BankHeadOffice.com

        Bank Head Office Worldwide

 

Loan Calculators
Mortgage Guides
Banking FAQs
Banking Institutions

Central Banks Worldwide

 

 

 
Home  »  Central Banks Worldwide  »  Central Bank of Bahamas

Central Bank of Bahamas

 

Central Bank of The Bahamas Logo

The Central Bank of The Bahamas was established on 1st June 1974, to carry out the independent monetary policy and financial sector supervisory functions entrusted upon The Bahamas after political independence from Great Britain in 1973. Full scope of monetary policy was provided for under the Central Bank of The Bahamas Act, 1974 now superseded by the Central Bank of The Bahamas Act, 2000.

 
 

Accordingly, it is the duty of the Bank to promote and maintain monetary stability and credit and balance of payments conditions conducive to the orderly development of the economy; to promote and maintain an adequate banking system and high standards of conduct and management therein; and to advise the Minister of Finance on any matter of a financial or monetary nature. Additionally, one of the Bank's major objectives is to safeguard the external value of the Bahamian dollar, which is fixed at a 1:1 parity with the United States dollar.


The responsibility for the administration of Exchange Control Regulations is vested solely with the Central Bank of The Bahamas, which maintains the country's external reserves. The administration of exchange controls has been relaxed considerably over the years, marked by increased annual foreign currency allowances for residents and the delegation of increased approval authority to commercial banks.

The Central Bank fills the traditional roles as issuer of legal tender, banker to both domestic banks and the government, and regulator and supervisor of the banking sector. As supervisor of banks, the Central Bank promotes the soundness of banks through the effective application of international regulatory and supervisory standards.

Central Bank of Bahamas HQ Location Map

The Central Bank of The Bahamas
HQ Address: P.O. Box N-4868
Nassau, N.P.
Bahamas
Telephone: + 242 302 2600
Swift Code:: CBBHBSNS
Website: www.centralbankbahamas.com
Currency: Bahamian dollar
Banking Hours:
Monday - Friday : 9.30am - 4.30pm

 

 

 

The results have been evident both in terms of the Bank's approach to licensing new financial institutions, as well as in a more enhanced supervisory framework for financial institutions. Important features of the new regulatory regime now include broader and more uniform supervision of bank and non-bank financial activities, and stronger mechanisms for international cooperation among Bahamians and similarly placed foreign supervisory and law enforcement agencies. In all, the Bank's overall policy objective is the promotion of a stable economic environment conducive to high levels of domestic production, employment and growth.
 

 

DISCLAIMER
The content comes from Internet, reasonable efforts are made to maintain accuracy of information published.
However, information could contain errors or inaccuracies and is presented without warranty and statutory means.
No liability is assumed for errors or omissions. Viewers are advised to consult their banker or financial consultant for complete information and their professional advise.
All trademarks, logos, brand names and copyrights are the property of their respective owners.

© 2011 - 2014 BankHeadOffice.com ® All Rights Reserved