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Quarterly
Economic
Review
September, 2010
Vol. 19, No. 3
The Quarterly Economic Review is a publication of The Central Bank of The Bahamas, prepared by The Research Department for issue in March, June, September and December. It replaces the former Quarterly Review which was last published for March 1992. All correspondence pertaining to the Economic Review should be addressed to:
The ManagerResearch Department
The Central Bank of The BahamasP. O. Box N-4868Nassau, Bahamas
www.centralbankbahamas.comemail address: [email protected]
QUARTERLY ECONOMIC REVIEW
Volume 19, No. 3
September, 2010
C O N T E N T S
PAGE
1. REVIEW OF ECONOMIC AND FINANCIAL DEVELOPMENTS
DOMESTIC ECONOMIC DEVELOPMENTS 1
FISCAL OPERATIONS 1
REAL SECTOR 3
TOURISM 3
CONSTRUCTION 4
PRICES 4
MONEY, CREDIT & INTEREST RATES 5
CAPITAL MARKETS DEVELOPMENTS 10
INTERNATIONAL TRADE & PAYMENTS 10
INTERNATIONAL ECONOMIC DEVELOPMENTS 11
2. STATISTICAL APPENDIX (TABLES 1-16) 13
REVIEW OF ECONOMIC AND F INANCIAL DEVELOPMENTS
DOMEST IC ECONOM IC DEVELOPMENTS
Supported by the tepid recovery in the global econ-omy, the domestic economic environment was relatively stable in the third quarter of 2010, in contrast to a down-turn in the same period of 2009. The improvement underway in the tourism sector was sustained by the positive growth momentum in key source markets, com-bined with industry led incentive programmes, which boosted stopover visitors. The contribution from the construction sector continued to be constrained by weak-ness in both private and foreign investment led building activity. However, price developments were favourable, as the rate of inflation slowed over the twelve months to July, in line with the moderation of international prices to below pre-crisis peaks.
The fiscal situation registered a deterioration in the overall deficit during the first quarter of FY2010/11, as expenditure gains outpaced the increase in total revenue. Budgetary financing was sourced from a combination of Bahamian dollar and foreign currency facilities—including a $100 million bond issue.
Monetary developments featured contractions in both liquidity and external reserves, reflecting banks’ profit repatriations and the traditional, although abated, increase in foreign currency demand by the public in the latter-half of the year. In this context, money supply declined, and featured board-based decreases in depos-its. However, liquidity remained some 30.0% above last year’s level and external reserves exceeded the interna-tionally accepted benchmark. Growth in credit to the private and public sectors maintained pace with the previous year, and continued to be dominated by the latter. With the persistence of weak domestic business conditions and high unemployment, banks’ loan arrears worsened during the review period, although profitability improved in the second quarter relative to the same period in 2009, boosted by lower provisions for bad debts and higher fee based income.
On the external side, the estimated current account deficit narrowed, owing to improved travel receipts and a
reduction in net income outflows. The expanded surplus on the capital and financial account was bolstered by increased foreign currency borrowings by Government and a rebound in private loan financing.
F I SCAL OPERAT IONS
OVERVIEW
As domestic economic conditions remained chal-lenging, the fiscal deficit widened by 3.8% to $104.6 million over the first quarter of FY2010/11. Outlays grew by 2.0%, to outstrip the 1.3% growth in revenue.
REVENUE
Tax collections––which comprised 89.0% of total in-take––narrowed by 1.4% ($3.3 million) to $241.3 million. A key factor was the decline in the international trade & transactions component of 2.6% ($3.8 million) to $142.6 million, as import and related stamp taxes decreased by 4.9% ($4.5 million) to $86.1 million and 12.5% ($0.4 million) to $2.7 million, respectively. Other contractions were posted for ‘miscellaneous’ stamp taxes, down 22.3% ($6.8 million) to $23.6 million; revenues from business and professional license fees, by 11.5% ($0.9 million) to $6.6 million; and property taxes, by 10.5% ($1.2 million) to $10.4 million. In a major offset, taxes on selected services improved by 64.6% ($4.1 million) to $10.6 million, as receipts from hotel occupancy taxes more than doubled following the tax rate hike introduced in July. Collections from motor vehicle taxes also rose by 32.1% ($1.1 million) to $4.6 million and departure taxes, by 30.4% ($5.2 million) to $22.1 million.
Non-tax revenue, at 11.0% of total receipts, ex-panded by 29.1% ($6.7 million) to $29.9 million. The outcome reflected a 6.1% advance in collections of fines, forfeits & administrative fees to $22.2 million, and a more than three-fold timing-related increase ($5.5 million) in the combined income from public enterprises and other sources, to $7.5 million. Receipts from the sale of gov-ernment property fell marginally to $0.1 million.
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B$M % B$M %
Property Tax 11.6 4.3 10.4 3.8
Selective Services Tax 6.4 2.4 10.6 3.9
Busines. & Prof Lic. Fees 7.5 2.8 6.6 2.4
Motor Vehicle Tax 3.5 1.3 4.6 1.7
Departure Tax 17.0 6.3 22.1 8.2
Import Duties 90.6 33.8 86.1 31.8
Stamp Tax from Imports 3.1 1.2 2.7 1.0
Excise Tax 49.5 18.5 50.3 18.5
Export Tax 3.3 1.2 3.5 1.3
Stamp Tax from Exports -- -- -- --
Other Stamp Tax 30.4 11.4 23.6 8.7
Other Tax Revenue 22.1 8.3 21.3 7.9
Fines, Forfeits, etc. 21.0 7.8 22.2 8.2
Sales of Govt. Property 0.1 0.1 0.1 0.0
Income 2.1 0.8 7.5 2.8
Other Non-Tax Rev. -- -- -- --
Capital Revenue -- -- -- --
Grants -- -- -- --
Less:Refunds 0.3 0.1 0.5 0.2
Total 267.8 100.0 271.2 100.0
FY09/10 FY10/11
Government Revenue By Source
(Jul. - Sept.)
EXPENDITURE
Growth in total spending was explained by an ad-vance in current outlays of 3.5% ($11.1 million) to $330.8 million, and a 1.7% ($0.6 million) curtailment in capital spending to $36.9 million. Budgetary support to the public corporations was reduced by 28.2% to $8.1 million. By proportion, recurrent spending comprised 88.0% of total outlays; capital expenditure, 9.0% and net lending, the remaining 2.2%.
By economic classification, the increase in current expenditure was primarily due to higher consumption outlays, which firmed by 3.0% ($5.7 million) to $194.5 million, buoyed by growth in spending for goods & ser-vices (16.5%). Interest payments also rose by 5.29% ($12.2 million) to $44.0 million, explained by the rising level of Government debt. Subsidies and other non-interest transfers grew by 3.6% ($3.2 million), owing to increased transfers to households and non-financial public enterprises. In a slight offset, wages and salary
payments declined by 1.6%, due to a reduction in over-time expenditures at several departments.
On a functional basis, spending on economic ser-vices advanced by 23.5% ($6.5 million) to $34.0 million, associated mainly with tourism and public works projects. More modest increases were noted for social benefits & services ($1.8 million), education ($0.9 million), defence ($0.2 million) and general public services ($0.8 million); whereas, outlays for health services declined by $1.4 million.
The marginal fall-off in capital expenditure, to $36.9 million, was associated with a timing-related decline in infrastructure expenditure, by one-quarter to $26.2 mil-lion. Transfers to public corporations were also reduced, by $1.1 million to $0.6 million; while asset acquisitions, mainly in the form of a one-time property purchase, were boosted by $9.2 million to $10.1 million.
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500.0
550.0
I-09/10 II-09/10 III-09/10 IV-09/10 I-10/11
(B$M)Fiscal Operations
Rev. Exp. Sur./(Def.)
F INANCING AND THE NATIONAL DEBT
Budgetary financing for the first quarter of FY2010/11 comprised a $100.0 million domestic bond issue, $40.0 million in Bahamian dollar advances, $70.0 million in domestic foreign currency financing and $7.5 million in external loans. Debt repayments totalled $36.1 million, the bulk of which was utilised to reduce Bahamian dollar obligations.
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As a result of these developments, the Direct Charge on the Government expanded by 5.3% ($181.4 million) to $3.6 billion over the quarter, and by 10.6% ($342.6 million) year-on-year. Bahamian dollar obliga-tions accounted for 78.1% of the Direct Charge, and were held mainly by commercial banks (35.2%), private and institutional investors (30.1%), public corporations (25.2%), the Central Bank (9.3%) and Other Local Finan-cial Institutions (0.2%). Government bonds constituted the largest share of local currency debt, at 85.0%, with an average age to maturity of 12.9 years, followed by Trea-sury bills (10.8%), advances (4.0%) and loans (0.2%).
Government’s contingent liabilities declined by $8.1 million (1.4%) to $556.4 million. Consequently, the Na-tional Debt increased by 4.4% ($173.3 million) to $4,138.6 million over the quarter and by 12.5% ($460.5 million) over the 2009 period.
PUBLIC SECTOR FOREIGN CURRENCY DEBT
During the review period, public debt service pay-ments declined by 48.4% ($7.3 million) to $7.7 million, based on a 50.8% reduction in public corporations’ outlays to $6.0 million, and a 37.9% drop in Govern-ment’s portion to $1.7 million. Government’s debt service payments equated to 1.0% of goods and non-factor services, compared to 2.1% a year earlier; and debt service as a percentage of current revenue fell to 0.6%.
Public sector foreign currency debt rose by 14.7% ($169.3 million) during the third quarter, following on $173.0 million in new drawings and amortization pay-ments of $3.7 million. Public corporations’ and Govern-ment’s drawings firmed by $95.5 million and $77.5 mil-lion, respectively. At end-September 2010, total public sector foreign currency debt stood at $1,324.0 million, of which 59.3% was for the Government’s direct account.
By creditor profile, private capital market investors held the largest share of the foreign currency debt (45.3%), followed by the commercial banks (39.3%), multilateral institutions (10.1%), bilateral institutions (3.0%) and other creditors (2.3%). The average age to maturity of the debt was approximately 12.6 years, de-nominated almost entirely (99.2%) in US dollars.
REAL SECTOR
TOURISM
Indications are that the improvement noted in the tourism sector in the first six months was sustained during the third quarter, which traditionally registers less brisk activity. This outturn benefitted from the recovery in the major overseas source markets, combined with joint public/private sector promotional campaigns.
Total visitors firmed by 18.7% to 1.2 million, exceed-ing last year’s comparable 12.5% upturn. The high value-added air segment grew by 7.1%; while cruise visitors advanced by 23.2%, supported by increased port calls from some of the largest cruise lines. By port of entry, total visitors to New Providence strengthened by 11.4% to 657, 677, exceeding the 10.5% gain recorded in 2009, occasioned by growth in both the air and sea compo-nents, by 7.4% and 13.8%, respectively. The Family Island market also recorded robust growth, of 17.0%, albeit below the 27.7% gain of 2009, and continued to be supported by double digit rates of increase in air (16.2%) and sea (17.2%) visitors. Propelled by a two-thirds increase in cruise traffic, which surpassed the 8.6% falloff in the air segment, total visitors to Grand Bahama re-bounded by 52.2%, from last year’s 2.9% contraction.
Preliminary data suggests that tourism earnings rose modestly over the review period, reflecting increased stopover arrivals and generally higher average daily room rates, especially among the high-end hotels. Based on a sample of large properties throughout New Providence and Paradise Island, total revenue increased by 11.8% to $81.0 million, as the average occupancy rate advanced by 2.6 percentage points to 61.7% and the average daily room rate firmed by 3.9% to $201.87.
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Q III-09 Q IV-09 Q I-10 Q II-10 Q IIl-10
T housands
V isito r A rrivals
Air Sea T o ta l
CONSTRUCTION
Although public sector developments provided some support to construction activity over the review quarter, output in the sector remained constrained, reflecting the ongoing softness in both domestic private sector and foreign investment activity. Providing some indication of domestic construction trends, mortgage disbursements by banks, insurance companies and the Bahamas Mort-gage Corporation, fell by 15.2% to $53.0 million, extend-ing the 31.6% contraction posted last year. Residential disbursements—which accounted for the bulk (85.0%) of the total—contracted by a further 19.0% to $44.9 million, after a 32.5% decline to $55.4 million in 2009. However, the commercial segment grew by 14.9% to $8.1 million, a reversal of last year’s 23.4% decline to $7.1 million.
Mortgage commitments––a forward looking indica-tor––fell marginally in both number and value, to 234 and $31.0 million, vis-à-vis a total of 235 loans valued at $34.8 million a year ago. The short-term prospects for commercial construction remained subdued, as the number of loan approvals fell by 8 to 2, with a corres-ponding contraction in value by $2.0 million to a mere $0.4 million. Similarly, the value of residential loans fell by $1.8 million to $30.5 million, although the number of approvals grew by 7 to 232.
In line with banks’ more conservative lending stan-dards, mortgage rates firmed over the review period, resulting in the average rate on both residential and commercial loans increasing by 10 and 20 basis points, to 8.5% and 9.0%, respectively.
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Number
Mortgage Commitments:New Construction and Repairs
Num Value
PRICES
Domestic inflationary pressures for the twelve months to July continued to moderate, as international commodity and fuel prices remained below mid-2008 peak levels. Average consumer price inflation slackened to 0.8% from 3.9% in the corresponding period of 2009. Underlying this development, average housing costs––the largest component––fell by 0.2%, in contrast to a 2.3% increase a year earlier. Similarly, respective price declines were noted for recreation, entertainment & services and food & beverages of 1.9% and 0.04%, compared to gains of 3.2% and 8.1% in 2009. The rate of increase in average costs tapered significantly for other goods & services, by 4.8 percentage points to 1.9%; for furniture & household operations, by 2.5 percentage points to 2.1% and for education, by 2.0 percentage points to 1.3%. Most of the remaining components registered reduced price gains of under 0.5 of a percen-tage point; except for transportation & communication costs, which were slightly ahead at 2.0%.
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Despite the upward trajectory for global oil prices during the review quarter, the average cost of both gaso-line and diesel contracted by 3.9% and 4.8% to $4.30 per gallon and $3.60 per gallon respectively; but were higher by 4.3% and 11.0% on an annual basis. The Bahamas Electricity Corporation’s fuel surcharge—which is more sensitive to short-term price changes—advanced by $4.11 cents per kWh (36.0%) over the quarter, and by $5.3 cents per kWh (51.5%) year-on-year, to 15.54 cents per-kWh.
Items Weight Index % Index %
Food & Beverages 138.3 146.76 8.1 144.42 0.0
Clothing & Footwear 58.9 111.66 1.7 111.80 1.5
Housing 328.2 112.43 2.3 112.76 -0.2
Furn. & Household 88.7 143.52 4.6 146.41 2.1
Med. Care & Health 44.1 153.32 2.9 156.63 2.6
Trans. & Comm. 148.4 118.05 1.9 118.82 2.0
Rec., Enter. & Svcs. 48.7 131.17 3.2 131.66 -1.9
Education 53.1 183.43 3.4 184.83 1.3
Other Goods & Svcs. 91.6 152.08 6.7 155.02 1.9
ALL ITEMS 1000 130.84 3.9 131.52 0.8
Average Retail Price Index
(Annual % Changes)
2009 2010
July
MONEY , CRED IT AND INTEREST RATES
OVERVIEW
Money and credit trends during the third quarter fea-tured a contraction in liquidity and external reserves, in the context of banks’ profit remittances and the seasonal firming in foreign currency demand for goods imports. Asset quality indicators continued to deteriorate, led by higher mortgage loan delinquencies. Despite this devel-opment, banks’ overall profitability improved, reflecting lower provisions for bad debts and an increase in non-interest earnings.
L IQUIDITY
Net free cash balances of the banking system nar-rowed by $54.9 million (18.1%) to $248.8 million at end-September, a tempered decline relative to $101.8 million (28.3%) a year ago. The ratio of cash reserves to Baha-mian dollar deposit liabilities stood at 4.1%, approximate-ly 30 basis points below the previous year’s rate. The broader surplus liquid assets fell by $34.5 million (5.4%) vis-á-vis a $57.3 million contraction in 2009, although positioning higher at 63.6% above the statutory minimum, compared to 50.0% in 2009.
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QIII-09 QIV-09 QI-10 QII-10 QIII-10
(B$M)Liquidity
Excess Res. Excess Liq . Ass.
DEPOSITS AND MONEY
The fall-off in narrow money was slightly higher at $8.9 million (0.6%), relative to $7.3 million in 2009, led by an $11.0 million drawdown on demand deposits, which overshadowed a $2.1 million accretion in the currency component. Broad money (M2) declined by $3.4 million (0.1%), following a sharper drop of $14.5 million in 2009. The reduction in private sector savings deposits slack-ened to $6.4 million (0.6%) from $33.4 million, and coun-tered the $11.9 million (0.3%) accretion in fixed balances, which was $26.2 million lower than the year earlier pe-riod. Residents’ foreign currency deposits contracted by 8.8%, a reversal from last year’s 14.5% gain, as the 15.2% decrease in the dominant private sector balances
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eclipsed the 71.2% advance in public corporations’ accounts. As a consequence of these developments, the overall money stock (M3) was reduced by $23.5 million to $6,233.8 million.
By composition, Bahamian dollar fixed deposits re-mained the largest component (58.6%) of the money stock, followed by demand (18.9%) and savings (16.1%) accounts. The remaining balances were divided between foreign currency deposits (3.3%) and currency in active circulation (3.0%).
DOMESTIC CREDIT
Total domestic credit grew relative to the corres-ponding 2009 period by $6.8 million to $217.0 million. The expansion in the Bahamian dollar component re-ceded to $54.8 million (0.7%), from $225.6 million (3.2%) in 2009, while foreign currency claims advanced by $162.2 million (22.8%), to reverse last year’s decline of $15.4 million (1.8%).
Increased holdings of Bahamas Government bonds and higher advances elevated banks’ net claims on the Government by $89.2 million (7.1%), although below the year-earlier $163.4 million gain. Credit to public corpora-tions also expanded by $83.1 million (18.9%), surpassing last year’s advance of $5.9 million (1.5%).
Growth in private sector credit kept pace at $44.7 million, vis-a-vis $40.9 million a year earlier, of which $28.1 million was in Bahamian dollars. Personal loans—which comprised the majority (77.2%) of private sector claims—rose further by $37.4 million. Residential mort-gages, at 53.9% of the total, firmed by $37.4 million (1.4%), and overdrafts by a much smaller increment of $0.9 million (0.04%). Conversely, consumer loans fell by $2.0 million (1.6%).
A further breakdown of consumer credit showed broad-based reductions for the majority of categories over the review quarter. Net repayments were registered for home improvement ($14.4 million), private car ($8.6 million), furnishings & domestic appliance ($2.0 million), land purchase ($1.7 million), medical ($1.1 million), travel ($0.8 million), commercial vehicle ($0.3 million) and taxis & rented car ($0.3 million) loans. As consumers contin-ued to seek solutions to reduce borrowing costs, debt consolidation loans advanced by $18.3 million, and accretions were also noted for miscellaneous ($9.3 million), education ($2.0 million) and credit card ($0.5
million) lending. Regarding the remaining categories of private sector credit, the largest increase was for miscel-laneous loans ($22.7 million), followed by fisheries ($5.0 million), manufacturing ($4.5 million), transport ($1.8 million) and mining & quarrying ($1.3 million), with gains of under $1.0 million for credit to agriculture and private financial institutions. Conversely, net repayments were registered for construction ($17.4 million), tourism ($6.4 million), entertainment & catering ($5.6 million), and distribution ($1.1 million) lending.
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Changes in Credit
Private Govt (net) Rest of Pub.
MORTGAGES
Based on information provided by domestic banks, insurance companies, and the Bahamas Mortgage Cor-poration, mortgage disbursements advanced by $21.5 million to $97.3 million, surpassing the previous year’s increase of $2.2 million. This development reflected gains in both the commercial and residential components, of 30.2% and 28.1%, respectively. Mortgages outstand-ing rose by $23.3 million (0.7%) to $3,187.5 million, although below the $40.2 million (1.3%) hike recorded in 2009. The expansion in residential mortgages––which comprised 93.4% of the total––slackened to $17.7 million
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(0.6%) from $37.0 million (1.3%) a year earlier. The commercial component firmed by $5.6 million (2.7%), which was above 2009’s $3.2 million (1.5%) expansion. At end-September, domestic banks held the majority of outstanding mortgages (89.0%), followed by insurance companies (6.1%) and the Bahamas Mortgage Corpora-tion (4.9%).
THE CENTRAL BANK
Increased holdings of debt securities and short-term advances elevated the Central Bank’s net claims on Government, by $57.8 million (31.0%) to $244.1 million, slightly below last year’s gain of $61.3 million (33.2%).
B$M % B$M %
Agriculture 14.6 0.2 16.3 0.2
Fisheries 10.6 0.1 12.4 0.2
Mining & Quarry 0.9 0.0 2.6 0.0
Manufacturing 31.7 0.4 32.9 0.5
Distribution 154.0 2.2 156.1 2.2
Tourism 181.3 2.6 167.0 2.3
Enter. & Catering 35.2 0.5 55.9 0.8
Transport 25.7 0.4 31.1 0.4
Construction 414.4 5.9 387.8 5.4
Government 238.6 3.4 212.6 3.0
Public Corps. 304.9 4.3 409.1 5.7
Private Financial 21.7 0.3 13.7 0.2
Prof. & Other Ser. 140.3 2.0 123.7 1.7
Personal 5042.9 71.3 5,053.6 70.5
Miscellaneous 454.3 6.4 496.6 6.9
TOTAL 7,071.1 100.0 7,171.4 100.0
Distribution of Bank Credit By Sector
End-September
2009 2010
The Bank’s net liabilities to public corporations fell by a lesser $0.3 million (4.1%), relative to $6.9 million (68.1%) a year ago, on account of a contraction in their deposits; while liabilities to commercial banks declined by $128.5 million, as deposits were utilized to facilitate profit remittances and other seasonal trade transactions.
Based on these developments, external reserves re-ceded by $96.7 million (11.2%) to $765.4 million, follow-ing the previous year’s $15.5 million (2.0%) contraction. In terms of foreign currency transactions, the Bank’s net
sale to commercial banks fell by $9.7 million to $108.1 million and the net sale to public corporations and other customers—mostly for fuel purchases—increased by $21.0 million to $81.8 million. Reflecting short-term loan receipts, the net foreign currency transaction with the Government was reversed, to a net inflow of $80.7 million from a net sale of $21.6 million a year earlier.
At end-September 2010, external reserves stood slightly higher at $765.4 million compared to $754.9 million a year earlier, to represent 16.6 weeks of non-oil merchandise imports. Excluding the 50% statutory required adjustment on the Bank’s demand liabilities—which have to be covered by external balances—“useable” reserves narrowed by $77.3 million to $529.2 million.
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(B$M)External Reserves
DOMESTIC BANKS
In line with the stability in economic conditions, pri-vate sector credit grew by $44.7 million (0.7%) to $6,571.1 million, building on the 0.6% expansion in 2009. Deposit liabilities of the private sector fell by $27.8 million (0.5%), reversing the 0.4% gain recorded last year. Net claims on the Government advanced by an abated $31.4 million (2.9%) compared to 11.9% in 2009, and credit to the public sector firmed by $83.3 million to $31.4 million, to contrast with a $53.6 million net repayment position.
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As a result of increased foreign currency credit to the public sector, banks’ net foreign liabilities expanded by $181.3 million (29.6%) to $793.4 million, reversing last year’s $31.7 million contraction; while their accumulation of capital and surplus resources slackened by $27.4 million (1.3%).
At end-September, the banking system’s deposit lia-bilities—inclusive of public and private sector balances—totalled $6,159.0 million, with the majority (96.6%) deno-minated in Bahamian dollars. Of the latter, private indi-viduals held the largest share at 57.0%, followed by business firms (25.6%) and public corporations (7.1%). The combined remaining balance (10.3%) was for the account of the Government and other miscellaneous holders.
Disaggregated by range of value and number of ac-counts, the bulk of the Bahamian dollar accounts (90.6%) held funds of less than $10,000, which accounted for 6.2% of the total value. Balances between $10,000 and $50,000 constituted 6.2% of the accounts and 11.1% of the aggregate value; while those over $50,000 represented 82.7% of the overall value, but only 3.1% of deposits.
CREDIT QUALITY
Although economic conditions stabilised over the re-view quarter, the challenging business environment and elevated unemployment levels led to a worsening in credit quality—although the rate of deterioration slowed considerably over the previous year. Private sector arrears firmed by $11.8 million (1.0%) to $1,153.1 million over the quarter, and by $163.8 million (16.6%) relative to the corresponding period of 2009—elevating the ratio of arrears to total loans, on a quarterly and annual basis, by 0.3 and 2.4 percentage points, to 18.41%, respectively. Growth in delinquencies was attributed solely to mort-gage arrears, which increased by $35.7 million (6.1%) to $622.6 million, and corresponded to higher quarterly and annual growth in the arrears ratio, of 0.9 and 4.8 percen-tage points, respectively, to 21.16%. In contrast, com-mercial loan arrears contracted by $14.1 million (5.3%) to $254.3 million, resulting in a 1.7 percentage point decline in the relevant ratio to 24.42%—although firming on an annual basis, by 2.3 percentage points. Consumer loan arrears also improved, by $9.8 million to $276.2 million, which equated to 13.09% of total loans—a decline of 37
and 26 basis points to 13.09%, over the quarter and end-September 2009, respectively.
As the average age of loan delinquencies increased, total non-performing loans––those with past due pay-ments of more than 90 days and on which interest is no longer accrued––firmed by $10.3 million (1.7%) to $630.7 million, and the corresponding ratio to total loans, by 20 basis points over the quarter and by 1.45 percentage points year-on-year to 10.07%. In this environment, banks’ provisioning for bad debt grew by $13.8 million (5.9%) to $246.1 million, resulting in the ratio of provi-sions to total loans advancing by 23 basis points over the quarter to 3.93%. Similarly, the ratio of provisions to arrears and non-performing loans rose by 1.0 and 1.58 percentage points, to 21.35% and 39.03%, respectively.
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Non-Pe
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(% of Total Loans) Total Arrears
Loan Arrears & Non-Performing Balances
Other Residential Consumer NPL
BANK PROFITABILITY
Information for the period April to June––the latest quarter for which data is available––suggests that, de-spite the deterioration in loan quality, banks’ profitability rose relative to the same period a year ago. Net interest income advanced by $2.7 million (2.2%), as a widening in the spread between loan and deposit rates led to a slight uptick in net interest income. Commission & forex in-come also increased, by $2.3 million (62.8%) to $5.9 million, contributing to the widening in the gross earnings margin by 3.9% ($5.0 million) to $132.2 million. Banks’
8
operating expenditure grew by $4.8 million (7.5%) to $69.3 million, on account of elevated staffing (6.9%) and other “miscellaneous” operating (14.2%), costs which outpaced the 11.0% reduction in occupancy expenses. The loss on banks’ non-loan activities narrowed signifi-cantly, by $15.7 million to $0.6 million, due mainly to a reduction in provisions for bad debts by one-third to $26.5 million, and a similar percentage increase in other “non-interest” income, driven by fees and other related charges. As a consequence of these developments, net income firmed by 34.0% to $62.3 million.
Banks’ profitability ratios––measured against aver-age assets––showed modest improvements. Gains in the net interest margin improved by 9 basis points to 5.5%, and the commission & foreign exchange ratio, by 10 basis points to 0.26%––resulting in the gross earnings margin firming by 19 basis points to 5.76%. The operat-ing costs ratio was relatively stable at 3.02%, as was the case with the net earnings margin, at 2.74%. After netting out depreciation and bad debt expenses, the net income (return on assets) ratio rose by 68 basis points to 2.71%.
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
QII-09 QIII-09 QIV-09 QI-10 QII-10
(% of Avg. Assets)
Domestic Banks' Profitability
Gross Earn. Marg. Operating Costs ROA
INTEREST RATES
As banks maintained their conservative lending practices, the average interest rate on loans rose by 68
basis points to 11.41%; while robust liquidity levels dam-pened the average deposit rate by 13 basis points to 3.33%. Consequently, the weighted average interest rate spread widened by 81 basis points to 8.08 percentage points.
For deposits, the average interest rate on demand balances increased by 11 basis points to 1.44%; howev-er, the average rate on fixed maturities narrowed to a range of 3.09% - 4.00% from 3.23% - 4.01% in the pre-vious quarter. Similarly, the average savings rate de-clined by 19 basis points to 1.84%.
On the lending side, average rate gains were regis-tered for consumer loans and commercial mortgages, of 77 and 49 basis points, to 13.51% and 9.2%, respective-ly. In contrast, average rates fell by 15 basis points to 8.1% for residential mortgages, and by 0.39 percentage points to 10.40% for overdrafts.
Regarding other key interest rates, the average 90-day Treasury bill rate contracted by 34 basis points to 2.14%; while the Central Bank’s Discount Rate and Commercial Bank’s Prime Rate were unchanged, at 5.25% and 5.50%, respectively.
Qtr. III Qtr. II Qtr. III
2009 2010 2010
Deposit Rates
Demand Deposits 1.56 1.33 1.44
Savings Deposits 2.09 2.03 1.84
Fixed Deposits
Up to 3 months 3.54 3.23 3.09
Up to 6 months 3.93 3.51 3.62
Up to 12 months 3.96 4.01 3.86
Over 12 months 4.21 3.83 4.00
Weighted Avg Deposit Rate 3.70 3.46 3.33
Lending Rates
Residential mortgages 8.26 8.25 8.10
Commercial mortgages 8.72 8.71 9.20
Consumer loans 13.09 12.74 13.51
Other Local Loans 7.57 8.07 8.28
Overdrafts 11.43 10.79 10.40
Weighted Avg Loan Rate 10.69 10.73 11.41
Banking Sector Interest RatesPeriod Average (%)
9
CAP I TAL MARKETS DEVELOPMENTS
Reflecting the subdued economic environment,
which dampened investor sentiment, the Bahamas Inter-national Securities Exchange (BISX) All Share Index rose marginally by 0.8% to 1,516.77 over the third quarter, a reversal from the 4.9% loss in 2009. Market activity declined notably, as evidenced by a 50.0% falloff in the volume of shares traded, to 0.7 million, and a correspond-ing 62.6% decrease in value to $2.9 million. Market capitalization rose by 0.4% to $2.37 billion, reflecting the secondary listing of the Government’s US$300 million, (6.95%) notes on the Exchange1 —which overshadowed the July delisting of Freeport Concrete Company Ltd’s. approximately $1.3 million in shares. As a result, the number of securities listed remained unchanged at 24.
INTERNAT IONAL TRADE AND PAYMENTS
Provisional data for the third quarter suggest an
overall improvement in the current account balance, by $21.2 million to $291.0 million, supported by higher tourist expenditure. Similarly, heightened inflows for “miscella-neous” investments buoyed the surplus on the capital and financial account, by $45.5 million to $350.3 million.
The estimated goods deficit expanded by $90.7 mil-lion (20.3%) to $537.9 million, as non-oil imports firmed by $57.8 million (17.1%) to $395.6 million, partly reflect-ing the seasonal inventory restocking activities of the private sector. Higher international oil prices contributed to an increase in the fuel import bill, by $40.9 million (25.0%) to $204.2 million. In particular, the per barrel cost of propane grew by 13.3% to $56.58; jet fuel, by 13.1% to $92.70; and motor gas, by 3.3% to $91.86. By contrast, price declines were registered for gas oil, by 16.1% to $110.48, and aviation gas, by 4.3% to $133.63 per barrel.
The services account surplus broadened by $103.1 million (53.8%) to $294.6 million, supported primarily by
1 At the end-September, the market value of Gov-ernment Securities listed on the exchange totalled $29.8million.
gains in travel-related inflows, of $63.1 million (17.3%) to $427.3 million, and a contraction in the net payment for other services, by $33.3 million (37.8%) to $54.9 million. The net outflow for Government services fell by $10.1 million (26.2%) to $28.5 million, and decreased for insur-ance and construction services, by $13.4 million (46.1%) and $0.5 million (11.0%), respectively. The net receipt from offshore companies’ local expenses was lower by $9.9 million (20.7%) at $38.1 million, and elevated net outflows were recorded for transportation, of $6.3 million to $63.8 million, and royalty and license fees, of $1.1 million to $3.8 million.
Reflecting a $6.9 million decline in employee com-pensation to $3.7 million, net income outflows narrowed by $7.4 million to $68.5 million. In addition, private interest and dividend payments were down by $1.1 million to $67.5 million, due to lower net payments by non-bank entities; while net income receipts from official transactions decreased by $0.5 million to $2.7 million, based on scaled back earnings from the Central Bank’s investments.
Current transfer payments expanded marginally by $1.5 million (7.6%) to $20.8 million, occasioned by a $1.4 million rise in general Government’s net inflows and a $0.1 million decline in net worker remittance payments.
The surplus on the capital and financial account was higher by $45.5 million at $350.3 million, due to a near doubling in loan related investment inflows, by $138.6 million to $235.4 million. Included in the latter is a rever-sal in domestic banks’ short-term transactions, to a net receipt of $181.3 million, based on increased short-term foreign currency lending to Government. Private sector loan financing flows registered a net inflow of $29.8 million, compared to a net repayment of $62.1 million a year earlier; whereas the net loan inflow of the public corporations receded to $18.0 million from $185.8 million in 2009 when the IMF increased its SDR allocations. In contrast, direct investments slumped by 47.6% to $115.0 million, based on declines in equity investments and land sales, by $85.8 million and $18.9 million, to $81.1 million and $33.9 million, respectively.
After adjusting for net errors and omissions, the defi-cit on the overall balance—which mainly reflects changes in external assets—increased by $81.2 million to $96.7 million.
10
-600
-500
-400
-300
-200
-100
0
100
200
300
400
500
QIII-09 QIV-09 QI-10 QII-10 QIII-10
(B$M)
Balance of Payments
Invisible Bal. Curr. Acct . Bal. Trade Bal.
INTERNATIONAL ECONOMIC DEVELOPMENTS
Indications are that the pace of the global eco-
nomic recovery remained sluggish in the third quarter, as most major economies registered marginal gains in real output, amid persistently high unemployment rates and fiscal austerity measures. However, the Asian econo-mies maintained a comparatively stronger pace of expan-sion, supported by heightened export demand, particular-ly from other emerging markets. In this environment, major central banks continued to pursue an accommoda-tive monetary policy stance, in an effort to ignite econom-ic activity. In equity markets, the major indices rose over the review period, owing to an improvement in investors’ confidence, although concerns over the pace of the recovery in the United States market supported gains in precious metal prices and caused the US Dollar to fall against most major currencies.
Economic activity in the developed markets was uneven over the review period. Real GDP in the United States advanced by 2.5% in the third quarter, after taper-ing to 1.7% in the previous three-month period, due to a significant slowdown in import growth, as well as an
uptick in both private inventory investment and personal consumption expenditures. Output growth in the United Kingdom slackened to 0.8% between July and Septem-ber, from 1.2% in the preceding quarter, owing to re-cessed levels of business services and financing as well as construction activity. As several economies imple-mented fiscal austerity measures, euro area output growth was held to 0.4% in the third quarter, compared to a 1.0% advance in the prior three months. The pace of growth for China was sustained at a robust 9.6%, after a 10.3% advance in the preceding quarter; while a spike in consumption, due to increased sales of automobiles prior to the expiration of Government incentives, elevated output growth in Japan to 0.9% from 0.4% in the second quarter.
Reflecting the modest pace of economic growth, labour market conditions in major economies remained relatively weak. In the United States, despite the addition of 274,000 private sector jobs, a significant reduction in Government payrolls as the census was finalised, led to the unemployment rate rising by 0.1 of a percentage point to 9.6% during the review quarter. The jobless rate in the United Kingdom was slightly improved at 7.7%, owing to increases in the number of self-employed and part-time workers. The euro zone’s quarterly unemployment rate also increased marginally to 10.1% by September, as economic fragilities in the region hindered job prospects. Employment conditions in Asia remained favourable, amid the region’s strong economic performance. The respective jobless rates in both Japan and China declined moderately to 5.0% and 4.1% at end-September.
Global inflation remained relatively benign over the review quarter, although modest firming occurred for fuel and food costs. Despite continued upward pressure on energy costs, annual consumer price inflation in the United States stabilized at 1.1% in September. In the euro zone, average prices firmed by 1.8%, on an annual basis, in September, up from 1.4% in June, amid in-creased costs for transportation and alcoholic beverages. Annual inflation in the United Kingdom fell by 10 basis points from the previous period to 3.1% by end-September, due to a slackened rate of increase in trans-portation costs. In China, average consumer prices
following a 2.6% advance over the first half of the year, mainly fuelled by rising food prices. Deflationary condi-tions persisted in Japan, as average prices fell year-on-
11
firmed 2.9% year-on-year for the nine-month period,
year by 0.6% in September, after contracting by a similar amount in June.
Uncertainties over the durability of the recovery of the United States’ economy led investors to increase their exposure to emerging markets, and resulted in the dollar depreciating relative to most major currencies. Specifically, despite concerns surrounding the high fiscal deficits and debt levels of several European countries, the dollar declined by 10.2% against the euro to €0.73. Similarly, it fell by 4.9% in relation to the British pound to £0.64, and by 8.8% vis-à-vis the Swiss Franc to CHF0.98. In Asia, the dollar lost 1.3% of its value relative to the Chinese Yuan to CNY6.69, as a result of the slight easing in the exchange rate peg and contracted by 5.6% vis-à-vis to the Japanese Yen to ¥83.52, despite the attempt by the Japanese authorities in September to weaken the value of their currency by buying dollars for the first time in six years.
Aside from intensified concerns over the sustai-nability of the economic recovery, which caused a dip in major indexes in the United States and Europe in August, all major bourses improved over the quarter, buoyed by positive sentiment regarding corporate profits and central banks’ measures to stimulate growth. In the United States, the Dow Jones Industrial Average (DJIA) ad-vanced by 10.4% and the Standard & Poor’s 500 Index (S&P) rose by 11.2%. In Europe, the United Kingdom’s FTSE 100 increased by 12.8%; while France’s CAC 40 and Germany’s DAX both moved higher, by 7.9% and 4.4%, respectively. Stock market developments in Asia were mixed, with China’s SE Composite Index posting a 10.7% gain, in contrast to the marginal 0.1% decline for Japan’s Nikkei 225 Index.
Amid a slide in the value of the US dollar and a slight contraction in output, oil prices maintained a gener-al uptrend over the quarter, with the average price per gallon rising by 4.7% to $79.26 by end-September. Investors’ demand for relatively “safe” assets fuelled a 4.9% increase in the average cost of gold, to $1,305.35 per ounce, and a 12.4% advance in the average price of silver, to $21.75 per ounce.
Given the benign economic conditions, most de-veloped market central banks either maintained their existing accommodative monetary policy stance or an-nounced new measures over the review quarter to sus-tain the fragile recovery underway. In the United States,
the Federal Reserve, citing the low rates of resource utilization and subdued inflation trends, held the federal funds rate within the range of 0% to 0.25% for the se-venth consecutive quarter and indicated its intention to purchase Government debt. Despite concerns over the medium-term outlook for inflation, the sustained weak economic conditions prompted the Bank of England to keep its main refinancing rate at a historic low of 0.5%, and to maintain its stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The European Central Bank also held its accommodative monetary policy stance, as price pressures were benign and heightened uncertainties prevailed within the zone. Following the second quarter increase in the reserve requirement for depository financial institutions, to temper the modest growth in asset prices, the People’s Bank of China maintained a neutral monetary policy posture over the review period, to allow time for the previous measures to take effect. Similarly, the Bank of Japan kept its overnight call rate at 0.1%, amid continuing deflationary pressures.
External sector developments were mixed during the review period. In the United States, the trade deficit narrowed by $5.8 million to $44.0 million, underpinned by a 0.3% increase in exports, combined with a 1.0% reduc-tion in imports. In contrast, the trade deficit in the United Kingdom widened by £2.1 billion to £25.2 billion in the third quarter, as the £3.0 billion expansion in imports outweighed the £0.9 billion gain in exports. The euro area’s trade balance firmed by €1.5 billion to €2.9 billion, due to higher exports combined with a decline in imports. For Japan, the trade surplus expanded by 54.0% to ¥797 billion in September from a year earlier, supported by the 14.4% growth in exports, which outpaced the 9.9% rise in imports. Similarly, China’s trade surplus persisted at a healthy US$65.6 billion in the third quarter, as heightened exports offset import growth.
12
STATISTICAL APPENDIX
(Tables 1-16)
13
STATISTICAL APPENDIX
Table 1 Financial Survey
Table 2 Monetary Survey
Table 3 Central Bank Balance Sheet
Table 4 Domestic Banks Balance Sheet
Table 5 Profit and Loss Accounts Of Banks In The Bahamas
Table 6 Money Supply
Table 7 Consumer Installment Credit
Table 8 Selected Average Interest Rates
Table 9 Selected Credit Quality Indicators of Domestic Banks
Table 10 Summary of Bank Liquidity
Table 11 Government Operations and Financing
Table 12 National Debt
Table 13 Public Sector Foreign Currency Debt Operations
Table 14 Balance of Payments Summary
Table 15 External Trade
Table 16 Selected Tourism Statistics
The following symbols and conventions are used throughout this report:
1. n.a. not available
2. -- nil
3. p provisional
4. Due to rounding, the sum of separate items may differ from the totals.
14
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(0.2
)2
.20
.6(0
.3)
So
urc
e: T
he
Cen
tra
l B
an
k o
f T
he
Ba
ha
ma
s
TA
BL
E 1
(per
cen
tag
e ch
an
ges
)
(B
$ M
illi
on
s)
20
08
20
09
20
10
FIN
AN
CIA
L S
UR
VE
Y
15
En
d o
f P
erio
d2
00
52
00
62
00
7
Mar
.Ju
n.
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t. N
et f
ore
ign
ass
ets
(65
.9)
(23
5.0
)(1
97
.2)
(35
.5)
82
.5(1
1.8
)(1
23
.6)
(28
.0)
(27
.1)
(0.5
)1
67
.22
03
.82
69
.0(1
9.2
)
C
entr
al B
ank
57
8.8
49
9.7
45
4.2
53
9.6
67
4.8
65
0.2
56
2.9
62
3.8
77
0.4
75
4.9
81
5.9
81
9.0
86
2.1
76
5.4
C
om
mer
cial
ban
ks
(64
4.7
)(7
34
.7)
(65
1.4
)(5
75
.1)
(59
2.3
)(6
62
.0)
(68
6.5
)(6
51
.8)
(79
7.5
)(7
55
.4)
(64
8.7
)(6
15
.2)
(59
3.1
)(7
84
.6)
Net
do
mes
tic
ass
ets
4,7
86
.95
,29
9.4
5,8
00
.35
,78
5.8
5,7
43
.25
,90
6.0
6,0
18
.56
,02
8.5
6,0
15
.56
,01
0.2
5,8
33
.05
,88
9.6
5,9
47
.46
,21
6.5
D
om
esti
c cr
edit
5,7
52
.76
,58
8.8
7,4
01
.47
,41
3.6
7,4
80
.27
,65
9.5
7,8
82
.77
,90
8.8
7,9
18
.98
,12
6.8
8,0
00
.08
,08
0.6
8,1
91
.88
,41
0.5
P
ub
lic
sect
or
94
5.8
1,0
68
.91
,21
2.8
1,1
77
.31
,16
3.7
1,2
27
.91
,36
9.3
1,4
45
.81
,42
2.7
1,5
88
.61
,42
8.3
1,5
52
.51
,68
3.0
1,8
54
.9
Go
ver
nm
ent
(net
)6
42
.56
71
.78
63
.88
37
.07
60
.97
92
.09
21
.01
,03
8.7
1,0
17
.11
,17
7.2
1,0
08
.41
,11
4.2
1,2
43
.31
,33
2.2
Res
t o
f p
ub
lic
sect
or
30
3.3
39
7.2
34
9.0
34
0.3
40
2.8
43
5.9
44
8.3
40
7.1
40
5.6
41
1.4
41
9.9
43
8.3
43
9.6
52
2.7
P
riv
ate
sect
or
4,8
06
.95
,51
9.9
6,1
88
.66
,23
6.3
6,3
16
.56
,43
1.6
6,5
13
.46
,46
3.0
6,4
96
.26
,53
8.2
6,5
71
.76
,52
8.1
6,5
08
.96
,55
5.6
O
ther
ite
ms
(net
)(9
65
.8)
(1,2
89
.4)
(1,6
01
.1)
(1,6
27
.8)
(1,7
37
.0)
(1,7
53
.5)
(1,8
64
.2)
(1,8
80
.3)
(1,9
03
.4)
(2,1
16
.6)
(2,1
67
.0)
(2,1
91
.0)
(2,2
44
.4)
(2,1
94
.0)
Mo
net
ary
lia
bil
itie
s4
,71
6.1
5,0
64
.45
,60
3.1
5,7
50
.35
,82
5.7
5,8
94
.25
,89
4.9
6,0
00
.55
,98
8.4
6,0
09
.76
,00
0.2
6,0
93
.36
,21
6.4
6,1
97
.3
M
on
ey1
,22
3.0
1,2
38
.11
,27
8.9
1,2
90
.71
,28
4.8
1,3
05
.01
,25
7.6
1,3
19
.71
,26
5.0
1,2
61
.11
,26
1.9
1,2
53
.21
,34
5.1
1,3
42
.6
C
urr
ency
19
5.3
20
2.1
22
3.7
21
4.2
20
4.2
19
9.6
20
5.8
19
7.0
19
4.3
18
4.2
20
7.8
18
6.9
18
6.6
18
8.7
D
eman
d d
epo
sits
1,0
27
.71
,03
6.0
1,0
55
.21
,07
6.5
1,0
80
.61
,10
5.4
1,0
51
.81
,12
2.7
1,0
70
.71
,07
6.9
1,0
54
.11
,06
6.3
1,1
58
.41
,15
3.9
Q
uas
i-m
on
ey3
,49
3.1
3,8
26
.34
,32
4.2
4,4
59
.64
,54
0.9
4,5
89
.24
,63
7.3
4,6
80
.84
,72
3.4
4,7
48
.64
,73
8.3
4,8
40
.14
,87
1.4
4,8
54
.7
Sav
ing
s d
epo
sits
88
1.6
95
3.1
99
1.9
1,0
09
.11
,01
8.7
1,0
06
.01
,02
0.2
1,0
31
.11
,04
0.2
1,0
07
.09
95
.31
,00
4.4
1,0
12
.41
,00
5.9
Fix
ed d
epo
sits
2,4
67
.42
,71
4.1
3,1
32
.23
,23
1.4
3,3
08
.13
,37
0.0
3,4
15
.83
,44
0.6
3,4
69
.53
,49
7.0
3,5
11
.13
,59
8.3
3,6
30
.43
,64
0.2
Fo
reig
n c
urr
ency
dep
osi
ts1
44
.11
59
.12
00
.12
19
.12
14
.12
13
.22
01
.32
09
.12
13
.72
44
.62
31
.92
37
.42
28
.62
08
.6
To
tal
do
mes
tic
cred
it1
3.2
14
.51
2.3
0.2
0.9
2.4
2.9
0.3
0.1
2.6
(1.6
)1
.01
.42
.7
P
ub
lic
sect
or
7.1
13
.01
3.5
(2.9
)(1
.2)
5.5
11
.55
.6(1
.6)
11
.7(1
0.1
)8
.78
.41
0.2
Go
ver
nm
ent
(net
)1
8.4
4.5
28
.6(3
.1)
(9.1
)4
.11
6.3
12
.8(2
.1)
15
.7(1
4.3
)1
0.5
11
.67
.1
Res
t o
f p
ub
lic
sect
or
(11
.0)
31
.0(1
2.1
)(2
.5)
18
.48
.22
.8(9
.2)
(0.4
)1
.42
.14
.40
.31
8.9
P
riv
ate
sect
or
14
.51
4.8
12
.10
.81
.31
.81
.3(0
.8)
0.5
0.6
0.5
(0.7
)(0
.3)
0.7
Mo
net
ary
lia
bil
itie
s9
.27
.41
0.6
2.6
1.3
1.2
0.0
1.8
(0.2
)0
.4(0
.2)
1.6
2.0
(0.3
)
M
on
ey8
.71
.23
.30
.9(0
.5)
1.6
(3.6
)4
.9(4
.1)
(0.3
)0
.1(0
.7)
7.3
(0.2
)
C
urr
ency
10
.63
.51
0.7
(4.2
)(4
.7)
(2.3
)3
.1(4
.3)
(1.4
)(5
.2)
12
.8(1
0.1
)(0
.1)
1.1
D
eman
d d
epo
sits
8.4
0.8
1.9
2.0
0.4
2.3
(4.8
)6
.7(4
.6)
0.6
(2.1
)1
.28
.6(0
.4)
Q
uas
i-m
on
ey9
.49
.51
3.0
3.1
1.8
1.1
1.0
0.9
0.9
0.5
(0.2
)2
.10
.6(0
.3)
So
urc
e: T
he
Cen
tra
l B
an
k o
f T
he
Ba
ha
ma
s
TA
BL
E 2
(per
cen
tag
e ch
an
ge)
20
09
(B$
Mil
lio
ns)
20
08
20
10
MO
NE
TA
RY
SU
RV
EY
16
(B$
Mil
lio
ns)
En
d o
f P
erio
d2
00
52
00
62
00
7
Mar
.Ju
n.
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t.M
ar.
Mar
.
Net
fo
reig
n a
sset
s5
78
.84
99
.74
54
.25
39
.66
74
.86
50
.25
62
.96
23
.87
70
.47
54
.98
15
.98
19
.08
62
.17
65
.4
B
alan
ces
wit
h b
ank
s ab
road
14
5.4
90
.55
9.5
14
9.8
28
5.1
26
1.7
20
5.8
26
8.5
35
4.2
17
7.5
27
0.9
27
0.5
31
7.7
15
7.3
F
ore
ign
sec
uri
ties
42
4.4
39
9.8
38
4.7
37
9.4
37
9.4
37
8.7
34
7.4
34
5.9
40
6.5
38
6.6
35
6.2
36
5.6
36
6.2
42
0.7
R
eser
ve
po
siti
on
in
th
e F
un
d9
.09
.4
9
.91
0.3
10
.29
.79
.69
.49
.79
.99
.89
.59
.39
.7
S
DR
ho
ldin
gs
--
--
0.1
0.1
0.1
0.1
0.1
--
--
18
0.9
17
9.0
17
3.4
16
8.9
17
7.7
Net
do
mes
tic
ass
ets
23
.18
5.1
23
5.7
19
1.9
71
.96
4.5
76
.95
5.8
74
.01
41
.47
3.4
77
.08
0.6
14
4.2
N
et c
laim
s o
n G
ov
ern
men
t1
22
.01
82
.53
32
.32
95
.01
78
.51
85
.31
98
.81
95
.31
84
.72
45
.91
82
.11
79
.31
86
.32
44
.1
Cla
ims
14
9.7
19
0.6
34
7.8
32
0.0
20
1.5
19
9.1
20
2.9
22
1.4
21
3.6
26
9.3
20
2.8
18
9.7
20
0.4
25
9.3
Tre
asu
ry b
ills
--
52
.21
43
.51
17
.6
-
-
-
-6
.32
8.7
--
52
.2
-
-
--
7.2
22
.2
Bah
amas
reg
iste
red
sto
ck7
2.7
76
.41
32
.41
30
.41
29
.51
27
.11
24
.61
20
.71
16
.61
20
.11
05
.89
2.7
96
.21
25
.1
Lo
ans
and
ad
van
ces
77
.06
2.0
72
.07
2.0
72
.07
2.0
72
.07
2.0
97
.09
7.0
97
.09
7.0
97
.01
12
.0
Dep
osi
ts(2
7.7
)(8
.1)
(15
.6)
(25
.0)
(23
.0)
(13
.8)
(4.1
)(2
6.1
)(2
8.9
)(2
3.4
)(2
0.7
)(1
0.4
)(1
4.1
)(1
5.2
)
In l
oca
l cu
rren
cy(2
7.7
)(8
.1)
(15
.6)
(25
.0)
(23
.0)
(13
.8)
(4.1
)(2
6.1
)(2
8.9
)(2
3.4
)(2
0.7
)(1
0.4
)(1
4.1
)(1
5.2
)
In f
ore
ign
cu
rren
cy
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
D
epo
sits
of
rest
of
pu
bli
c se
cto
r(2
6.1
)(1
8.3
)(1
0.4
)(1
7.6
)(1
7.1
)(2
8.2
)(1
0.4
)(1
6.3
)(1
7.2
)(1
0.2
)(1
5.8
)(1
2.6
)(1
3.9
)(1
1.3
)
C
red
it t
o c
om
mer
cial
ban
ks
--
--
--
--
--
--
--
--
--
--
--
--
--
--
O
ffic
ial
cap
ital
an
d s
urp
lus
(10
5.5
)(1
07
.3)
(11
1.6
)(1
21
.3)
(12
3.3
)(1
28
.4)
(12
5.9
)(1
27
.6)
(12
9.2
)(1
30
.7)
(14
0.5
)(1
37
.4)
(13
7.6
)(1
32
.1)
N
et u
ncl
assi
fied
ass
ets
24
.42
0.1
17
.92
8.3
26
.42
8.4
7.1
(2.8
)2
8.7
29
.44
0.6
40
.93
9.0
36
.9
L
oan
s to
res
t o
f p
ub
lic
sect
or
7.3
7.0
6.8
6.7
6.6
6.6
6.5
6.4
6.2
6.2
6.2
6.0
6.0
5.8
P
ub
lic
Co
rp B
on
ds/
Sec
uri
ties
1.0
1.0
0.8
0.8
0.8
0.8
0.8
0.8
0.8
0.8
0.8
0.8
0.8
0.8
Lia
bil
itie
s T
o D
om
esti
c B
an
ks
(39
2.0
)(3
67
.3)
(45
0.1
)(5
00
.5)
(52
5.8
)(4
99
.2)
(43
9.0
)(4
99
.9)
(63
4.2
)(5
15
.0)
(48
6.5
)(5
20
.2)
(57
2.0
)(5
27
.3)
No
tes
and
co
ins
(10
5.8
)(1
16
.2)
(11
0.1
)(7
9.7
)(8
1.8
)(7
9.1
)(1
17
.6)
(78
.2)
(85
.6)
(87
.3)
(11
1.8
)(8
6.2
)(8
9.1
)(8
3.8
)
Dep
osi
ts(2
86
.2)
(25
1.1
)(3
40
.0)
(42
0.8
)(4
44
.0)
(42
0.1
)(3
21
.4)
(42
1.7
)(5
48
.6)
(42
7.7
)(3
74
.7)
(43
4.0
)(4
82
.9)
(44
3.5
)
SD
R a
llo
cati
on
(14
.6)
(15
.4)
(16
.2)
(16
.8)
(16
.7)
(15
.9)
(15
.8)
(15
.3)
(15
.9)
(19
7.1
)(1
95
.0)
(18
8.9
)(1
84
.0)
(19
3.6
)
Cu
rren
cy h
eld
by
th
e p
riv
ate
sect
or
(19
5.3
)(2
02
.1)
(22
3.7
)(2
14
.2)
(20
4.2
)(1
99
.6)
(20
5.8
)(1
97
.0)
(19
4.3
)(1
84
.2)
(20
7.8
)(1
86
.9)
(18
6.7
)(1
88
.7)
So
urc
e: T
he
Cen
tra
l B
an
k o
f T
he
Ba
ha
ma
s
20
08
TA
BL
E
3
CE
NT
RA
L B
AN
K B
AL
AN
CE
SH
EE
T
20
10
20
09
17
(B$
Mil
lio
ns)
En
d o
f P
erio
d2
00
52
00
62
00
7
Mar
.Ju
n.
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t.
Net
fo
reig
n a
sset
s(6
11
.0)
(75
4.1
)(6
67
.6)
(59
5.0
)(6
12
.9)
(67
9.6
)(7
03
.8)
(66
5.8
)(8
28
.5)
(79
6.8
)(6
81
.9)
(64
0.2
)(6
12
.1)
(79
3.4
)
Net
cla
ims
on
Cen
tra
l B
an
k3
89
.73
66
.54
48
.44
99
.75
25
.04
98
.44
39
.95
00
.86
35
.25
15
.94
87
.45
21
.35
72
.55
28
.4
No
tes
and
Co
ins
10
5.8
11
6.2
11
0.1
79
.78
1.8
79
.11
17
.67
8.2
85
.68
7.3
11
1.8
86
.28
9.1
83
.8
Bal
ance
s2
84
.72
51
.13
39
.14
20
.84
44
.04
20
.13
22
.34
22
.65
49
.64
28
.63
75
.64
35
.14
83
.44
44
.6
Les
s C
entr
al B
ank
cre
dit
0.8
0.8
0.8
0.8
0.8
0.8
----
----
----
----
Net
do
mes
tic
ass
ets
45
18
.24
,93
5.4
5,1
99
.75
,21
5.9
5,2
71
.05
,40
5.5
5,5
34
.15
,49
0.6
5,5
55
.85
,66
4.7
5,5
64
.45
,56
5.7
5,6
14
.45
,81
1.9
Net
cla
ims
on
Go
ver
nm
ent
52
8.9
49
4.5
53
4.5
54
5.1
58
5.3
60
9.7
72
5.2
84
7.6
85
7.1
95
9.3
84
3.0
95
2.0
1,0
70
.81
,10
2.2
Tre
asu
ry b
ills
66
.11
0.0
50
.87
1.7
19
7.4
18
9.8
18
0.2
20
8.8
17
2.6
16
1.7
21
4.0
21
8.3
26
7.6
26
4.1
Oth
er s
ecu
riti
es4
00
.54
37
.14
68
.54
66
.34
60
.75
20
.55
33
.56
02
.66
19
.77
07
.37
04
.67
05
.47
40
.47
52
.8
Lo
ans
and
ad
van
ces
15
0.7
15
6.3
12
0.3
13
3.4
57
.26
5.1
14
5.8
17
6.2
21
9.0
23
8.6
76
.51
66
.32
05
.32
12
.6
Les
s: d
epo
sits
88
.41
08
.91
05
.01
26
.31
30
.01
65
.71
34
.31
40
.01
54
.21
48
.31
52
.11
38
.01
42
.51
27
.3
Net
cla
ims
on
res
t o
f p
ub
lic
sect
or
(25
.3)
12
.3(7
8.9
)(9
6.6
)(5
7.4
)(4
0.7
)3
.4(8
9.9
)(4
7.3
)(5
3.6
)(2
5.7
)(4
9.5
)(4
9.0
)3
1.4
Sec
uri
ties
20
.61
21
.19
7.7
97
.29
5.2
89
.39
7.5
99
.59
9.5
99
.51
07
.01
07
.01
07
.01
07
.0
Lo
ans
and
ad
van
ces
26
5.8
26
8.1
24
3.9
23
5.7
30
0.3
33
9.3
34
3.6
30
0.4
29
9.1
30
5.0
30
5.9
32
4.6
32
5.9
40
9.1
Les
s: d
epo
sits
31
1.7
37
6.8
42
0.5
42
9.5
45
2.9
46
9.3
43
7.7
48
9.8
44
5.9
45
8.1
43
8.6
48
1.1
48
1.9
48
4.7
Oth
er n
et c
laim
s(5
.9)
(17
.9)
(6.9
)(1
.2)
(3.1
)(1
.7)
(0.1
)(5
.1)
(11
.1)
(18
.9)
(8.1
)(7
.2)
(1.9
)(2
.7)
Cre
dit
to
th
e p
riv
ate
sect
or
49
53
.75
,66
8.7
6,2
18
.46
,25
2.9
6,3
43
.16
,45
4.6
6,5
36
.86
,48
3.8
6,5
16
.86
,55
7.7
6,5
95
.96
,54
8.7
6,5
26
.46
,57
1.1
Sec
uri
ties
28
.22
1.7
29
.62
9.6
36
.33
5.9
28
.82
9.2
28
.33
0.2
27
.22
5.9
22
.32
1.4
Mo
rtg
ages
19
19
.12
,25
8.1
2,5
80
.42
,61
7.4
2,7
02
.62
76
6.3
2,8
19
.72
,84
8.4
2,8
81
.42
,91
8.3
2,9
49
.62
,95
0.0
2,9
68
.83
,00
9.6
Lo
ans
and
ad
van
ces
30
06
.43
,38
8.9
3,6
08
.43
,60
5.9
3,6
04
.23
65
2.4
3,6
88
.33
,60
6.2
3,6
07
.13
,60
9.2
3,6
19
.13
,57
2.8
3,5
35
.33
,54
0.1
Pri
vat
e ca
pit
al a
nd
su
rplu
s(1
19
7.5
)(1
,47
7.5
)(1
,65
4.1
)(1
,70
6.6
)(1
,77
5.0
)(1
,81
5.7
)(1
,86
4.6
)(1
,91
1.6
)(1
,96
7.2
)(1
,97
8.2
)(2
,03
3.0
)(2
,06
2.1
)(2
,06
1.8
)(2
,03
4.4
)
Net
un
clas
sifi
ed a
sset
s2
64
.32
55
.31
86
.72
22
.31
78
.11
99
.31
33
.41
65
.82
07
.51
98
.41
92
.31
83
.81
29
.91
44
.3
Lia
bil
itie
s to
pri
va
te s
ecto
r4
29
7.1
4,5
47
.84
,98
2.7
5,1
20
.65
,18
3.1
5,2
24
.25
,27
0.2
5,3
25
.65
,36
2.5
5,3
83
.85
,37
0.0
5,4
46
.85
,57
4.8
5,5
47
.0
D
eman
d d
epo
sits
10
92
.21
,11
2.9
1,1
74
.81
,18
2.5
1,1
64
.91
16
4.4
1,1
50
.21
,17
7.8
1,1
74
.61
,19
6.6
1,2
04
.21
,18
4.4
1,2
96
.31
,27
1.3
S
avin
gs
dep
osi
ts8
85
.39
56
.89
94
.71
,01
3.8
1,0
24
.21
01
2.1
1,0
24
.11
,03
6.5
1,0
44
.61
,01
4.2
1,0
03
.51
,00
7.3
1,0
14
.11
,00
8.0
F
ixed
dep
osi
ts2
31
9.6
2,4
78
.12
,81
3.2
2,9
24
.32
,99
4.0
30
47
.73
,09
5.9
3,1
11
.33
14
3.3
3,1
73
.03
16
2.3
3,2
55
.13
26
4.4
32
67
.7
So
urc
e: T
he
Cen
tra
l B
an
k o
f T
he
Ba
ha
ma
s
20
10
TA
BL
E 4
DO
ME
ST
IC B
AN
KS
BA
LA
NC
E S
HE
ET
20
09
20
08
18
(B$
'00
0s)
Per
iod
20
06
20
07
20
08
Qtr
. I
Qtr
. II
Qtr
. II
IQ
tr.
IVQ
tr.
IQ
tr.
IIQ
tr.
III
Qtr
. IV
Qtr
. I
Qtr
. II
1.
Inte
rest
Inco
me
64
6,2
69
74
4,5
37
76
0,1
59
18
4,1
45
18
9,8
82
18
7,8
18
19
8,3
14
18
2,3
63
18
2,9
90
18
0,7
20
18
2,8
05
183,5
59
183,1
76
2.
Inte
rest
Exp
ense
22
5,2
05
29
1,2
06
27
8,2
19
69
,06
76
8,6
55
70
,25
97
0,2
38
62
,11
65
9,3
86
63
,02
35
9,9
43
57,9
90
56,8
79
3.
Inte
rest
Ma
rg
in (
1-2
)4
21
,06
44
53
,33
14
81
,94
01
15
,07
81
21
,22
71
17
,55
91
28
,07
61
20
,24
71
23
,60
41
17
,69
71
22
,86
21
25
,56
91
26
,29
7
4.
Com
mis
sion &
Fore
x I
nco
me
29
,54
33
1,7
14
32
,32
89
,54
49
,32
26
,15
47
,30
88
,18
53
,61
75
,30
04
,90
35
,49
55
,88
9
5.
Gross
Ea
rn
ing
s M
arg
in (
3+
4)
45
0,6
07
48
5,0
45
51
4,2
68
12
4,6
22
13
0,5
49
12
3,7
13
13
5,3
84
12
8,4
32
12
7,2
21
12
2,9
97
12
7,7
65
13
1,0
64
13
2,1
86
6.
Sta
ff C
ost
s1
38
,08
71
33
,30
91
48
,36
43
5,2
81
36
,90
83
7,4
10
38
,76
53
6,4
44
37
,45
03
8,0
16
37
,31
23
8,4
00
40
,03
2
7.
Occ
up
ancy
Cost
s2
0,6
69
20
,61
22
3,4
09
5,1
11
5,9
71
5,8
79
6,4
48
5,2
51
6,3
19
5,7
27
6,1
20
5,9
78
5,6
21
8.
Oth
er O
per
atin
g C
ost
s6
3,0
02
79
,48
09
1,8
67
22
,07
32
2,7
10
22
,03
32
5,0
51
27
,46
02
0,6
71
20
,55
91
8,5
55
25
,86
42
3,6
09
9.
Op
era
tin
g C
ost
s (6
+7
+8
)2
21
,75
82
33
,40
12
63
,64
06
2,4
65
65
,58
96
5,3
22
70
,26
46
9,1
55
64
,44
06
4,3
02
61
,98
77
0,2
42
69
,26
2
TA
BL
E 5
20
09
PR
OF
IT A
ND
LO
SS
AC
CO
UN
TS
OF
BA
NK
S IN
TH
E B
AH
AM
AS
*
20
08
20
10
9.
Op
era
tin
g C
ost
s (6
+7
+8
)2
21
,75
82
33
,40
12
63
,64
06
2,4
65
65
,58
96
5,3
22
70
,26
46
9,1
55
64
,44
06
4,3
02
61
,98
77
0,2
42
69
,26
2
10
.N
et
Ea
rn
ing
s M
arg
in (
5-9
)2
28
,84
92
51
,64
42
50
,62
86
2,1
57
64
,96
05
8,3
91
65
,12
05
9,2
77
62
,78
15
8,6
95
65
,77
86
0,8
22
62
,92
4
11
.D
epre
ciat
ion C
ost
s1
1,0
88
11
,67
31
3,4
12
3,1
01
3,3
47
3,3
63
3,6
01
3,3
77
3,2
33
3,3
20
4,2
04
3,6
01
4,1
85
12
.P
rovis
ions
for
Bad
Deb
t4
3,1
29
39
,81
78
2,2
04
16
,22
71
1,3
04
23
,41
83
1,2
55
22
,91
63
6,2
73
27
,68
03
4,2
23
20
,61
62
6,5
49
13
.O
ther
Inco
me
10
1,6
33
10
7,2
71
12
0,3
34
37
,83
12
8,2
99
27
,38
52
6,8
19
25
,55
92
3,2
13
23
,76
32
4,4
55
27
,80
63
0,0
93
14
.O
ther I
ncom
e (
Net)
(1
3-1
1-1
2)
47
,41
65
5,7
81
24
,71
81
8,5
03
13
,64
86
04
(8,0
37
)(7
34
)(1
6,2
93
)(7
,23
7)
(13
,97
2)
3,5
89
(64
1)
15
.N
et
Incom
e (
10
+1
4)
27
6,2
65
30
7,4
25
27
5,3
46
80
,66
07
8,6
08
58
,99
55
7,0
83
58
,54
34
6,4
88
51
,45
85
1,8
06
64
,41
16
2,2
83
16
.E
ffecti
ve I
nte
rest
Ra
te S
prea
d (
%)
6.1
56
.25
6.5
16
.36
6.6
06
.40
6.6
86
.24
6.5
26
.20
6.4
06
.20
6.2
4
Inte
rest
Mar
gin
5.6
35
.50
5.3
95
.33
5.4
15
.20
5.6
05
.20
5.4
15
.17
5.4
65
.55
5.5
0
Com
mis
sion &
Fore
x I
nco
me
0.3
90
.38
0.3
60
.44
0.4
20
.27
0.3
20
.35
0.1
60
.23
0.2
20
.24
0.2
6
Gro
ss E
arnin
gs
Mar
gin
6.0
25
.89
5.7
55
.78
5.8
35
.47
5.9
25
.55
5.5
75
.40
5.6
85
.80
5.7
6
Op
erat
ing C
ost
s2
.96
2.8
32
.95
2.9
02
.93
2.8
93
.07
2.9
92
.82
2.8
22
.75
3.1
13
.02
Net
Ear
nin
gs
Mar
gin
3.0
63
.05
2.8
02
.88
2.9
02
.58
2.8
52
.56
2.7
52
.58
2.9
22
.69
2.7
4
Net
Inco
me
3.6
93
.73
3.0
93
.74
3.5
12
.61
2.4
92
.53
2.0
42
.26
2.3
02
.85
2.7
1
*C
om
mer
cia
l B
an
ks
an
d O
LF
Is w
ith
dom
esti
c op
era
tion
s
Sou
rce:
Th
e C
en
tra
l B
an
k o
f T
he B
ah
am
as
(Ra
tios
To A
vera
ge A
ssets
)
19
(B$
Mil
lio
ns)
En
d o
f P
erio
d2
00
52
00
62
00
7
Mar
.Ju
n.
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t.
Mo
ney
su
pp
ly (
M1
)1
,24
7.6
1,2
51
.11
,30
0.3
1,3
08
.41
,30
5.7
1,3
20
.21
,27
4.5
1,3
36
.41
,28
5.2
1,2
77
.81
,28
3.6
1,2
74
.81
,37
4.7
1,3
65
.8
1)
Cu
rren
cy i
n a
ctiv
e ci
rcu
lati
on
19
5.3
20
2.1
22
3.7
21
4.2
20
4.2
19
9.6
20
5.8
19
7.0
19
4.3
18
4.2
20
7.8
18
6.9
18
6.7
18
8.7
2)
Dem
and
dep
osi
ts1
,05
2.3
1,0
49
.01
,07
6.6
1,0
94
.21
,10
1.5
1,1
20
.60
.01
,13
9.4
1,0
90
.91
,09
3.6
1,0
75
.81
,08
7.9
1,1
88
.01
,17
7.1
Cen
tral
Ban
k2
6.1
18
.31
0.4
18
.21
7.1
28
.30
.01
6.3
17
.21
0.2
15
.91
2.6
13
.91
3.4
Do
mes
tic
Ban
ks
1,0
26
.21
,03
0.7
1,0
66
.21
,07
6.0
1,0
84
.41
,09
2.3
0.0
1,1
23
.11
,07
3.7
1,0
83
.41
,05
9.9
1,0
75
.31
,17
4.1
1,1
63
.7
Fa
cto
rs a
ffec
tin
g m
on
ey (
M1
)
1)
Net
cre
dit
to
Go
ver
nm
ent
64
2.5
67
7.0
86
6.8
84
0.1
76
3.8
79
5.0
92
4.0
1,0
42
.91
,04
1.8
1,2
05
.21
,02
3.9
1,1
31
.31
,25
7.1
1,3
46
.3
Cen
tral
Ban
k1
22
.01
82
.53
32
.32
95
.01
78
.51
85
.31
98
.81
95
.31
84
.72
45
.91
80
.91
79
.31
86
.32
44
.1
Do
mes
tic
Ban
ks
52
0.5
49
4.5
53
4.5
54
5.1
58
5.3
60
9.7
72
5.2
84
7.6
85
7.1
95
9.3
84
3.0
95
2.0
1,0
70
.81
,10
2.2
2)
Oth
er c
red
it5
,25
7.0
6,0
65
.96
,56
7.5
6,5
93
.26
,74
2.4
6,8
90
.56
,98
5.1
6,8
90
.96
,92
2.4
6,9
69
.27
,01
5.8
6,9
87
.16
,96
6.0
7,0
93
.8
Res
t o
f p
ub
lic
sect
or
30
3.3
39
7.2
34
9.1
34
0.3
40
2.9
43
5.9
44
8.3
40
7.1
40
5.6
41
1.5
41
9.9
43
8.4
43
9.6
52
2.7
Pri
vat
e se
cto
r4
,95
3.7
5,6
68
.76
,21
8.4
6,2
52
.96
,33
9.5
6,4
54
.66
,53
6.8
6,4
83
.86
,51
6.8
6,5
57
.76
,59
5.9
6,5
48
.76
,52
6.4
6,5
71
.1
3)
Exte
rnal
res
erves
57
8.8
49
9.7
45
4.2
53
9.6
67
4.8
65
0.2
56
2.9
62
3.8
77
0.4
75
4.9
81
5.9
81
9.0
86
2.1
76
5.4
4)
Oth
er e
xte
rnal
li
abil
itie
s (n
et)
(61
1.0
)(7
54
.1)
(66
7.6
)(5
95
.0)
(61
2.9
)(6
79
.6)
(70
3.8
)(6
65
.8)
(82
8.5
)7
96
.8(6
81
.9)
(64
0.2
)(6
12
.1)
(79
3.4
)
5)
Qu
asi
mo
ney
3,5
82
.63
,89
4.0
4,3
37
.04
,47
4.1
4,5
53
.54
,60
1.2
4,6
49
.54
,69
2.3
4,7
34
.74
,75
8.5
4,7
48
.74
,85
2.6
4,8
82
.64
,86
8.1
6)
Oth
er i
tem
s (n
et)
(1,0
37
.1)
(1,3
43
.4)
(1,5
83
.6)
(1,5
95
.4)
(1,7
08
.9)
(1,7
34
.7)
(1,8
44
.2)
(1,8
63
.1)
(1,8
86
.2)
(2,0
96
.2)
(2,1
41
.4)
(2,1
69
.8)
(2,2
15
.8)
(2,1
78
.2)
So
urc
e: T
he
Cen
tra
l B
an
k o
f T
he
Ba
ha
ma
s
TA
BL
E 6
MO
NE
Y S
UP
PL
Y
20
10
20
09
20
08
20
(B$' 0
00)
En
d o
f P
erio
d2
00
62
00
7
Jun.
Sep
t.D
ec.
Mar
Jun.
Sep
t.D
ec.
Mar
Jun.
Sep
t.
CR
ED
IT
OU
TS
TA
ND
IN
G
P
rivat
e ca
rs228,4
21
248,1
52
247,4
18
251,1
67
245,0
23
238,7
75
227,7
57
223,3
49
215,1
64
206,6
89
199,2
28
197,1
38
188,5
68
T
axis
& r
ente
d c
ars
2,5
68
1,9
08
1,9
25
2,0
33
2,0
20
1,9
09
1,8
17
1,7
80
1,7
85
1,8
32
1,5
52
1,2
96
1,0
46
C
om
mer
cial
veh
icle
s6,8
29
6,9
56
6,9
66
6,8
76
6,3
50
6,1
11
5,6
56
5,3
05
5,1
65
4,9
55
4,7
61
3,9
66
3,6
82
F
urn
ishin
gs
& d
om
esti
c ap
pli
ance
s
19,6
58
22,3
94
22,4
35
22,8
18
22,0
43
21,1
73
20,2
84
19,6
32
19,7
59
19,1
34
18,1
64
17,2
44
15,2
53
T
ravel
45,9
44
50,9
70
48,5
20
51,0
36
54,4
12
49,6
02
43,9
66
40,4
88
39,7
02
36,3
69
32,3
45
29,4
25
28,5
96
E
duca
tion
52,8
58
54,7
25
53,9
38
54,0
12
59,3
06
57,2
55
55,1
99
53,2
83
57,5
20
55,2
27
53,0
37
50,5
29
52,5
60
M
edic
al17,3
20
20,5
20
21,0
14
22,0
34
22,0
01
21,4
35
21,1
59
20,4
27
19,8
94
19,6
97
19,0
75
18,4
22
17,3
03
H
om
e Im
pro
vem
ents
152,8
51
163,0
70
164,9
73
167,2
72
171,8
86
171,4
54
170,1
62
166,3
64
163,9
42
163,9
91
166,0
94
163,5
12
149,0
68
L
and P
urc
has
es201,3
18
227,2
36
232,9
12
234,2
82
237,3
34
246,1
68
246,7
54
245,8
76
245,2
09
243,6
96
240,8
98
244,5
94
242,8
76
C
onso
lidat
ion o
f deb
t459,7
91
496,2
96
505,0
38
531,2
96
563,7
38
594,5
65
605,7
84
632,4
22
638,2
44
648,0
24
661,3
79
665,8
86
684,1
72
M
isce
llan
eous
489,1
22
559,1
19
562,5
36
556,7
26
552,1
97
541,5
85
529,6
09
529,9
75
523,3
07
515,0
02
498,4
10
494,6
05
503,8
71
C
redit
Car
ds
226,4
01
256,9
95
258,2
91
264,3
75
281,1
98
294,3
77
283,6
15
278,6
14
277,4
79
278,7
49
265,0
44
261,0
17
261,5
31
T
OT
AL
1,9
03,0
81
2,1
08,3
41
2,1
25,9
66
2,1
63,9
27
2,2
17,5
08
2,2
44,4
09
2,2
11,7
62
2,2
17,5
15
2,2
07,1
70
2,1
93,3
65
2,1
59,9
87
2,1
47,6
34
2,1
48,5
26
NE
T C
RE
DIT
EX
TE
ND
ED
P
rivat
e ca
rs18,5
42
19,7
31
-734
3,7
49
-6,1
44
-6,2
48
-11,0
18
-4,4
08
-8,1
85
-8,4
75
-7,4
61
-2,0
90
-8,5
70
T
axis
& r
ente
d c
ars
251
-660
17
108
-13
-111
-92
-37
547
-280
-256
-250
C
om
mer
cial
veh
icle
s791
127
10
-90
-526
-239
-455
-351
-140
-210
-194
-795
-284
F
urn
ishin
gs
& d
om
esti
c ap
pli
ance
s2,3
49
2,7
36
41
383
-775
-870
-889
-652
127
-625
-970
-920
-1,9
91
T
ravel
4,5
09
5,0
26
-2,4
50
2,5
16
3,3
76
-4,8
10
-5,6
36
-3,4
78
-786
-3,3
33
-4,0
24
-2,9
20
-829
E
duca
tion
5,1
21
1,8
67
-787
74
5,2
94
-2,0
51
-2,0
56
-1,9
16
4,2
37
-2,2
93
-2,1
90
-2,5
08
2,0
31
M
edic
al2,8
74
3,2
00
494
1,0
20
-33
-566
-276
-732
-533
-197
-622
-653
-1,1
19
H
om
e Im
pro
vem
ents
18,5
17
10,2
19
1,9
03
2,2
99
4,6
14
-432
-1,2
92
-3,7
98
-2,4
22
49
2,1
03
-2,5
82
-14,4
44
L
and P
urc
has
es26,6
73
25,9
18
5,6
76
1,3
70
3,0
52
8,8
34
586
-878
-667
-1,5
13
-2,7
98
3,6
96
-1,7
18
C
onso
lidat
ion o
f deb
t46,5
98
36,5
05
8,7
42
26,2
58
32,4
42
30,8
27
11,2
19
26,6
38
5,8
22
9,7
80
13,3
55
4,5
07
18,2
86
M
isce
llan
eous
76,9
60
69,9
97
3,4
17
-5,8
10
-4,5
29
-10,6
12
-11,9
76
366
-6,6
68
-8,3
05
-16,5
92
-3,8
05
9,2
66
C
redit
Car
ds
38,3
43
30,5
94
1,2
96
6,0
84
16,8
23
13,1
79
-10,7
62
-5,0
01
-1,1
35
1,2
70
-13,7
05
-4,0
27
514
T
OT
AL
241,5
28
205,2
60
17,6
25
37,9
61
53,5
81
26,9
01
-32,6
47
5,7
53
-10,3
45
-13,8
05
-33,3
78
-12,3
53
892
Sou
rce:
Th
e C
en
tral
Ban
k o
f T
he B
ah
am
as
* I
ncl
ud
es b
oth
dem
and
an
d a
dd
-on
loan
s
20
10
20
09
20
08
Mar
.
CO
NS
UM
ER
IN
ST
AL
ME
NT
CR
ED
IT*
TA
BL
E 7
21
(%)
Per
iod
20
07
20
08
20
09
Qtr
. I
Qtr
. II
Qtr
. II
IQ
tr.
IVQ
tr.
IQ
tr.
IIQ
tr.
III
Qtr
. IV
Qtr
. I
Qtr
. II
Qtr
. II
I
DO
ME
ST
IC B
AN
KS
D
epo
sit
rate
s
Sav
ings
dep
osi
ts2
.05
2.2
02
.15
2.3
02
.25
2.1
72
.06
2.1
92
.11
2.0
92
.19
2.0
62
.03
1.8
4
Fix
ed d
epo
sits
U
p t
o 3
mo
nth
s3
.51
3.7
03
.55
3.7
43
.71
3.7
13
.63
3.6
43
.57
3.5
43
.46
3.4
53
.23
3.0
9
U
p t
o 6
mo
nth
s3
.89
4.0
83
.94
4.1
84
.09
4.0
04
.04
4.2
33
.88
3.9
33
.72
3.7
33
.51
3.6
2
U
p t
o 1
2 m
on
ths
4.2
84
.56
4.2
64
.83
4.5
74
.48
4.3
54
.67
4.3
83
.96
4.0
24
.22
4.0
13
.86
O
ver
12
mo
nth
s4
.52
4.4
44
.37
5.0
54
.28
4.3
14
.11
4.6
64
.33
4.2
14
.27
4.3
13
.83
4.0
0
W
eig
hte
d a
ver
age
rate
3.6
93
.92
3.7
94
.02
3.9
13
.90
3.8
64
.00
3.7
93
.70
3.6
73
.73
3.4
63
.33
Len
din
g r
ate
s
Res
iden
tial
mo
rtg
ages
8.1
68
.36
8.2
58
.36
8.5
88
.25
8.2
58
.29
8.2
38
.26
8.2
18
.22
8.2
58
.10
Co
mm
erci
al m
ort
gag
es8
.75
8.7
28
.60
8.6
29
.24
8.3
78
.64
8.5
88
.46
8.7
28
.65
8.6
08
.71
9.2
0
Co
nsu
mer
lo
ans
12
.70
13
.03
12
.69
13
.00
13
.49
13
.07
12
.55
12
.49
12
.72
13
.09
12
.46
12
.90
12
.74
13
.51
Ov
erd
raft
s1
1.4
41
1.4
51
1.6
71
1.3
41
1.7
91
1.5
71
1.1
01
2.8
41
1.6
01
1.4
31
0.8
01
1.9
11
0.7
91
0.4
0
W
eig
hte
d a
ver
age
rate
10
.63
10
.95
10
.58
11
.00
11
.42
11
.00
10
.39
10
.49
10
.67
10
.69
10
.45
10
.63
10
.73
11
.41
Oth
er r
ate
s
P
rim
e ra
te5
.50
5.5
05
.50
5.5
05
.50
5.5
05
.50
5.5
05
.50
5.5
05
.50
5.5
05
.50
5.5
0
T
reas
ury
bil
l (9
0 d
ays)
2
.66
2.7
32
.62
2.6
92
.83
2.6
92
.73
2.6
42
.77
2.4
92
.56
2.3
92
.48
2.1
4
T
reas
ury
bil
l re
-dis
cou
nt
rate
3.1
63
.23
3.1
23
.19
3.3
33
.19
3.2
33
.14
3.2
72
.99
3.0
62
.89
2.9
82
.64
B
ank
rat
e (d
isco
un
t ra
te)
5.2
55
.25
5.2
55
.25
5.2
55
.25
5.2
55
.25
5.2
55
.25
5.2
55
.25
5.2
55
.25
So
urc
e: T
he
Cen
tra
l B
an
k o
f T
he
Ba
ha
ma
s
20
08
20
09
20
10
TA
BL
E 8
SE
LE
CT
ED
AV
ER
AG
E I
NT
ER
ES
T R
AT
ES
22
Per
iod
20
06
20
07
Qtr
. I
Qtr
. II
Qtr
. II
IQ
tr.
IVQ
tr.
IQ
tr.
IIQ
tr.
III
Qtr
. IV
Qtr
. I
Qtr
. II
Qtr
. II
I
Loan
Port
foli
o
Cu
rren
t L
oan
s (a
s a
% o
f to
tal
loan
s)9
2.5
90
.69
0.9
89
.98
9.5
87
.58
6.3
86
.28
3.9
82
.38
2.3
81
.88
1.5
Arr
ears
(%
by l
oan
typ
e)
Co
nsu
mer
2.8
3.0
3.1
3.2
3.3
3.9
4.2
4.5
4.8
5.2
4.8
4.6
4.4
Mo
rtgag
e3
.14
.64
.44
.54
.75
.96
.26
.07
.58
.69
.09
.49
.9
Co
mm
erci
al1
.61
.71
.52
.32
.42
.63
.23
.23
.73
.83
.84
.14
.1
Pu
bli
c0
.00
.10
.10
.10
.10
.10
.10
.10
.10
.10
.10
.10
.1
To
tal
Arr
ears
7.5
9.4
9.1
10
.11
0.5
12
.51
3.7
13
.81
6.1
17
.71
7.7
18
.21
8.5
Tota
l B
$ L
oan
Port
foli
o1
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.0
Loan
Port
foli
o
Cu
rren
t L
oan
s (a
s a
% o
f to
tal
loan
s)9
2.5
90
.69
0.9
89
.98
9.5
87
.58
6.3
86
.28
3.9
82
.38
2.3
81
.88
1.5
Arr
ears
(%
by d
ays
ou
tsta
nd
ing)
30
- 6
0 d
ays
2.5
3.6
3.2
3.4
3.3
4.5
4.3
4.1
4.9
5.6
6.1
5.9
6.0
61
- 9
0 d
ays
0.9
1.3
1.2
1.7
1.6
1.9
2.3
1.9
2.5
2.7
2.1
2.4
2.3
90
- 1
79
day
s0
.91
.21
.41
.21
.51
.62
.11
.92
.83
.02
.42
.42
.3
over
18
0 d
ays
3.2
3.3
3.3
3.8
4.1
4.5
5.0
5.9
5.9
6.3
7.1
7.5
7.9
To
tal
Arr
ears
7.5
9.4
9.1
10
.11
0.5
12
.51
3.7
13
.81
6.1
17
.71
7.7
18
.21
8.5
Tota
l B
$ L
oan
Port
foli
o1
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.0
No
n A
ccru
al L
oan
s (%
by l
oan
typ
e)
Co
nsu
mer
35
.02
9.4
32
.83
1.4
31
.63
0.2
30
.03
1.0
27
.12
9.8
27
.82
6.6
24
.3
Mo
rtgag
e4
0.9
45
.64
6.4
45
.34
5.2
44
.44
3.4
43
.04
5.4
41
.44
3.7
42
.74
5.1
Oth
er P
rivat
e2
4.0
23
.21
9.0
21
.52
2.2
23
.92
5.2
24
.72
6.4
27
.82
7.4
29
.72
9.6
Pu
bli
c0
.11
.81
.81
.81
.01
.51
.41
.31
.11
.01
.11
.01
.0
To
tal
No
n A
ccru
al L
oan
s1
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.0
Pro
vis
ion
s t
o L
oan
Port
foli
o
Co
nsu
mer
3.4
2.8
3.0
3.1
2.2
3.3
3.6
3.8
4.2
4.2
4.4
4.4
4.5
Mo
rtgag
e1
.31
.21
.21
.31
.21
.41
.61
.61
.71
.81
.91
.92
.1
Oth
er P
rivat
e2
.53
.23
.33
.74
.95
.45
.67
.36
.76
.97
.58
.28
.7
Pu
bli
c0
.00
.00
.00
.00
.00
.10
.00
.00
.00
.00
.00
.00
.0
To
tal
Pro
vis
ion
s to
To
tal
Lo
ans
2.3
2.1
2.3
2.4
2.6
2.7
3.0
3.3
3.4
3.4
3.6
3.7
3.9
To
tal
Pro
vis
ion
s to
No
n-p
erfo
rmin
g L
oan
s5
4.7
47
.94
7.9
47
.94
6.7
46
.04
2.4
42
.93
9.5
37
.13
8.3
37
.53
9.0
To
tal
No
n-p
erfo
rmin
g L
oan
s to
To
tal
Lo
ans
4.2
4.5
4.7
4.9
5.6
6.1
7.1
7.8
8.8
9.3
9.4
9.9
10
.1
So
urc
e: T
he
Cen
tra
l B
an
k o
f T
he
Ba
ha
ma
s
Fig
ure
s m
ay n
ot
sum
to t
ota
l due
to r
oundin
g.
TA
BL
E 9
SE
LE
CT
ED
CR
ED
IT Q
UA
LIT
Y I
ND
ICA
TO
RS
OF
DO
ME
ST
IC B
AN
KS
20
08
20
09
20
10
23
(B$
Mil
lions)
End o
f P
erio
d2
00
52
00
62
00
7
Mar
.Ju
n.
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t.
I. S
tatu
tory
Rese
rves
Req
uir
ed r
eser
ves
22
6.3
24
4.7
26
5.0
26
9.3
27
7.4
28
1.9
28
3.3
28
5.2
28
8.1
29
3.7
29
0.3
28
5.4
29
6.6
29
9.1
Aver
age
Til
l C
ash
86
.59
6.9
92
.87
4.9
77
.27
6.1
95
.47
4.0
81
.48
3.7
94
.87
9.7
83
.78
3.3
Aver
age
bal
ance
wit
h c
entr
al b
ank
33
2.2
26
5.7
36
3.1
41
9.7
45
3.0
42
8.7
35
2.7
41
3.2
56
7.1
46
8.6
42
5.1
43
8.7
51
6.6
46
4.6
Fre
e ca
sh r
eser
ves
(p
erio
d e
nded
)1
91
.51
17
.21
90
.12
24
.52
52
.02
22
.11
64
.02
01
.23
60
.42
58
.62
29
.52
33
.13
03
.72
48
.8
II.
Liq
uid
Ass
ets
(p
erio
d)
A
.
Min
imum
Req
uir
ed L
iquid
Ass
ets
75
2.2
80
2.5
86
0.0
88
3.7
89
4.0
90
9.3
91
1.2
93
0.3
92
5.9
92
7.0
92
9.6
93
8.5
95
8.0
95
8.1
B
.
Net
Eli
gib
le L
iquid
Ass
ets
89
5.6
86
5.6
10
11
.91
07
5.3
12
13
.61
24
0.7
11
68
.51
33
4.5
14
46
.81
39
0.6
14
23
.71
46
0.9
16
01
.91
56
7.5
i)
Bal
ance
wit
h C
entr
al B
ank
2
84
.72
51
.13
41
.24
20
.84
44
.04
20
.13
22
.24
22
.65
49
.64
28
.63
75
.64
35
.14
83
.44
44
.6
ii)
Note
s an
d C
oin
s1
06
.31
16
.71
10
.68
0.2
82
.07
9.6
11
8.1
78
.78
6.1
87
.81
12
.38
6.7
89
.68
4.3
iii)
Tre
asury
Bil
ls6
6.1
10
.05
0.8
71
.71
97
.41
89
.81
80
.22
08
.81
72
.71
61
.72
14
.02
18
.32
67
.62
64
.1
iv)
Gover
nm
ent
regis
tere
d s
tock
s4
00
.44
37
.14
68
.54
66
.34
60
.75
20
.55
13
.35
90
.65
99
.16
80
.16
71
.46
72
.47
11
.07
21
.8
v)
Sp
ecif
ied a
sset
s2
6.0
39
.93
6.6
36
.53
4.3
26
.53
6.8
38
.73
8.5
38
.34
5.7
45
.84
5.6
45
.6
vi)
Net
Inte
r-b
ank
dem
/cal
l dep
osi
ts
12
.91
1.7
5.0
0.6
(4.0
)5
.0(1
.3)
(4.1
)0
.8(5
.9)
4.7
2.6
4.7
7.1
v
ii)
Les
s: b
orr
ow
ings
from
cen
tral
ban
k(0
.8)
(0.8
)-0
.8(0
.8)
(0.8
)(0
.8)
(0.8
)(0
.8)
----
----
----
C
. S
urp
lus/
(Def
icit
)1
43
.46
3.1
15
1.9
19
1.6
31
9.6
33
1.4
25
7.3
40
4.2
52
0.8
46
3.6
49
4.1
52
2.4
64
3.9
60
9.4
Sou
rce:
Th
e C
en
tra
l B
an
k o
f T
he B
ah
am
as
20
09
20
08
20
10
TA
BL
E 1
0
SU
MM
AR
Y O
F B
AN
K L
IQU
IDIT
Y
24
(B$
Mil
lio
ns)
20
10
/11
p
Per
iod
20
08
/09
p2
00
9/1
0p
20
09
/10
20
10
/11
QT
R.
III
QT
R.
IVQ
TR
. I
QT
R.
IIQ
TR
. II
IQ
TR
. IV
QT
R.
I
To
tal
Rev
enu
e &
Gra
nts
1,3
24
.21
,30
2.5
14
00
.01
51
7.2
31
0.9
39
2.1
26
7.8
36
1.1
32
2.0
35
1.7
27
1.2
Cu
rren
t ex
pen
dit
ure
1,4
22
.71
,39
5.9
14
30
.51
46
7.2
35
8.5
39
8.2
31
9.8
34
6.1
35
0.8
37
9.2
33
0.8
Cap
ital
exp
end
itu
re1
39
.81
56
.82
08
.92
27
.62
8.9
51
.93
7.5
42
.93
3.2
43
.13
6.9
Net
len
din
g1
23
.18
9.4
49
.33
8.7
11
.77
9.9
11
.34
8.3
14
.91
5.0
8.1
Over
all
bala
nce
(36
1.3
)(3
39
.5)
(28
8.6
)(2
16
.3)
(88
.2)
(13
7.9
)(1
00
.8)
(76
.2)
(76
.8)
(85
.7)
(10
4.6
)
FIN
AN
CIN
G (
I+II
-III
+IV
+V
)3
61
.33
39
.52
88
.62
16
.38
8.2
13
7.9
10
0.8
76
.27
6.8
85
.71
04
.6
I.
Fore
ign
cu
rren
cy b
orr
ow
ing
26
7.8
31
8.3
63
.85
5.0
60
.71
90
.95
.83
04
.40
.18
.07
7.5
Exte
rnal
56
.73
18
.36
3.8
55
.01
0.7
30
.95
.83
04
.40
.18
.07
.5
Do
mes
tic
21
1.1
--
--
--
50
.01
60
.0--
--
--
--
7
0.0
II.
Bah
am
ian
doll
ar
borr
ow
ing
24
6.1
28
2.0
30
9.7
23
5.0
12
1.1
25
.01
65
.0--
--
1
17
.01
40
.0
i)T
reasu
ry b
ills
13
.85
7.3
--
--
13
.8--
--
--
--
5
7.3
--
TA
BL
E 1
1
G
OV
ER
NM
EN
T O
PE
RA
TIO
NS
AN
D F
INA
NC
ING
20
08
/09
p2
00
9/1
0p
Bud
get
i)T
reasu
ry b
ills
13
.85
7.3
--
--
13
.8--
--
--
--
5
7.3
--
Cen
tral
Ban
k1
3.8
57
.3--
--
1
3.8
--
--
--
--
57
.3--
Co
mm
erci
al b
anks
& O
LF
I's
--
--
--
--
--
--
--
--
--
--
--
Pu
bli
c co
rpo
rati
on
s--
--
--
--
--
--
--
--
--
--
--
Oth
er--
--
--
--
--
--
--
--
--
--
--
ii)
Lon
g-t
erm
sec
uri
ties
20
7.3
20
9.7
--
--
10
7.3
--
15
0.0
--
--
59
.71
00
.0
Cen
tral
Ban
k--
1
5.1
--
--
--
--
15
.1--
--
--
3
0.0
Co
mm
erci
al b
anks
& O
LF
I's
11
4.7
99
.0--
--
6
7.7
--
84
.0--
--
1
5.0
15
.0
Pu
bli
c co
rpo
rati
on
s2
1.7
45
.7--
--
8
.0--
3
0.0
--
--
15
.71
5.0
Oth
er7
0.9
49
.9--
--
3
1.6
--
20
.9--
--
2
9.0
40
.0
iii)
Loan
s an
d A
dvan
ces
25
.01
5.0
--
--
--
25
.01
5.0
--
--
--
40
.0
Cen
tral
Ban
k2
5.0
--
--
--
--
25
.0--
--
--
--
--
Co
mm
erci
al b
anks
--
15
.0--
--
--
--
1
5.0
--
--
--
40
.0
III.
Deb
t re
pay
men
t1
08
.32
84
.28
0.8
70
.01
.07
8.5
16
.02
23
.61
7.0
27
.63
6.1
Dom
esti
c1
01
.82
51
.87
5.0
58
.9--
7
5.9
15
.01
95
.91
6.0
24
.93
5.0
Bah
amia
n d
oll
ars
50
.09
0.0
75
.05
8.9
--
25
.01
5.0
35
.01
6.0
24
.03
5.0
Inte
rnal
fo
reig
n c
urr
ency
51
.81
61
.8--
--
--
5
0.9
--
16
0.9
--
0.9
--
Ex
tern
al
6.5
32
.45
.81
1.0
1.0
2.6
1.0
27
.71
.02
.71
.1
IV.C
ash
bala
nce
ch
an
ge
(30
.2)
26
.5--
--
(2
7.7
)(1
7.0
)1
1.5
(1.1
)2
4.4
(8.3
)1
4.2
V.
Oth
er F
inan
cin
g(1
4.1
)(3
.0)
(4.1
)(3
.7)
(64
.9)
17
.5(6
5.6
)(3
.4)
69
.3(3
.4)
(90
.9)
Sou
rce:
Tre
asu
ry M
on
thly
Pri
nto
uts
. D
ata
com
pil
ed a
ccord
ing
to t
he
Inte
rnati
on
al
Mon
etary
Fu
nd
's G
over
nm
ent
Fin
an
ce S
tati
stic
s fo
rmat.
25
(B$
' 00
0s)
En
d o
f P
erio
d2
00
7p
20
08
p2
00
9p
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t.
TO
TA
L E
XT
ER
NA
L D
EB
T2
72
,97
33
83
,59
37
03
,06
64
26
,41
97
03
,06
67
02
,14
67
07
,45
37
13
,81
3
By
In
stru
men
t0
00
00
0
Go
ver
nm
ent
Sec
uri
ties
20
0,0
00
30
0,0
00
60
0,0
00
30
0,0
00
60
0,0
00
60
0,0
00
60
0,0
00
60
0,0
00
Lo
ans
72
,97
38
3,5
93
10
3,0
66
12
6,4
19
10
3,0
66
10
2,1
46
10
7,4
53
11
3,8
13
By
Ho
lder
Co
mm
erci
al B
ank
s--
----
25
,00
0--
----
--
Off
sho
re F
inan
cial
In
stit
uti
on
s--
----
----
----
--
Mu
ltil
ater
al I
nst
itu
tio
ns
68
,78
97
9,4
09
98
,88
29
7,2
35
98
,88
29
7,9
62
10
3,2
69
10
9,6
29
Bil
ater
al I
nst
itu
tio
ns
4,1
84
4,1
84
4,1
84
4,1
84
4,1
84
4,1
84
4,1
84
4,1
84
Pri
vat
e C
apit
al M
ark
ets
20
0,0
00
30
0,0
00
60
0,0
00
30
0,0
00
60
0,0
00
60
0,0
00
60
0,0
00
60
0,0
00
TO
TA
L I
NT
ER
NA
L D
EB
T2
,36
3,0
56
2,3
83
,00
82
,61
7,2
68
2,8
13
,17
12
,61
7,2
68
2,6
01
,26
82
,69
3,3
89
2,8
68
,39
0
By
In
stru
men
t0
Fo
reig
n C
urr
ency
23
,16
03
,61
21
,80
61
62
,70
91
,80
61
,80
69
03
70
,90
3
G
ov
ern
men
t S
ecu
riti
es--
----
----
----
--
L
oan
s2
3,1
60
3,6
12
1,8
06
16
2,7
09
1,8
06
1,8
06
90
37
0,9
03
Bah
amia
n D
oll
ars
2,3
39
,89
62
,37
9,3
96
2,6
15
,46
22
,65
0,4
62
2,6
15
,46
22
,59
9,4
62
2,6
92
,48
62
,79
7,4
87
A
dv
ance
s7
1,9
88
71
,98
89
6,9
88
96
,98
89
6,9
88
96
,98
89
6,9
88
11
1,9
88
T
reas
ury
Bil
ls2
30
,46
92
30
,46
92
44
,30
92
44
,30
92
44
,30
92
44
,30
93
01
,60
93
01
,60
9
G
ov
ern
men
t S
ecu
riti
es2
,03
1,6
93
2,0
71
,69
32
,26
8,9
19
2,2
88
,91
92
,26
8,9
19
2,2
52
,91
92
,28
8,6
44
2,3
78
,64
4
L
oan
s5
,74
65
,24
65
,24
62
0,2
46
5,2
46
5,2
46
5,2
46
5,2
46
By
Ho
lder
0
Fo
reig
n C
urr
ency
23
,16
03
,61
21
,80
61
62
,70
91
,80
61
,80
69
03
70
,90
3
C
om
mer
cial
Ban
ks
23
,16
03
,61
21
,80
61
42
,70
91
,80
61
,80
69
03
70
,90
3
O
ther
Lo
cal
Fin
anci
al I
nst
itu
tio
ns
----
--2
0,0
00
----
----
Bah
amia
n D
oll
ars
2,3
39
,89
62
,37
9,3
96
2,6
15
,46
22
,65
0,4
62
2,6
15
,46
22
,59
9,4
62
2,6
89
,03
32
,79
7,4
87
T
he
Cen
tral
Ban
k3
48
,84
22
02
,99
32
01
,50
92
69
,59
82
01
,50
91
89
,70
61
89
,70
62
37
,14
2
C
om
mer
cial
Ban
ks
52
0,9
04
69
1,7
39
88
6,3
58
85
4,2
07
88
6,3
58
89
1,8
43
98
5,6
13
98
4,9
31
O
ther
Lo
cal
Fin
anci
al I
inst
itu
tio
ns
3,0
32
2,9
32
4,1
67
4,3
18
4,1
67
5,8
67
5,7
82
6,0
97
P
ub
lic
Co
rpo
rati
on
s7
29
,25
97
20
,78
37
22
,99
97
33
,14
47
22
,99
97
13
,48
17
03
,96
87
26
,34
3
O
ther
73
7,8
59
76
0,9
49
80
0,4
29
78
9,1
95
80
0,4
29
79
8,5
65
80
3,9
64
84
2,9
74
TO
TA
L F
OR
EIG
N C
UR
RE
NC
Y D
EB
T2
96
,13
33
87
,20
57
04
,87
25
89
,12
87
04
,87
27
03
,95
27
08
,35
67
84
,71
6
TO
TA
L D
IRE
CT
CH
AR
GE
2,6
36
,02
92
,76
6,6
01
3,3
20
,33
43
,23
9,5
90
3,3
20
,33
43
,30
3,4
14
3,4
00
,84
23
,58
2,2
03
TO
TA
L C
ON
TIN
GE
NT
LIA
BIL
ITIE
S4
34
,50
74
46
,49
25
80
,99
74
38
,48
55
80
,99
75
73
,24
55
64
,46
55
56
,39
4
TO
TA
L N
AT
ION
AL
DE
BT
3,0
70
,53
63
,21
3,0
93
3,9
01
,33
13
,67
8,0
75
3,9
01
,33
13
,87
6,6
59
3,9
65
,30
74
,13
8,5
97
So
urc
e: T
rea
sury
Acc
ou
nts
& T
rea
sury
Sta
tist
ica
l S
um
ma
ry P
rin
tou
ts
P
ub
lic
Co
rpo
rati
on
Rep
ort
s
C
red
ito
r S
tate
men
ts,
Cen
tra
l B
an
k o
f T
he
Ba
ha
ma
s
20
10
p
TA
BL
E 1
2
NA
TIO
NA
L D
EB
T
20
09
p
26
TA
BL
E 1
3
PU
BL
IC S
EC
TO
R F
OR
EIG
N C
UR
RE
NC
Y D
EB
T O
PE
RA
TIO
NS
1
(B$' 0
00s)
2007p
2008p
2009p
Sep
.D
ec.*
Mar
.Ju
n.
Sep
.
Ou
tsta
nd
ing d
ebt
at
beg
inn
ing o
f p
erio
d636,2
25
654,3
68
859,8
78
995,6
57
999,6
76
1,1
39,4
95
1,1
58,3
38
1,1
54,6
60
Gover
nm
ent
294,1
52
296,1
33
387,2
05
584,3
09
589,1
28
704,8
72
703,9
52
708,3
56
2010p
PU
BL
IC S
EC
TO
R F
OR
EIG
N C
UR
RE
NC
Y D
EB
T O
PE
RA
TIO
NS
2009p
Gover
nm
ent
294,1
52
296,1
33
387,2
05
584,3
09
589,1
28
704,8
72
703,9
52
708,3
56
Publi
c C
orp
ora
tions
342,0
73
358,2
35
472,6
73
411,3
48
410,5
48
434,6
23
454,3
86
446,3
04
Plu
s n
ew d
raw
ings
194,4
83
273,7
46
856,6
45
13,4
81
545,1
70
25,5
98
8,0
10
173,0
05
Gover
nm
ent
33,7
31
118,4
67
561,7
00
5,7
94
304,3
57
98
8,0
10
77,5
05
Publi
c co
rpora
tions
160,7
52
155,2
79
294,9
45
7,6
87
240,8
13
25,5
00
--95,5
00
Les
s A
mort
izati
on
176,3
40
68,2
36
577,0
28
9,4
62
405,3
51
6,7
55
11,6
88
3,6
74
Gover
nm
ent
31,7
50
27,3
95
244,0
33
975
188,6
13
1,0
18
3,6
06
1,1
45
Publi
c co
rpora
tions
144,5
90
40,8
41
332,9
95
8,4
87
216,7
38
5,7
37
8,0
82
2,5
29
Ou
tsta
nd
ing d
ebt
at
end
of
per
iod
654,3
68
859,8
78
1,1
39,4
95
999,6
76
1,1
39,4
95
1,1
58,3
38
1,1
54,6
60
1,3
23,9
91
Gover
nm
ent
296,1
33
387,2
05
704,8
72
589,1
28
704,8
72
703,9
52
708,3
56
784,7
16
Publi
c co
rpora
tions
358,2
35
472,6
73
434,6
23
410,5
48
434,6
23
454,3
86
446,3
04
539,2
75
Inte
rest
Ch
arg
es40,4
18
39,8
67
41,3
56
5,5
62
14,8
72
3,9
60
28,2
13
4,0
71
Gover
nm
ent
18,0
00
20,9
59
27,5
81
1,7
91
13,2
18
583
22,5
84
573
Publi
c co
rpora
tions
22,4
18
18,9
08
13,7
75
3,7
71
1,6
54
3,3
77
5,6
29
3,4
98
Deb
t S
ervic
e216,7
58
108,1
03
618,3
84
15,0
24
420,2
23
10,7
15
39,9
01
7,7
45
Gover
nm
ent
49,7
50
48,3
54
271,6
14
2,7
66
201,8
31
1,6
01
26,1
90
1,7
18
Gover
nm
ent
49,7
50
48,3
54
271,6
14
2,7
66
201,8
31
1,6
01
26,1
90
1,7
18
Publi
c co
rpora
tions
167,0
08
59,7
49
346,7
70
12,2
58
218,3
92
9,1
14
13,7
11
6,0
27
Deb
t S
ervic
e ra
tio (
%)
6.4
3.1
20.7
2.1
60.7
1.3
4.7
1.0
Gover
nm
ent
deb
t S
ervic
e/3.7
3.4
20.4
1.0
55.9
0.5
7.4
0.6
G
over
nm
ent
reven
ue
(%)
ME
MO
RA
ND
UM
0.0
00.0
00.0
00.0
00.0
00.0
00.0
00.0
0M
EM
OR
AN
DU
M0.0
00.0
00.0
00.0
00.0
00.0
00.0
00.0
0
Hold
er d
istr
ibuti
on (
B$ M
il):
654.3
7859.8
81139.4
9999.6
81139.4
91158.3
38
1154.6
60
1323.9
91
C
om
mer
cial
ban
ks
324.2
411.3
358.2
502.2
358.2
372.6
367.3
520.1
O
ffsh
ore
Fin
anci
al I
nst
ituti
ons
----
----
----
----
M
ult
ilat
eral
Inst
ituti
ons
107.5
112.3
126.3
126.8
126.3
124.4
127.7
133.7
B
ilat
eral
Inst
ituti
ons
7.2
19.0
21.4
15.4
21.4
28.6
28.6
39.2
O
ther
15.5
17.4
33.6
55.3
33.6
32.7
31.0
31.0
O
ther
15.5
17.4
33.6
55.3
33.6
32.7
31.0
31.0
P
rivat
e C
apit
al M
arket
s200.0
300.0
600.0
300.0
600.0
600.0
600.0
600.0
Sou
rce:
Tre
asu
ry A
ccou
nts
, T
reasu
ry S
tati
stic
al
Pri
nto
uts
an
d Q
uart
erly
Rep
ort
s fr
om
Pu
bli
c C
orp
ora
tion
s, C
entr
al
Ban
k o
f T
he
Bah
am
as.
1 S
ee n
ote
s t
o t
able
Note
:*D
ebt
serv
icin
g d
uri
ng t
he
4th
quar
ter
of
2009 i
ncl
udes
the
refi
nan
cing o
f $
211 m
illi
on a
nd $185 m
illi
on i
n P
ubli
c C
orp
ora
tions'
and G
over
nm
ent's
deb
t.
Net
of
thes
e tr
ansa
ctio
ns,
the
adju
sted
deb
t se
rvic
e ra
tio w
as 3
.6%
and t
he
Gover
nm
ent's
ser
vic
e/re
ven
ue
rati
o w
as 4
.7%
.
27
(B$ M
illi
ons)
2007p
2008p
2009p
Qtr
.Ip
Qtr
.IIp
Qtr
.III
p Q
tr.I
Vp
Qtr
.Ip
Qtr
.IIp
Qtr
.III
p
A.
Cu
rren
t A
ccou
nt
Bala
nce
(I+
II+
III+
IV)
(1,3
14.2
)(1
,164.9
)(8
62.6
)(1
23.2
)(1
90.5
)(3
12.2
)(2
36.7
)(1
19.1
)(1
50.6
)(2
91.0
)
I.
M
erch
an
dis
e (
Net
)(2
,154.4
)(2
,243.2
)(1
,824.7
)(4
29.3
)(5
08.0
)(4
47.2
)(4
40.2
)(4
15.3
)(4
65.8
)(5
37.9
)
E
xp
ort
s801.8
955.8
710.7
164.7
178.1
169.9
198.0
161.1
199.9
189.6
Im
po
rts
2,9
56.2
3,1
99.0
2,5
35.3
594.0
686.1
617.1
638.1
576.4
665.7
727.5
II
. S
ervic
es (
Net
)1,0
19.7
1,1
40.4
1,0
78.4
328.8
318.2
191.5
239.9
337.9
363.1
294.6
Tra
nsp
ort
atio
n(3
15.7
)(3
08.0
)(2
67.6
)(7
9.0
)(5
9.8
)(5
7.5
)(7
1.3
)(4
2.0
)(6
0.4
)(6
3.8
)
Tra
vel
1,8
09.7
1,8
48.6
1,6
97.4
485.4
482.3
364.2
365.5
502.3
503.2
427.3
In
sura
nce
Ser
vic
es(1
07.0
)(1
06.6
)(9
2.5
)(1
1.0
)(3
4.8
)(2
9.0
)(1
7.8
)(2
5.9
)(1
1.0
)(1
5.6
)
Off
sho
re C
om
pan
ies
Lo
cal
Exp
ense
s210.2
233.7
182.0
46.4
46.1
48.0
41.5
32.7
42.7
38.1
Oth
er
Go
ver
nm
ent
(44.8
)(5
6.3
)(8
7.0
)(5
.7)
(27.5
)(3
8.6
)(1
5.2
)(3
3.0
)(2
8.6
)(2
8.5
)
Oth
er S
ervic
es(5
32.7
)(4
71.1
)(3
53.8
)(1
07.3
)(8
8.0
)(9
5.6
)(6
2.9
)(9
6.1
)(8
2.8
)(6
2.9
)
II
I. I
nco
me
(N
et)
(231.4
)(1
18.1
)(1
97.2
)(4
2.6
)(2
7.9
)(7
5.9
)(5
0.7
)(5
8.3
)(7
5.8
)(6
8.5
)
1
. C
om
pen
sati
on
of
Em
plo
yee
s(8
4.7
)(5
8.7
)(5
7.4
)(1
4.3
)(1
4.0
)(1
0.6
)(1
8.4
)(2
2.8
)(1
6.5
)(3
.7)
2
. I
nves
tmen
t In
com
e(1
46.7
)(5
9.4
)(1
39.8
)(2
8.3
)(1
3.9
)(6
5.3
)(3
2.3
)(3
5.5
)(5
9.4
)(6
4.8
)
2010
T
AB
LE
14
B
AL
AN
CE
OF
PA
YM
EN
TS
SU
MM
AR
Y*
2009
IV
. C
urr
ent
Tra
nsf
ers
(N
et)
51.8
56.0
80.8
19.9
27.2
19.4
14.3
16.5
27.9
20.8
1
. G
ener
al G
over
nm
ent
60.9
62.9
86.8
21.5
29.0
20.8
15.5
17.7
29.3
22.1
2
. P
rivat
e S
ecto
r(9
.1)
(6.9
)(6
.0)
(1.6
)(1
.7)
(1.4
)(1
.2)
(1.2
)(1
.4)
(1.3
)
B.
Cap
ital
an
d F
inan
cial
Acc
ou
nt
(I+
II)
999.5
1,1
16.7
1,0
89.8
183.4
378.6
304.9
223.0
136.6
194.1
350.3
(e
xcl
. R
eser
ves
)
I.
Cap
ital
Acc
ou
nt
(Net
Tra
nsf
ers)
(75.7
)(7
6.3
)(3
1.7
)(1
0.4
)(7
.6)
(8.4
)(5
.3)
(11.1
)(8
.1)
(0.1
)
II
. F
inan
cial
Acc
ou
nt
(Net
)1,0
75.2
1,1
93.0
1,1
21.6
193.8
386.2
313.2
228.4
147.7
202.2
350.4
1
. D
irec
t In
ves
tmen
t746.2
838.9
664.0
188.6
182.6
219.6
73.1
150.2
233.9
115.0
2
. P
ort
foli
o I
nves
tmen
t(8
.4)
(25.0
)(1
6.8
)(3
.1)
(3.9
)(3
.2)
(6.6
)(8
.4)
(4.4
)0.0
3
. O
ther
In
ves
tmen
ts337.4
379.1
474.4
8.3
207.5
96.8
161.8
6.0
(27.3
)235.4
Cen
tral
Go
v't
Lo
ng T
erm
Cap
ital
(1
5.4
)110.6
319.5
9.7
28.3
4.8
276.6
(0.9
)5.3
6.4
Oth
er P
ub
lic
Sec
tor
Cap
ital
21.9
(4.3
)184.0
(4.9
)(3
.4)
185.8
6.5
10.8
(4.5
)18.0
Ban
ks
(86.5
)36.2
(21.9
)(3
8.0
)162.7
(31.7
)(1
14.9
)(4
1.7
)(2
8.1
)181.3
Oth
er417.4
236.5
(7.2
)41.4
19.9
(62.1
)(6
.5)
37.8
0.0
29.8
0.0
0.0
C.
Net
Err
ors
an
d O
mis
sion
s269.1
156.8
25.8
0.7
(41.4
)(8
.1)
74.7
(14.4
)(0
.4)
(156.0
)0.0
0.0
D.
Over
all
Bala
nce
(A
+B
+C
)(4
5.7
)108.6
253.0
60.9
146.6
(15.5
)61.0
3.0
43.1
(96.7
)
E.
F
inan
cin
g (
Net
)45.7
(108.6
)(2
53.0
)(6
0.9
)(1
46.6
)15.5
(61.0
)(3
.0)
(43.1
)96.7
C
han
ge
in S
DR
ho
ldin
gs
0.1
0.0
(179.0
)--
--(1
80.9
)1.9
5.6
4.5
(8.8
)
C
han
ge
in R
eser
ve
Po
siti
on
wit
h t
he
IMF
(0.5
)0.4
(0.2
)0.3
(0.4
)(0
.2)
0.1
0.3
0.2
(0.5
)
C
han
ge
in E
xt.
Fo
reig
n A
sset
s (
) =
In
crea
se46.1
(109.0
)(7
3.9
)(6
1.2
)(1
46.3
)196.6
(63.0
)(9
.0)
(47.9
)106.0
So
urc
e: T
he
Cen
tral
Ban
k o
f th
e B
aham
as
* F
igu
res
may
no
t su
m t
o
tota
l d
ue
to r
ou
nd
ing
28
(B$
'00
0)
2
00
72
00
82
01
0
Qtr
. II
Qtr
. II
IQ
tr.
IVQ
tr.
IQ
tr.
IIQ
tr.
III
Qtr
. IV
Qtr
. I
I. O
IL T
RA
DE
i)
Ex
po
rts
167,6
00
141,5
24
23
,46
53
3,0
39
33,6
19
25
,72
92
0,2
00
33
,72
232,4
26
45
,71
8
ii)
Im
po
rts
615,7
82
847,0
41
25
2,6
25
18
9,6
61
193,4
91
97
,50
11
24
,87
31
69
,33
6165,4
22
14
4,3
43
II.
OT
HE
R M
ER
CH
AN
DIS
E
D
om
esti
c E
xp
ort
s
C
raw
fish
81,3
70
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
.a.
n.a
.
F
ish &
oth
er C
rust
acea
1,8
64
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
.a.
n.a
.
F
ruit
s &
Veg
s.1,1
98
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
.a.
n.a
.
A
ragonit
e35,5
77
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
.a.
n.a
.
R
um
20,2
82
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
.a.
n.a
.
O
ther
Cord
ials
& L
iqueu
rs--
n
.a.
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
.a.
C
rude
Sal
t6,5
99
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
.a.
n.a
.
H
orm
ones
--
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
.a.
n.a
.
C
hem
ical
s84,5
62
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
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n.a
.
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ther
Phar
mac
euti
cals
347
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
.a.
n.a
.
F
ragra
nce
s--
n
.a.
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
.a.
n.a
.n
.a.
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ther
147,2
90
n.a
.n
.a.
n.a
.n
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n.a
.n
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n.a
.n
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.
i) T
ota
l D
om
esti
c E
xp
ort
s379,0
89
409,6
35
95
,05
61
11
,71
31
04
,35
67
2,0
25
76
,96
27
2,4
35
11
2,2
85
51
,61
6
i
i) R
e-E
xp
ort
s123,3
98
150,3
73
55
,57
83
5,6
08
30
,87
75
9,8
76
31
,53
43
9,0
27
34
,38
73
7,4
19
i
ii)
To
tal
Ex
po
rts
(i+
ii)
502,4
87
560,0
08
15
0,6
34
14
7,3
21
13
5,2
33
13
1,9
01
10
8,4
96
11
1,4
62
14
6,6
72
89
,03
5
i
v)
Imp
ort
s2,4
88,0
23
2,3
54,0
64
57
0,6
63
58
0,7
52
60
5,8
41
61
3,0
80
53
2,3
42
52
0,9
25
57
2,9
86
57
2,9
86
v
) R
eta
ined
Im
po
rts
(iv
-ii)
2,3
64,6
25
2,2
03,6
91
51
5,0
85
54
5,1
44
57
4,9
64
55
3,2
04
50
0,8
08
48
1,8
98
53
8,5
99
53
5,5
67
v
i) T
rad
e B
ala
nce
(i-
v)
-1,9
85,5
36
-1,7
94,0
56
(42
0,0
29
)
(4
33
,43
1)
(47
0,6
08
)
(4
81
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9)
(42
3,8
45
)
(4
09
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3)
(42
6,3
14
)
(4
83
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1)
So
urc
e: D
epa
rtm
ent
of
Sta
tist
ics
Qu
art
erly
Sta
tist
ica
l S
um
ma
ries
20
08
EX
TE
RN
AL
TR
AD
E
20
09
TA
BL
E 1
5
29
TA
BL
E 1
6
SE
LE
CT
ED
TO
UR
ISM
ST
AT
IST
ICS
Per
iod
2007p
2008p
2009p
Qtr
. IV
Qtr
. I
Qtr
. II
Qtr
. II
IQ
tr. IV
Qtr
. I
Qtr
. II
Qtr
. II
I
2010p
SE
LE
CT
ED
TO
UR
ISM
ST
AT
IST
ICS
2008p
2009p
Vis
itor
Arr
ivals
4,6
00,5
72
4,3
90,5
83
7,2
20,5
14
1,1
21,3
14
1,2
66,1
10
1,1
78,3
96
1,0
08,0
81
1,1
92,5
28
1,3
82,8
71
1,3
23,7
13
1,1
96,1
68
A
ir1,4
85,6
33
1,3
92,2
84
1,8
73,8
54
273,9
43
326,5
69
364,6
13
283,9
98
277,2
13
344,2
48
367,5
72
304,0
67
S
ea3,1
14,9
39
2,9
98,2
99
5,3
46,6
60
847,3
71
939,5
41
813,7
83
724,0
83
915,3
15
1,0
38,6
23
956,1
41
892,1
01
Vis
itor
Typ
e
S
topover
1,5
21,6
91
1,4
62,4
03
306,5
97
276,4
84
74,7
98
99,8
79
67,4
63
64,4
58
n.a
n.a
n.a
S
topover
1,5
21,6
91
1,4
62,4
03
306,5
97
276,4
84
74,7
98
99,8
79
67,4
63
64,4
58
n.a
n.a
n.a
C
ruis
e2,9
70,6
59
2,9
37,8
54
4,2
72,0
74
823,3
47
904,2
78
773,0
41
685,4
30
893,0
31
1,0
16,2
94
902,7
80
842,1
28
D
ay/T
ransi
tn.a
.n.a
.n.a
.n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
Tou
rist
Exp
end
itu
re(B
$ 0
00's
)n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
S
topover
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
C
ruis
en.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
D
ayn.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
D
ayn.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
Nu
mb
er o
f H
ote
l N
igh
ts3,2
49,9
59
4,3
98,3
70
n.a
1,0
50,1
17
n.a
n.a
n.a
n.a
n.a
n.a
n.a
Aver
age
Len
gth
of
Sta
yn.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
Aver
age
Hote
l O
ccu
pan
cy R
ate
s (%
)
N
ew P
rovid
ence
73.7
60.7
56.3
48.3
58.7
61.5
55.6
49.3
n.a
n.a
n.a
N
ew P
rovid
ence
73.7
60.7
56.3
48.3
58.7
61.5
55.6
49.3
n.a
n.a
n.a
G
rand B
aham
a46.6
41.0
36.9
33.4
40.4
40.6
28.7
37.9
n.a
n.a
n.a
O
ther
Fam
ily I
slan
ds
38.5
35.1
27.0
26.4
28.4
30.7
24.6
24.2
n.a
n.a
n.a
Aver
age
Nig
htl
y R
oom
Rate
s ($
)
N
ew P
rovid
ence
202.1
230.7
214.4
210.1
247.1
220.6
185.2
204.6
n.a
n.a
n.a
G
rand B
aham
a120.0
103.4
90.6
96.0
109.3
92.8
78.2
82.1
n.a
n.a
n.a
O
ther
Fam
ily I
slan
ds
221.4
245.4
194.1
209.1
276.4
201.3
145.7
153.1
n.a
n.a
n.a
O
ther
Fam
ily I
slan
ds
221.4
245.4
194.1
209.1
276.4
201.3
145.7
153.1
n.a
n.a
n.a
Sou
rce:
Th
e M
inis
try o
f T
ou
rism
30