means:\r\n\r\n>1. Initial Public Offering: Prospectus for new stock offerings are published in daily newspapers, and may also be obtained by the general public from either the Central Bank, the Public Treasury, or any commercial bank. Interested investors are required to submit applications to the Central Bank no later than the stipulated deadline. Notably, purchase funds must also be submitted at the time of application or Real-Time Gross Settlement (RTGS) instructions, for amounts in excess of $1.0 million.\r\n\r\n>2. Over-the-counter purchase: Interested investors may contact the Central Bank's Banking Department, and should provide the following information: the amount of the desired investment and the type of maturity, or more specifically the period of time over which they wish to hold the security. The Bank will then select an issue in its own portfolio most suitable to the investor's needs and within two business days, is able to make an offer.\r\n\r\nPreviously, individual purchasers of BGRS had to be Bahamian citizens aged 18 years or older (persons are permitted to purchase stock on behalf of minor children, as long as they are held in trust for those children until they reach majority age). Additionally, institutional investors were either companies that were Bahamian owned, or in the case of banks, licensed to carry out domestic banking. Where investments were made by pension funds, only funds established exclusively for the benefit of Bahamians were permitted to purchase BGRS.\r\n\r\nSince January 2006, the Central Bank eased its restrictions on the ownership of Government debt securities, to allow temporary and permanent residents (with restricted right to work) to purchase these securities, provided they do not exceed a limit of $100,000 per person/entity, and are funded from Bahamian dollar (B$) earnings.",",20:,",How do I buy Bahamas Government Registered Stock?,Ms. Latera Carey
  24. 10156,0000-00-00 00:00:00,public,2007-10-10 11:22:51,<blank>,"Bahamas Government Registered Stock (BGRS) holders may sell their stock to the Central Bank. Persons wishing to do so should submit a written request to the Bank, along with the respective stock certificate. On average, requests are processed within two business days.",",20:,",What if I needed to sell my Bahamas Government Registered Stock?,Ms. Latera Carey
  25. 10157,0000-00-00 00:00:00,public,2007-10-11 09:57:54,<blank>,"If you have lost your Bahamas Government Registered Stock (BGRS) certificate the following procedure must be observed:\r\n\r\n>1. The stockholder must advertise, in at least one of the daily newspapers, that the stock certificate has been lost.\r\n\r\n>2. This advertisement must run for no less than three days.\r\n\r\n>3. The stockholder should then submit to the Central Bank, a letter of request for a replacement certificate.\r\n\r\n>4. Clippings of the advertisement with publication dates clearly indicated, should accompany this letter as proof that the certificate loss was duly advertised.\r\n\r\nThe Bank would then publish a notice of the certificate loss in the official Gazette. Within one month of this publication, a new stock certificate can be issued.",",20:,",What should I do if I've lost my Bahamas Government Registered Stock certificate?,Ms. Latera Carey
  26. 10158,0000-00-00 00:00:00,public,2003-08-06 12:46:22,<blank>,"Yes. Generally, commercial banks do accept Bahamas Government Registered Stock (BGRS) as collateral, if the person named on the certificate wishes to obtain a loan.",",20:,",Can I use my Bahamas Government Registered Stock as collateral if I needed to get a loan?,<blank>
  27. 10159,0000-00-00 00:00:00,public,2007-10-26 12:38:43,<blank>,"The National Debt is the total indebtedness of the Bahamas Government, including claims held by both foreign and local entities. It comprises two main components: Direct Charge and Contingent Liabilities.\r\n\r\nDirect Charge refers to the total claims on the central government. Movements in the Direct Charge from one period to the next can be matched to the budget surplus (deficit) over the respective period. A budget surplus may be used to reduce the Direct Charge or build-up cash balances, while a budget deficit has the opposite effect. \r\n\r\nContingent Liabilities refer to claims on public corporations guaranteed by central government. They are included as part of the debt of The Bahamas Government, because they represent potential liabilities, i.e. in the event that a public corporation defaults on such debt or any part thereof, the Government is ultimately responsible for its repayment.",",20:,",What is the National Debt?,Ms. Latera Carey
  28. 10160,0000-00-00 00:00:00,public,2016-01-12 16:22:52,<blank>,"At end-December 2014, the Bahamas National Debt was estimated at $6,301.6 million, including Direct Charge of $5,602.2 million and Contingent Liabilities of $699.4 million. Historical figures for Direct Charge, Contingent Liabilities and the overall National Debt are indicated below, in millions of Bahamian dollars:\r\n\r\n<table><table border=""1"">\r\n<thead>\r\n<tr>\r\n<th>Year</th>\r\n<th>Direct Charge</th>\r\n<th>Contingent Liabilities</th>\r\n<th>National Debt</th>\r\n</tr>\r\n</thead>\r\n<tbody>\r\n<tr>\r\n<td>1987</td>\r\n<td>527.9</td>\r\n<td>78.7</td>\r\n<td>606.6</td>\r\n</tr>\r\n<tr>\r\n<td>1988</td>\r\n<td>574.4</td>\r\n<td>86.5</td>\r\n<td>660.9</td>\r\n</tr>\r\n<tr>\r\n<td>1989</td>\r\n<td>670.3</td>\r\n<td>117.4</td>\r\n<td>787.6</td>\r\n</tr>\r\n<tr>\r\n<td>1990</td>\r\n<td>773.2</td>\r\n<td>146.0</td>\r\n<td>919.2</td>\r\n</tr>\r\n<tr>\r\n<td>1991</td>\r\n<td>870.5</td>\r\n<td>303.9</td>\r\n<td>1,174.4</td>\r\n</tr>\r\n<tr>\r\n<td>1992</td>\r\n<td>952.4</td>\r\n<td>342.1</td>\r\n<td>1,294.5</td>\r\n</tr>\r\n<tr>\r\n<td>1993</td>\r\n<td>1,064.7</td>\r\n<td>350.9</td>\r\n<td>1,415.6</td>\r\n</tr>\r\n<tr>\r\n<td>1994</td>\r\n<td>1,136.3</td>\r\n<td>342.7</td>\r\n<td>1,479.0</td>\r\n</tr>\r\n<tr>\r\n<td>1995</td>\r\n<td>1,165.8</td>\r\n<td>329.0</td>\r\n<td>1,494.8</td>\r\n</tr>\r\n<tr>\r\n<td>1996</td>\r\n<td>1,233.4</td>\r\n<td>314.1</td>\r\n<td>1,547.5</td>\r\n</tr>\r\n<tr>\r\n<td>1997</td>\r\n<td>1,376.5</td>\r\n<td>331.8</td>\r\n<td>1,708.4</td>\r\n</tr>\r\n<tr>\r\n<td>1998</td>\r\n<td>1,434.3</td>\r\n<td>349.0</td>\r\n<td>1,783.3</td>\r\n</tr>\r\n<tr>\r\n<td>1999</td>\r\n<td>1,511.4</td>\r\n<td>376.3</td>\r\n<td>1,887.7</td>\r\n</tr>\r\n<tr>\r\n<td>2000</td>\r\n<td>1,516.2</td>\r\n<td>365.1</td>\r\n<td>1,881.4</td>\r\n</tr>\r\n<tr>\r\n<td>2001</td>\r\n<td>1,598.3</td>\r\n<td>381.8</td>\r\n<td>1,980.1</td>\r\n</tr>\r\n<tr>\r\n<td>2002</td>\r\n<td>1,801.5</td>\r\n<td>422.8</td>\r\n<td>2,224.3</td>\r\n</tr>\r\n<tr>\r\n<td>2003</td>\r\n<td>1,936.2</td>\r\n<td>467.5</td>\r\n<td>2,403.7</td>\r\n</tr>\r\n<tr>\r\n<td>2004</td>\r\n<td>2,097.9</td>\r\n<td>439.9</td>\r\n<td>2,537.8</td>\r\n</tr>\r\n<tr>\r\n<td>2005</td>\r\n<td>2,235.2</td>\r\n<td>497.2</td>\r\n<td>2,732.4</td>\r\n</tr>\r\n<tr>\r\n<td>2006</td>\r\n<td>2,386.3</td>\r\n<td>500.9</td>\r\n<td>2,887.1</td>\r\n</tr>\r\n\r\n<tr>\r\n<td>2007</td>\r\n<td>2,635.5</td>\r\n<td>434.59</td>\r\n<td>3,070.0</td>\r\n</tr>\r\n\r\n<tr>\r\n<td>2008</td>\r\n<td>2,766.0</td>\r\n<td>446.5</td>\r\n<td>3,212.5</td>\r\n</tr>\r\n\r\n<td>2009</td>\r\n<td>3,321.0</td>\r\n<td>602.5</td>\r\n<td>3,923.5</td>\r\n</tr>\r\n\r\n<td>2010</td>\r\n<td>3,721.1</td>\r\n<td>575.1</td>\r\n<td>4,296.2</td>\r\n</tr>\r\n\r\n<td>2011</td>\r\n<td>3,806.3</td>\r\n<td>558.2</td>\r\n<td>4,364.5</td>\r\n</tr>\r\n\r\n<td>2012</td>\r\n<td>4,399.9</td>\r\n<td>603.3</td>\r\n<td>5,003.2</td>\r\n</tr>\r\n\r\n<td>2013</td>\r\n<td>4,984.0</td>\r\n<td>601.2</td>\r\n<td>5,585.2</td>\r\n</tr>\r\n\r\n</tbody>\r\n</table>",",20:,",How has the National Debt changed over the past few years?,Mrs. Serena Rolle-Bethell
  29. 10161,0000-00-00 00:00:00,public,2007-10-09 14:16:40,<blank>,"Gross Domestic Product (GDP) refers to the total value of final goods and services produced in an economy, normally over the period of one year. It is measured in either current prices or constant prices. GDP at current prices or Nominal GDP, as it is called, means that the total value of final goods and services is measured at the prevailing price level in that period. Correspondingly, GDP at constant prices or Real GDP, means that the total value of final goods and services is measured at a price level from which the element of inflation would have been removed. This action enables the determination that an increase(decrease) in an economy's production from year-to-year would have been due to a direct increase(decrease) in production, and not influenced by price increases(decreases). On this basis, economic growth is measured as the percent change in Real GDP, since this constant price measurement, in effect, indicates the 'real' or actual production in an economy.",",24:,",What is the Gross Domestic Product (GDP)?,Ms. Latera Carey
  30. 10162,0000-00-00 00:00:00,public,2007-10-16 15:31:13,<blank>,"In the information that follows, real economic growth is measured according to changes in Real GDP. Note that growth rates from 1996 to 2006 are taken from the Department of Statistics National Accounts Report 2006, whereas 2007 and 2008 figures are projected from the IMF World Economic Outlook for April 2007 (Table 6).\r\n\r\n<table><table border=""1"">\r\n<thead>\r\n<tr>\r\n<th>Year</th>\r\n<th>Real GDP</th>\r\n</tr>\r\n</thead>\r\n<tbody>\r\n<tr>\r\n<td>1996</td>\r\n<td>4.20%</td>\r\n</tr>\r\n<tr>\r\n<td>1997</td>\r\n<td>5.00%</td>\r\n</tr>\r\n<tr>\r\n<td>1998</td>\r\n<td>6.80%</td>\r\n</tr>\r\n<tr>\r\n<td>1999</td>\r\n<td>4.00%</td>\r\n</tr>\r\n<tr>\r\n<td>2000</td>\r\n<td>1.90%</td>\r\n</tr>\r\n<tr>\r\n<td>2001</td>\r\n<td>0.80%</td>\r\n</tr>\r\n<tr>\r\n<td>2002</td>\r\n<td>2.3%</td>\r\n</tr>\r\n<tr>\r\n<td>2003</td>\r\n<td>1.00%</td>\r\n</tr>\r\n<tr>\r\n<td>2004</td>\r\n<td>1.30%</td>\r\n</tr>\r\n<tr>\r\n<td>2005</td>\r\n<td>2.50%</td>\r\n</tr>\r\n<tr>\r\n<td>2006</td>\r\n<td>3.40%</td>\r\n</tr>\r\n<tr>\r\n<td>2007</td>\r\n<td>4.50%</td>\r\n</tr>\r\n<tr>\r\n<td>2008</td>\r\n<td>4.00%</td>\r\n</tr>\r\n</tbody>\r\n</table>",",24:,",How has The Bahamas' GDP changed over the past few years?,Ms. Latera Carey
  31. 10163,0000-00-00 00:00:00,public,2007-08-14 12:21:05,<blank>,"The importance of banking and finance to the Bahamian economy far exceeds references to absolute size. Ranking second only to tourism, the sector contributes an estimated 15% of the country's Gross Domestic Product (GDP). In 2006, banks and trust companies employed 4,662 persons, and spent $445.0 million as compared to $408.3 million in 2005.\r\n\r\nOver the years, two of the major underlying benefits of having a competitive banking and financial sector have been the steady development of human resource infrastructure in tandem with evolving professional and technical service demands, and the promotion of telecommunication advancements, which have kept the sector apace with the rest of the world.\r\n\r\nIndicators of the industry's overall contribution in most recent years include:\r\n\r\n1. Total employment and the average annual salary for domestic companies - 1995: 2,903 and $30,141, 1996: 2,980 and $31,074, 1997: 3,050 and $32,820, 1998: 3,178 and $33,296, 1999: 3,203 and $35,270, 2000: 3,270 and $39,112, 2001: 3,371and $37,064, 2002: 3,309 and $39,250, 2003: 3,208 and $40,352, 2004: 3,185 and $39,699, 2005: 3,424 and $41,618.\r\n\r\n2. Total employment and the average annual salary for offshore companies - 1995: 777 and $43,629, 1996: 806 and $43,052, 1997: 892 and $44,180, 1998: 902 and $46,255, 1999: 978 and $48,874, 2000: 1,139 and $53,777, 2001: 1,215 and $57,876, 2002: 1,201 and $60,717, 2003: 1,045 and $64,214, 2004: 1,181 and $70,082, 2005: 1,027 and $66,838.\r\n\r\n3. Total employment and the average annual salary for the industry, including both the domestic and offshore sectors - 1995: 3,680 and $32,989, 1996: 3,786 and $33,624, 1997: 3,942 and $35,388, 1998: 4,080 and $36,161, 1999: 4,181 and $38,452, 2000: 4,409 and $42,901, 2001: 4,586 and $42,578, 2002: 4,511 and $44,956, 2003: 4,253 and $46,215, 2004: 4,343 and $47,870, 2005: 4,451 and $47,437.\r\n\r\n4. In millions of Bahamian dollars, operational and capital investment expenditure by domestic companies amounted to - 1995: 138.0 and 12.5, 1996: 169.3 and 14.0, 1997: 185.1 and 12.9, 1998: 180.5 and 9.3, 1999: 203.2 and 15.9, 2000: 207.9 and 14.2, 2001: 231.9 and 25.4, 2002: 230.1 and 13.2, 2003: 225.4 and 11.9, 2004: 250.2 and 27.8, 2005: 253.7 and 12.5.\r\n\r\n5. In millions of Bahamian dollars, operational and capital investment expenditure by offshore companies amounted to - 1995: 80.1 and 7.6, 1996: 80.5 and 11.5, 1997: 90.4 and 8.2, 1998: 95.3 and 8.2, 1999: 110.9 and 15.2, 2000: 142.7 and 30.3, 2001: 149.4 and 23.3, 2002: 146.8 and 6.1, 2003: 156.8 and 3.6, 2004: 177.6 and 7.2, 2005: 154.6 and 5.1.\r\n\r\n6. In millions of Bahamian dollars, operational and capital investment expenditure for the industry, including both domestic and offshore sectors amounted to - 1995: 218.1 and 20.1, 1996: 249.8 and 25.5, 1997: 275.5 and 21.1, 1998: 275.8 and 17.5, 1999: 314.1 and 31.1, 2000: 350.6 and 44.5, 2001: 381.3 and 48.7, 2002: 376.9 and 19.4, 2003: 382.1 and 15.4, 2004: 424.1 and 34.8, 2005: 408.3 and 17.6.",",24:,",How important is the contribution of the banking sector to the overall Bahamian economy?,Ms. Latera Carey
  32. 10164,0000-00-00 00:00:00,public,2007-10-09 14:17:20,<blank>,"The cost of living is determined on the basis of relative changes in the average price of consumer goods in an economy. Often referred to as the cost of living index, the Retail Price Index (RPI) tracks price developments for a specified basket of consumer goods, which one would expect to be included in the normal expenditure of the average household. Each good is weighted according to its overall allocation in the average household budget.\r\n\r\nFor The Bahamas, this goods basket includes: food and beverages, clothing and footwear, housing, furniture and household operations, medical care and health, transportation and communication, recreation and entertainment services, education and other miscellaneous goods and services. The goods receiving the highest weights in the consumption basket of the average Bahamian household are housing, followed by the transportation and communication and food and beverage categories respectively.",",24:,",What do we mean by the cost of living?,Ms. Latera Carey
  33. 10165,0000-00-00 00:00:00,public,2007-10-10 15:59:27,<blank>,"As measured by the annual percent change in the average Retail Price Index, inflation data may be found in the Central Bank's various publications. For the latest available monthly statistics, return to the main page, where the index is listed among the ""Key Macroeconomic Indicators"".",",24:,",What is the current rate of inflation?,Ms. Latera Carey
  34. 10166,0000-00-00 00:00:00,public,2007-10-09 14:19:16,<blank>,"Bahamian dollar banknotes are printed by De la Rue, Basingstoke, Hampshire, England and Francois-Charles Oberthur, Paris, France while coins are minted by the Royal Canadian Mint, Ottawa, Ontario, Canada and Royal Mint, United Kingdom.",",21:,",Where are Bahamian banknotes and coins printed and minted?,Ms. Latera Carey
  35. 10167,0000-00-00 00:00:00,public,2007-10-26 12:56:10,<blank>,"According to the Central Bank of The Bahamas Act 2000, it is the sole right of the Central Bank to issue banknotes. Through the Central Bank of The Bahamas' Banking Department, banks request banknotes and coins according to their day-to-day needs, which are generally furnished upon request. Such transactions between the Central Bank and commercial banks are often carried out on a daily basis.",",21:,",How is currency placed into circulation?,Ms. Latera Carey
  36. 10168,0000-00-00 00:00:00,public,2007-10-09 14:47:22,<blank>,"Generally, the volume of banknotes and coins issued into circulation is a reflection of banks' demand for currency. This demand is influenced by such factors as: increased prices, seasonal increases in consumer spending during holiday and summer months, 'back-to-school', and pay periods.\r\n\r\n",",21:,",What are the factors influencing the volume of banknotes in circulation?,Ms. Latera Carey
  37. 10169,0000-00-00 00:00:00,public,2007-10-26 12:56:45,<blank>,"Bahamas banknotes may not be reproduced by anyone for any reason without the expressed written permission of the Central Bank of The Bahamas. However, the Bank may, at its discretion, permit the display of banknote and coin images in printed format at no greater than 75% of their actual sizes.",",21:,",Can I reproduce a banknote for advertising or information purposes?,Ms. Latera Carey
  38. 10170,0000-00-00 00:00:00,public,2007-10-26 12:57:27,<blank>,"Yes. The $1/2 and $3 banknotes, and the 15-cent coin are still issued by the Bank. While many view these as collector's items, these denominations remain legal tender and readily availabe for issue.",",21:,",Does the Bank still issue the $1/2 and $3 banknotes and the 15-cent coin?,Ms. Latera Carey
  39. 10171,0000-00-00 00:00:00,public,2007-10-09 14:22:22,<blank>,"If you have determined that you have a counterfeit banknote, you should contact the Commercial Crime Section of the Criminal Investigation Department, Royal Bahamas Police Force at 322-4191. If you suspect a banknote to be counterfeit, you should contact the Cash Services Centre at the Central Bank of The Bahamas at telephone numbers: 302-2731 or 302-2732. A representative in that centre will route you to a banknote expert, who will help you determine if the banknote is counterfeit. ",",21:,",What should I do if I have a counterfeit banknote or suspect a banknote to be counterfeit?,Ms. Latera Carey
  40. 10173,0000-00-00 00:00:00,public,2007-10-26 12:58:09,<blank>,"The Central Bank of The Bahamas has the sole right and authority to issue banknotes and coins, and as such is obligated to the holders of Bahamian banknotes and coins to honour payment in the respective amounts. Central Bank issued banknotes are the sole legal tender of The Bahamas in accordance with the Cental Bank of The Bahamas Act, 2000. Accordingly, the Central Bank of The Bahamas has no legal obligation to honour counterfeit money. Moreover, since the Bank really has no way of determining whether someone has received a counterfeit banknote by accident, or instead has purposefully attempted to defraud the banking system, holders of counterfeit currency are not reimbursed.",",21:,",Can I be reimbursed for a counterfeit banknote?,Ms. Latera Carey
  41. 10175,0000-00-00 00:00:00,public,2007-10-26 12:55:28,<blank>,"Yes, as long as the salient features of the banknote are still present and the banknote can be mended without obscuring any of those important features. Small tears are natural and expected while a banknote is in circulation. Large tears, or missing portions may, however, render a banknote unfit, at which time it should be redeemed at the Central Bank. Multilated and torn banknotes may be redeemed in person between the hours of 9:30 a.m. to 3:00 p.m. Monday through Friday at the Bank's Cash Services Centre, provided they possess one complete serial number and at least 50% of the Governor's signature.",",21:,","Are torn banknotes legal tender and, in addition to multilated banknotes, are they redeemable? If so, what should I do?",Ms. Latera Carey
  42. 10250,0000-00-00 00:00:00,public,2007-10-26 12:45:00,<blank>,"The primary function of a trust company is to act as a trustee, fiduciary or agent for individuals or firms in a variety of capacities, such as administering trust funds (including their investment), executing wills, acting as custodian for property held in trust, etc. Trust companies designated resident can only deal with residents, and those designated non-resident deal only with non-resident clients. These licensees cannot accept deposits from clients, but they can hold monies in trust for clients to enable settlement of local expenses and fees.",",23:,",What is a trust company?,Ms. Latera Carey
  43. 10251,0000-00-00 00:00:00,public,2007-10-26 12:45:39,<blank>,"An Authorised Dealer is a bank which has been authorised by the Central Bank to deal in gold and all foreign currencies, and for this purpose, can open and maintain accounts in such currencies within the limits established by the Bank. Under authority delegated by the Central Bank, an authorised dealer can approve certain applications for foreign currency within specified limits. They can offer banking services to resident and non-resident clients.\r\n\r\nAs of September 30, 2007 there were eight Authorised Dealers operating in The Bahamas, namely:\r\n\r\nBank of The Bahamas International Limited, Fidelity Bank (Bahamas) Limited, FirstCaribbean International Bank Limited, Citibank N.A., Commonwealth Bank Limited, Finance Corporation of the Bahamas Limited, Royal Bank of Canada and Scotiabank (Bahamas) Limited.",",23:,",What is an Authorised Dealer?,Ms. Latera Carey
  44. 10252,0000-00-00 00:00:00,public,2007-10-26 12:46:21,<blank>,"An Authorised Agent is a trust company authorised by the Central Bank to deal in Bahamian and foreign securities, and to receive securities into deposit (i.e. to act as custodian) in accordance with the terms of Exchange Control Regulations Act, 1965 and Exchange Control Notices issued by the Bank. They can offer trust / fiduciary services to residents and non-residents.\r\n\r\nAs of September 30, 2007 there were fifteen Authorised Agents operating in The Bahamas, namely:\r\n\r\nAnsbacher (Bahamas) Limited, The Bank of Nova Scotia Trust Company (Bahamas) Limited, Bank of The Bahamas Trust Limited, CIBC Trust Company Bahamas) Limited, Cititrust (Bahamas) Limited, Fidelity Merchant Bank and Trust Limited, Latin American Investment Bank Bahamas Limited, J.P. Morgan Trust Co. (Bahamas) Ltd., Pictet Overseas Trust Coporation Lmited, Royal Bank of Canada, SG Hambros Bank and Trust (Bahamas) Limited, Butterfield Bank (Bahamas) Limited, Royal Bank of Canada Trust Company (Bahamas) Limited, UBS Trustees (Bahamas) Limited and Lloyds TSB Bank (In Liquidation).",",23:,",What is an Authorised Agent ?,Ms. Latera Carey
  45. 10253,0000-00-00 00:00:00,public,2007-10-26 12:47:13,<blank>,"At end-June 2007, there were 245 banks and trust companies licensed to do business in The Bahamas. Licensees comprising institutions authorised as either banks or trust companies, as well as those licensed to conduct business of both a bank and a trust company, included 139 public companies, 94 restricted institutions and 12 non-active.",",23:,",How many banks and trust companies are there licensed to do business in The Bahamas?,Ms. Latera Carey
  46. 10254,0000-00-00 00:00:00,public,2007-10-16 15:32:58,<blank>,"Entities resident for Exchange Control purposes (e.g. Bahamians and permanent residents without restrictions on employment or companies which they own) require the prior permission of the Exchange Control Department of the Central Bank, to operate foreign currency accounts. Such individuals are usually excluded from maintaining such accounts. However, the companies in which they have an equity interest may qualify to operate foreign currency accounts.",",22:,",Are Bahamians permitted to open foreign currency accounts?,Ms. Latera Carey
  47. 10255,0000-00-00 00:00:00,public,2007-08-16 15:44:59,<blank>,"Yes, Bahamians are permitted to invest in financial securities abroad, but they must purchase the foreign currency required to make such investments through the medium of the Investment Currency Market. The Banking Department of the Central Bank operates the market in investment dollars.\r\n\r\nEstablished in 1972, the Investment Currency Market was prescribed for the purchase of foreign currency securities from non-residents and direct investments outside The Bahamas. In late 1989, the Bank assumed responsibility for the administration of the ICM, which at the time was almost illiquid. \r\n\r\nFrom the Central Bank's perspective, investment currency bid and offer transactions attract a premium of 10% and 12.5%, respectively vis-a-vis 6.75% and 13.0% in 1974. This means, therefore, that a resident who wants to purchase foreign currency securities today may acquire them by purchasing investment currency from the Investment Currency Market at a premium of 12.5%. If they were to sell the proceeds of the securities as investment currency, they would realize a premium of 10%.",",22:,",Are Bahamians permitted to invest in financial securities abroad?,Ms. Latera Carey
  48. 10256,0000-00-00 00:00:00,public,2007-10-11 11:03:50,<blank>,"The prior approval of the Exchange Control Department is required to remit foreign currency to any individual studying abroad. Application in respect of it must be accompanied by documentary evidence confirming the enrolment of the student abroad (i.e. a copy of a letter of acceptance or I-20 form for U.S. based schools). However, persons regarded as resident for Exchange Control purposes may remit, without limit, foreign currency to educational institutions abroad upon presentation to an Authorised Dealer (Commercial Bank) of documentary evidence confirming the student's enrolment abroad.",",22:,",What should I do if I wish to send funds to someone attending school outside of The Bahamas?,Ms. Latera Carey
  49. 10257,0000-00-00 00:00:00,public,2007-10-11 11:04:10,<blank>,"Persons regarded as non-resident for Exchange Control purposes are not normally permitted to borrow Bahamian dollars. Bahamian incorporated companies with non-resident ownership are expected to borrow in foreign currency, proportionate to the equity interest in the company. Such companies however may, with the prior approval of the Central Bank, borrow in Bahamian dollars for non-capital related items.",",22:,",As a non-resident am I permitted to enter into loan agreements denominated in Bahamian dollars?,Ms. Latera Carey
  50. 10258,0000-00-00 00:00:00,public,2007-10-26 12:39:57,<blank>,"Non-Bahamians employed in The Bahamas under formal Government contract or valid work permit (temporary residents) are permitted, with the prior permission of the Central Bank, to remit up to 50% of their income abroad to meet their foreign currency obligations. In support of their application to do so, they must also provide a letter confirming their annual salary along with a copy of the permit/contract under which they are employed in The Bahamas.",",22:,","As a temporary resident in The Bahamas, would I be permitted to send funds to family etc. in my home country?",Ms. Latera Carey
  51. 10259,0000-00-00 00:00:00,public,2007-10-26 12:40:33,<blank>,"Real property transactions are governed by the International Persons Land Holdings Act, which is administered by the Investments Board in the Office of The Prime Minister. However, the non-resident who invests in real property must register their investment with the Exchange Control Department. The term given to this registration is 'Approved Investment Status'. Approved Investment Status guarantees non-resident investors that they will be permitted to repatriate, upon application, income derived from the sale of any real property or any income received therefrom (e.g. rental income). The investor must produce documentary evidence, to the satisfaction of the Exchange Control Department, in support of the investment.",",22:,",Are there special provisions in respect of property transactions that involve non-residents?,Ms. Latera Carey
  52. 10260,0000-00-00 00:00:00,public,2007-10-26 12:41:34,<blank>,Bahamian citizens who have or intend to take up permanent residence outside The Bahamas are required to 'formally emigrate' for Exchange Control purposes. Forms to assist in this process are available in the Exchange Control Department and must be completed in duplicate and supported by evidence that the applicant has been accepted as a permanent resident of another country (e.g. copy of Permanent Resident certificate or copy of Green Card for those living in the United States).,",22:,",I am a Bahamian citizen who plans to take up residence outside of The Bahamas. Would foreign exchange restrictions still apply to me?,Ms. Latera Carey
  53. 10263,0000-00-00 00:00:00,public,2007-10-26 12:42:36,<blank>,"By virtue of the fixed exchange rate and exchange controls, which limit the net foreign currency exposure that commercial banks are allowed to have in their local operations, the Central Bank acts as the reservoir for excess foreign currency flowing through the economy, and is obligated to meet any net shortfall that the system experiences.\r\n \r\nThe seasonal pattern of flows is such that the Bank acts as a net buyer of foreign exchange during the first half of each year and as a net seller during the second half. International quotations, obtained daily, are used to determine exchange rates between the Bahamian Dollar and foreign currencies, particularly for non-US currencies. The rates are communicated to the commercial banks, and become the basis of the rates at which those banks buy and sell foreign exchange from and to residents.\r\n\r\nThe Central Bank utilizes a part of its external reserves to maintain the local trade market in foreign-exchange currencies between itself, the Government, Public Corporations and the commercial banks. The excess of the reserves from the local market is invested on the international market in short-term deposits, foreign government securities and bonds.",",22:,",How are external (foreign currency) reserves managed?,Ms. Latera Carey
  54. 10264,0000-00-00 00:00:00,public,2007-10-26 12:43:25,<blank>,"Given the structural character of the economy-- a small, open, services-based economy-- there is a high reliance on imports for consumption and capital development. The administration of exchange control ensures that the economy is able to meet its foreign exchange demands, through the disciplined use of the country's foreign currency reserves.\r\n\r\nUpon establishment, the Central Bank was given a statutory mandate to ensure that external reserves are maintained at 50% of the value of total notes and coins in circulation and demand liabilities of the Bank; and for the most part, external reserves have been maintained comfortably above this statutory minimum.\r\n\r\nAnother indicator of foreign currency reserve capacity is the import cover, measured in weeks, which compares the level of external reserves to the value of imports of merchandise goods (excluding oil and including freight and insurance) over the corresponding period. By international convention, this ratio should fall no lower than 12 weeks.",",22:,",How can we tell if external (foreign currency) reserves are 'too low'?,Ms. Latera Carey
  55. 10265,0000-00-00 00:00:00,public,2007-10-11 12:12:21,<blank>,"At end-December 2006, external reserves stood at $499.8 million. In millions of Bahamian dollars, the following shows how the country's stock of external reserves has varied over the years:\r\n\r\n<table><table border=""1"">\r\n<thead>\r\n<tr>\r\n<th>Year</th>\r\n<th>B$ Millions</th>\r\n</tr>\r\n</thead>\r\n<tbody>\r\n<td>1996</td>\r\n<td>163.0</td>\r\n</tr>\r\n<tr>\r\n<td>1997</td>\r\n<td>219.5</td>\r\n</tr>\r\n<tr>\r\n<td>1998</td>\r\n<td>338.8</td>\r\n</tr>\r\n<tr>\r\n<td>1999</td>\r\n<td>404.0</td>\r\n</tr>\r\n<tr>\r\n<td>2000</td>\r\n<td>342.6</td>\r\n</tr>\r\n<tr>\r\n<td>2001</td>\r\n<td>312.4</td>\r\n</tr>\r\n<tr>\r\n<td>2002</td>\r\n<td>373.2</td>\r\n</tr>\r\n<tr>\r\n<td>2003</td>\r\n<td>484.3</td>\r\n</tr>\r\n<tr>\r\n<td>2004</td>\r\n<td>667.8</td>\r\n</tr>\r\n<tr>\r\n<td>2005</td>\r\n<td>578.8</td>\r\n</tr>\r\n<tr>\r\n<td>2006</td>\r\n<td>499.8</td>\r\n</tr>\r\n</tbody>\r\n</table>",",22:,",How have external (foreign currency) reserves changed over the past few years?,Ms. Latera Carey
  56. 10266,0000-00-00 00:00:00,public,2007-10-26 12:49:09,<blank>,"Offshore banking is a term used to describe banking activity in currencies other than the currency of the country in which the bank accounts are held. Countries / territories conducting such business are called offshore financial centres. Certain parties view offshore banking as meaning banking by non-resident persons in a jurisdiction; however, this description is not appropriate. In The Bahamas, these activities dwarf local currency banking business. \r\n\r\nBanks which conduct business solely with non-residents are designated non-resident for exchange control purposes and are not allowed to offer services to residents without the approval of the Central Bank, thus enabling a clear differentiation between the domestic and offshore sectors, and ensuring effective conduct of domestic monetary policy.",",23:,",What is offshore banking business?,Ms. Latera Carey
  57. 10267,0000-00-00 00:00:00,public,2007-10-26 12:50:05,<blank>,"Yes. Persons should submit complaints in writing, to the attention of The Manager of The Bank Supervision Department of the Central Bank of The Bahamas. The Bank does not act as arbitrator and does not have legal powers to settle disputes. It acts mainly as an intermediary between the complainant and the bank in question, and seeks to establish a factual account of the situation or issue that led to the complaint and to determine whether any violation of laws, regulations, policy, or guidelines has occurred.\r\n\r\nIf the matter compromises any of the aforementioned, or if the customer's rights have in any way been infringed upon, the Bank may, as determined necessary, seek to verify the deficiencies of that institution via its on-site inspection powers and address the situation in an appropriate manner. Regardless of the outcome of the mediation by the Bank, the complainant can also seek legal remedies through the courts.",",23:,",Can I file a complaint with the Central Bank regarding a bank or other financial institution?,Ms. Latera Carey
  58. 10268,0000-00-00 00:00:00,public,2007-10-10 15:54:23,<blank>,"The Bank Supervision Department has prepared a publication entitled ""General Information and Guidelines for Licence Applications for Banking and/or Trust Companies"". A copy of this document may be downloaded from the Publications section of this site.",",23:,","I'm interested in establishing a bank/trust company in The Bahamas, how should I proceed?",Ms. Latera Carey
  59. 10269,0000-00-00 00:00:00,public,2007-05-22 15:56:25,<blank>,"Since the implementation of the new legal and regulatory framework (which included a nine-piece package of new legislation) through to end-December 2006, approximately 200 banks and trust companies have had their licenses revoked. ",",23:,","How many banks or trust companies have had their licences revoked since the implementation of new financial legislation and regulation on December 29, 2000?",Ms. Latera Carey
  60. 10270,0000-00-00 00:00:00,public,2007-10-26 12:53:17,<blank>,"In the wake of supra-national initiatives launched by the Financial Stability Forum (FSF) and the Financial Action Task Force (FATF), as well the US Treasury led Qualified Jurisdiction (QJ) initiative, the Government embarked on an ambitious overhaul of financial sector legislation-enacting 9 new laws on the 29th December, 2000. These provide for more comprehensive and enhanced supervision of financial institutions, corporate service providers and international business companies, and establish a more coordinated system of deterrence against money laundering and other criminal abuses within the financial sector through a framework that encompasses more international cooperation in the oversight of the financial system. The new laws include: \r\n\r\n - The Banks and Trust Companies Regulation Act, 2000\r\n\r\n - The Central Bank of The Bahamas Act, 2000\r\n\r\n - The Financial Intelligence Unit Act, 2000\r\n\r\n - The Proceeds of Crime Act, 2000\r\n\r\n - The Financial and Corporate Service Providers Act, 2000\r\n\r\n - The Financial Transactions Reporting Act, 2000\r\n \r\n - The International Business Companies Act, 2000\r\n\r\n - The Evidence (Proceedings in other Jurisdictions) Act, 2000\r\n\r\n - Criminal Justice (International Cooperation) Act, 2000\r\n\r\nThe Bahamas was granted Qualified Jurisdiction Status on the 9th January, 2001. Further, The Bahamas was removed from the FATF 'blacklist' on the 22nd June 2001.",",23:,",What legislative and regulatory changes facilitated the removal of The Bahamas from the 'blacklist' of non-cooperative countries and territories issued by the FATF?,Ms. Latera Carey
  61. 10271,0000-00-00 00:00:00,public,2007-10-26 12:54:27,<blank>,"When a bank or trust company is forced into liquidation, the Supreme Court will appoint an official Liquidator who will be responsible for the execution of all matters pertaining to the closure of that institution. Depositors and/or trust clients will be duly notified of this appointment, and will be requested to submit all claims and/or requests for transfer of assets under administration, in writing to the Liquidator.\r\n\r\nInstitutions which voluntarily liquidate, must give due notice in the local papers, and are obligated to notify all clients of the liquidation, and to address their claims. Should a creditor be unsatisfied with the shareholders' appointed liquidator, he/she may approach the Courts and petition for a Court appointed liquidator and supervision of the liquidation process by the Courts.",",23:,","If I hold a client account with a bank or trust company whose license has been revoked, how do I get my money from that bank or retrieve my assets from the trust company?",Ms. Latera Carey
Advertisement
Add Comment
Please, Sign In to add comment
Advertisement
Public Pastes
Advertisement
We use cookies for various purposes including analytics. By continuing to use Pastebin, you agree to our use of cookies as described in the Cookies Policy.  OK, I Understand
Not a member of Pastebin yet?
Sign Up, it unlocks many cool features!