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Central Bank Exchange Control relaxation update

Following moves to relax Exchange Control, The Central Bank of The Bahamas has implemented a period to allow investors to repatriate capital at the old ICM bid rate. In this particular instance, the period runs from February 1 2018 to January 31 2019. 

Source:
Date:
Updated:
TheBahamasInvestor.com
Thursday, September 27, 2018
Thursday, September 27, 2018

On February 1, 2018, The Central Bank of The Bahamas adjusted the buy and sell rate of the Investment Currency Market rate to 5 per cent and 2.5 per cent respectively from 12.5 per cent buy and 10 per cent sell rate.

Central Bank has implemented a period to allow investors to repatriate capital at the old ICM bid rate. In this particular instance, the period runs from February 1 2018 to January 31 2019. Thereafter, the investor may repatriate their capital at the new bid rate of 2.5 per cent.


In a statement posted on its website, Central Bank said: “Although Central Bank has implemented the period for repatriation of profits under the 10 per cent bid rate, it is not implying that investors should prematurely liquidate their investments in order to repatriate capital within the given time period.”

“It is Central Bank’s view that vis-a-vis having all capital immediately subject to the new ICM bid rate of US$1.000 = B$1.0025, the accommodation made to investors is significant, taken within the context of losses and/or gains that arise as a result of varying factors in markets, particularly investment markets.”

Prime Minister Hubert Minnis met with global business leaders at a forum in New York City this week as part of efforts to promote The Bahamas was a technology hub. Watch an interview with Minnis here.

Prime Minister Dr Hubert Minnis at the United Nations address the 73rd General Assembly in New York City, September 28, 2018.

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