Embed Size (px)
Citation preview
QuarterlyEconomic
Review
December, 2009
Vol. 18, No.4
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 18, No. 4
December, 2009
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 9
INTERNATIONAL TRADE & PAYMENTS 10
INTERNATIONAL ECONOMIC DEVELOPMENTS 11
2. STATISTICAL APPENDIX (TABLES 1-16) 13
REVIEW OF ECONOMIC AND FINANCIAL DEVELOPMENTS
D O M E S T I C E C O N O M I C DE V E L O P M E N T S
Preliminary data suggests ongoing weakness in do-mestic economic activity during the fourth quarter of 2009, led by a contraction in tourism output, alongside sluggish private sector demand. Consumer price inflation remained relatively benign over the review period, despite a marked increase in international oil prices. The weak-ness in economic activity continued to impact negatively on Government’s revenues; although the boost to non-tax receipts, provided by a one-off asset sale, mitigated any further deterioration in the overall fiscal deficit.
Monetary developments supported a further build-up in bank liquidity, stemming from the receipt of proceeds from Government’s US $300 million bond issue and the slowed pace of private sector credit growth. Amid the relatively high unemployment rate and lacklustre busi-ness sector activity, banks’ asset quality indicators con-tinued to deteriorate, resulting in increased levels of provisions which negatively affected their profitability.
In the external sector, the expansion in the current account deficit was primarily associated with a decline in the services surplus and a rise in net income outflows, linked to higher dividend and interest payments. Similar-ly, the capital and financial account surplus narrowed, owing to a sharp reduction in net inward foreign direct investments, which overshadowed the external borrowing led expansion in other “miscellaneous” investment in-flows.
F I S C A L O P E R A T I O N S
OVERVIEW
Provisional estimates of Government’s operations for the second quarter of FY2009/10 revealed that the overall deficit virtually stabilized at $75.5 million when compared to the same quarter of FY2008/09. The outcome was led by a turnaround in revenue performance, to a 17.6% gain, following a 2.9% contraction a year-earlier; while aggregate expenditure—including net lending to public
corporations—advanced by 14.4%, exceeding the com-parative 4.7% growth.
REVENUE
Reflecting the reduction in domestic activity, tax re-ceipts, which constituted 70.5% of total collections, declined by 8.5% to $254.7 million. International trade & transaction taxes fell by 19.3% to $130.0 million, based on contractions in both import (16.2%) and excise (30.4%) taxes. Although hotel occupancy taxes recov-ered, selective services fees receded by 28.8% to $6.2 million, given the decrease in gaming receipts. Similarly, collections from business and professional licence fees fell by 21.7% to $8.1 million; other “unclassified” taxes, by 14.2% to $11.4 million and departure taxes, by 3.0% to $11.5 million.
Receipts from non-tax sources––at 29.5% of total revenue––expanded strongly by $77.9 million to $106.4 million. The outturn reflected a one-time inflow of proceeds relating to the sale of a significant business entity, which boosted income receipts to $85.4 million. In contrast, collections from fines, forfeits & administrative fees narrowed by $5.4 million to $20.9 million, and proceeds from the sale of Government property fell slightly to $0.05 million.
EXPENDITURE
Total expenditure advanced by 14.4% to $436.6 mil-lion during the quarter, based on a 3.3% increase in current spending to $345.4 million, and a 40.7% rise in capital outlays to $42.9 million. Budgetary assistance to public corporations elevated net lending by $31.5 million to $48.3 million. On a proportional basis, recurrent expenditure accounted for 79.1% of aggregate spending, capital outlays, 9.8%, and net lending to public corpora-tions, 11.1%.
By economic classification, growth in current ex-penditure included a 15.2% boost in purchases of goods & services, and a marginal hike in the dominant personal emolument (1.1%) component. Transfer payments edged up by 0.4% to $133.2 million, led by a 2.6% rise in interest payments on debt, as subsidies and other trans-fers declined by 0.6% to $91.4 million.
1
Approximately 21.9% of recurrent spending was earmarked for general public services, which expanded by 4.9% to $93.1 million. In addition, outlays for educa-tion, health and other community & social services rose by 3.7%, 6.3% and 62.3%, respectively. Conversely, reduced spending was registered for defense (3.6%); social benefits & services, (5.0%); housing (23.6%) and economic services (3.4%).
Capital outlays increased by 40.7% to $42.9 million, largely explained by a near doubling in capital formation to $39.9 million. Specifically, spending for public works & water supply projects rose more than two-fold to $32.7 million, offsetting a near 50% reduction in educational outlays to $4.9 million.
B$M % B$M %
Property Tax 28.7 9.3 36.4 10.1
Selective Services Tax 8.7 2.8 6.2 1.7
Busines. & Prof Lic. Fees 10.3 3.4 8.1 2.2
Motor Vehicle Tax 4.2 1.4 4.5 1.2
Departure Tax 11.9 3.9 11.5 3.2
Import Duties 100.2 32.6 83.9 23.2
Stamp Tax from Imports 3.6 1.2 3.6 1.0
Excise Tax 55.4 18.0 38.5 10.7
Export Tax 1.9 0.6 3.9 1.1
Stamp Tax from Exports -- -- -- --
Other Stamp Tax 40.7 13.3 47.0 13.0
Other Tax Revenue 13.3 4.3 11.4 3.2
Fines, Forfeits, etc. 26.4 8.6 20.9 5.8
Sales of Govt. Property 0.2 0.1 0.1 0.0
Income 1.9 0.6 85.4 23.6
Other Non-Tax Rev. -- -- -- --
Capital Revenue 0.1 -- 0.1 --
Grants -- -- -- --
Less:Refunds 0.4 0.1 0.4 0.1
Total 306.9 100.0 361.1 100.0
FY08/09 FY09/10
Government Revenue By Source
(Oct - Dec)
FINANCING AND THE NATIONAL DEBT
Budgetary financing for the quarter was provided solely by external sources, and included a US$300.0 million bond issue and a $4.4 million drawdown on external loans.
-150.0
-100.0
-50.0
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
500.0
550.0
II-08/09 III-08/09 IV 08/09 I-09/10 II-09/10
(B$M)Fiscal Operations
Rev. Exp. Sur./(Def.)
Of the $223.6 million in debt repayment, $195.9 mil-lion went towards reducing internal obligations—including the utilisation of bond proceeds to repay a net of $160.9 million in short-term foreign currency advances from the domestic banking system.
The Direct Charge on Government expanded over the three-month period, by 2.5% ($80.7 million) to $3,320.3 million at end-December, approximately 20.0% higher than the year earlier level. Bahamian dollar de-nominated debt represented 78.8% of the total, and was held by commercial banks (33.9%), private & institutional investors (30.6%), public corporations (27.6%), the Central Bank (7.7%) and other local financial institutions (0.2%). At end-December, Government securities ac-counted for the largest share of local currency debt, at 86.8%, with an average maturity of 13.1 years; followed by Treasury bills (9.3%) and bank loans & advances (3.9%).
2
The Government’s contingent liabilities also in-creased during the quarter, by 32.5% to $581.0 million, explained mainly by the refinancing activities of the Bahamas Electricity Corporation. As a result of these developments, the National Debt grew by $223.3 million (6.1%) to $3,901.3 million over the review quarter and by $687.7 million (21.4%) vis-à-vis the previous year.
PUBLIC SECTOR FOREIGN CURRENCY DEBT
During the fourth quarter, public sector foreign cur-rency debt rose by $132.7 million (13.3%) to $1,132.4 million, as new drawings of $539.7 million—the bulk of which was due to refinancing activities—surpassed amortization payments of $404.8 million. The Govern-ment’s outstanding liabilities increased by 19.6% to $704.9 million, to account for 62.2% of the total; whereas the public corporations’ debt stock grew by 4.1% to $427.5 million.
In comparison to the same period last year, total debt service payments firmed by $391.3 million to $419.5 million, as amortization payments––inclusive of $396.0 million in refinancing––increased by $393.5 million to $404.7 million. Conversely, interest payments fell by $9.3 million to $14.9 million. When the refinancing activities are abstracted from the analysis, the debt service stabi-lized at approximately $23.5 million, and as a percentage of exports of goods and services, the debt service rose by 0.2 percentage points to 3.6%, while the ratio of Govern-ment debt service to revenue was relatively stable at 4.7%.
By creditor profile, the majority of foreign currency debt was held by private capital markets (53.0%), fol-lowed by commercial banks (31.0%), multilateral institu-tions (11.1%), other entities (3.0%) and bilateral institu-tions (1.9%). Approximately 98.6% of the debt was denominated in United States dollars, with an average maturity of 14.9 years.
R E A L S E C T O R
TOURISM
Weakness in the tourism industry persisted during the fourth quarter, reflected in declines in both averagevisitor spending and occupancy rates, which oversha-dowed the modest recovery in stopover arrivals and further improvements in the cruise sector.
Total visitor arrivals gained 6.4% to 1.2 million, ex-tending the 0.5% increase in the corresponding quarter of2008. Sea passengers––which comprised 76.8% of total visitors––advanced by 8.0% to 0.9 million, following an 8.7% growth last year. After declining by 18.6% in 2008, air traffic recovered by 1.2% to 0.3 million.
On a destination basis, arrivals to New Providence rebounded by 6.8%, in contrast to last year’s 3.4% con-traction, as both air and sea passengers firmed by 2.6% and 8.9%, respectively. Similarly, Grand Bahama expe-rienced a 17.0% gain in visitors, extending last year’s 11.4% upturn, benefitting from a robust 22.7% rise in sea passengers which negated the 2.9% falloff in air traffic. Growth in visitors to the Family Islands was halved to 1.9%, as a 2.5% gain in sea arrivals overshadowed a 3.6% reduction in air passengers.
Preliminary data for the hotel sector showed total revenues down by approximately 7.2% to $81.5 million, due to an estimated 4.9% decline in the average daily room rate, along with a 2.4% falloff in occupancy levels. In terms of the main markets, revenues for Nassau properties contracted by 2.7%, occasioned by a similar fall in the average daily rate, although the average occu-pancy rate was unchanged. Decreased average daily rates, alongside lower levels of occupancy also explained the respective 16.0% and 47.5% declines in revenues for Grand Bahama and the Family Islands.
0
200
400
600
800
1000
1200
1400
QIV-08 QI-09 QII-09 QIII-09 QIV-09
ThousandsVisitor Arrivals
Air Sea Total
3
CONSTRUCTION
Partial indicators signaled contracted levels of con-struction output for the fourth quarter, amid weakened foreign investment activity and a ratcheting down of domestic private sector projects. Mortgage disburse-ments for new construction and building repairs—as reported by banks, insurance companies and the Baha-mas Mortgage Corporation—fell by 13.9% to $61.1 million, compared to the same period in 2008.
Mortgage commitments for new construction and re-pairs––a more forward looking indicator––contracted in number by 12.5% to 266 and in value, by 15.2% to $37.4 million. This outturn reflected reductions in residential approvals for both volume and value, by 12.3% and 15.3%, to 257 and $35.2 million, respectively. Similarly, the commercial component declined in number by 18.2% to 9, with a corresponding 13.4% drop in value to $2.1 million.
In terms of mortgage financing, the average cost for residential mortgages fell by 10 basis points to 8.4%. The commercial rate also softened by 20 basis points to 8.9%.
0
10
20
30
40
50
60
0
50
100
150
200
250
300
350
400
QIV-08 QI-09 QII-09 QIII-09 QIV-09
Valu
e (B
$M)
Num
ber
Mortgage Commitments:New Construction and Repairs
Num Value
PRICES
Despite the uptick in global fuel prices, domestic in-flation for the fourth quarter remained subdued, although the rate of increase in average prices advanced to 0.4% from 0.2% a year earlier. Average price gains firmed for “other” goods & services and medical care & health, by 1.32 and 0.56 percentage points, to 1.33% and 1.04%, respectively. Similarly, average costs for housing—the largest component of the index—furniture and household operation, as well as transport and communication, which posted respective contractions of 0.7%, 0.15% and 1.1% a year earlier, reversed to increases of 0.22%, 0.07% and 1.23%. Clothing and footwear inflation stabilized at 0.35%; while food and beverage costs moderated by 0.5%, a reversal from a 2.18% increase in 2008. The decline in average prices for recreation and entertainment services slackened further by 0.48%, vis-à-vis 0.99% in 2008.
Items Weight Index % Index %
Food & Beverages 138.3 139.4 6.7 146.1 4.8
Clothing & Footwear 58.9 109.3 1.5 111.4 1.9
Housing 328.2 112.5 3.5 112.4 -0.1
Furn. & Household 88.7 138.4 6.8 142.8 3.2
Med. Care & Health 44.1 149.7 5.0 153.1 2.3
Trans. & Comm. 148.4 116.2 3.0 118.3 1.8
Rec., Enter. & Svcs. 48.7 130.3 2.5 131.3 0.7
Education 53.1 178.3 2.6 183.7 3.0
Other Goods & Svcs. 91.6 147.1 7.5 152.2 3.5
ALL ITEMS 1000 128.0 4.5 130.7 2.1
Average Retail Price Index(Annual % Changes)
2008 2009
December
Domestic fuel prices registered some firming during the review period. The average cost per gallon of gaso-line rose marginally by 0.5% to $4.14, in contrast to a decline of 25.2% to $4.18 per gallon in the comparable period of 2008; and the per gallon cost of diesel ad-vanced by 7.4% to $3.48, following last year’s 30.7%
4
drop. The Bahamas Electricity Corporation’s fuel sur-charge for energy consumption also increased by 11.0% to 11.38¢ per kilowatt hour (kWh), erasing the 11.0% fall-off to 20.57¢ a year earlier.
MO N E Y, C R E D I T A N D I N T E R E S T RA T E S
OVERVIEW
Monetary developments during the fourth quarter fea-tured a modest increase in overall liquidity, supported by a slowdown in private sector credit growth alongside proceeds from the Government’s external bond issue. The resultant boost to external reserves secured a signif-icant decline in the banking system’s foreign liabilities. However, amid continued worsening in credit quality, which prompted increased provisions, banks profitability weakened.
LIQUIDITY
As banks shifted excess funds into Government se-curities, net free cash reserves contracted by $29.1 million (11.2%) to $229.5 million, compared with last year’s $57.3 million (25.8%) decline to $164.8 million. At end-December, banks’ free cash balances represented 4.0% of Bahamian dollar deposits, up from 2.9% a year earlier. Correspondingly, the broader surplus liquid assets advanced by $30.6 million (6.6%) to $494.1 million, exceeding the statutory minimum by an elevated 53.2% in comparison to 28.3% in 2008.
0 .0
1 0 0 .0
2 0 0 .0
3 0 0 .0
4 0 0 .0
5 0 0 .0
6 0 0 .0
Q IV -0 8 Q I-0 9 Q II-0 9 Q III-0 9 Q IV -0 9
( B $ M )L iq u id i ty
E x c e s s R e s. L i q . A s s e ts
DEPOSITS & MONEY
Overall money (M3) supply contracted marginally during the quarter, compared to a relatively flat position in the previous period. Narrow money (M1) grew by 0.4% ($5.7 million), in contrast to a 3.5% decline in 2008, as a 12.8% seasonal boost in currency in active circulation,eclipsed a 1.6% decrease in demand deposits.
Accretions to broad money (M2) slowed further to 0.2% ($8.7 million) from 0.3% ($14.4 million) a year ago. A falloff in private individual placements moderated the accumulation in fixed deposits, by 1.0 percentage point to 0.4% ($14.6 million); and saving deposits decreased by 1.2% ($11.6 million) vis-à-vis a 1.4% rise in 2008. The contraction in residents’ foreign currency deposits was slightly lower at 5.2%, as a 6.8% decline in private bal-ances outstripped the 26.5% advance in public corpora-tions’ accounts. As a consequence, overall money (M3) fell by 0.1% ($4.0 million) on a quarterly basis, for an end-December stock of $6,032.3 million, compared to $5,924.0 million at end 2008.
Bahamian dollar fixed deposits represented the larg-est component (58.4%) of the money stock, followed by demand (17.8%) and savings (16.5%). Smaller shares were accounted for by residents’ foreign currency depo-sits (3.8%) and currency in active circulation (3.5%).
DOMESTIC CREDIT
Following a $223.6 million (2.9%) build-up last year, domestic credit contracted by $134.7 million (1.6%). As the Government repaid foreign currency advances, the decline in banks’ foreign currency claims was extended to $148.2 million (17.2%) from $10.3 million (1.3%) in 2008. Anemic private sector demand limited accretions to the Bahamian dollar component, to $13.5 million (0.2%), from a public sector led $233.8 million (3.4%) expansion in 2008.
Mirroring movements in net claims on Government, the banking system’s net credit to the public sector decreased by $172.9 million (10.7%), in contrast to a $141.4 million (11.5%) expansion a year ago.
Amid depressed consumer demand and the adoption of more conservative lending practices by banks, private sector credit growth was more than halved to $38.2 million (0.6%) from $82.2 million (1.3%). The outcome was dominated by an almost 75% slowing in growth of
5
the Bahamian dollar component to $23.9 million (0.4%), whereas foreign currency credit firmed by 3.4% relative to a downturn of 2.9% in 2008. The rise in personal loans—which accounted for the bulk (76.8%) of outstanding claims—slackened to $1.9 million (0.04%) from $108.3 million (2.2%), as accretions to consumer credit narrowed by $13.8 million (0.6%), and residential mortgage gains were lower at $31.1 million (1.2%). Conversely, personal overdraft balances increased by $7.8 million (8.0%), compared to a $1.5 million (1.4%) decline in 2008.
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
QIV-08 QI-09 QII-09 QIII-09 QIV-09
(%)
Changes in Credit
Private Govt (net) Rest o f Pub.
A dis-aggregation of consumer loans revealed broad-based reductions for almost all categories. Notable decreases in lending were recorded for private cars ($8.5 million), miscellaneous ($8.3 million) and travel ($3.3 million) loans; and declines of under $3.0 million were posted for the remaining categories. Reflecting consum-ers’ difficulties in servicing existing obligations, debt consolidation loans advanced by $9.8 million; and credit card debt grew by $1.3 million.
The remaining private sector credit categories fea-tured expanded net lending for construction ($36.2 mil-lion), professional & other services ($20.2 million), tour-ism ($17.6 million), manufacturing ($5.4 million), enter-tainment & catering ($8.9 million), agriculture ($1.0 mil-lion) and transport ($2.3 million). Conversely, net repay-
ments were posted for distribution ($6.1 million), miscel-laneous ($43.0 million) and fisheries ($2.9 million).
B$M % B$M %
Agriculture 15.0 0.2 15.6 0.2
Fisheries 9.9 0.1 7.7 0.1
Mining & Quarry 1.5 0.0 0.8 0.0
Manufacturing 41.1 0.6 37.1 0.5
Distribution 178.6 2.6 147.9 2.1
Tourism 212.5 3.0 198.9 2.9
Enter. & Catering 36.4 0.5 44.1 0.6
Transport 28.2 0.4 28.0 0.4
Construction 446.0 6.4 450.6 6.5
Government 145.8 2.1 76.5 1.1
Public Corps. 343.5 4.9 305.9 4.4
Private Financial 20.2 0.3 21.5 0.3
Prof. & Other Ser. 168.0 2.4 160.4 2.3
Personal 4,989.1 71.3 5,044.8 72.6
Miscellaneous 361.5 5.2 411.3 5.9
TOTAL 6,997.3 100.0 6,951.1 100.0
Distribution of Bank Credit By Sector
End-December2008 2009
MORTGAGES
An analysis of mortgage lending, as reported by do-mestic banks, insurance companies and the Bahamas Mortgage Corporation, revealed that total disbursements for new construction and building repairs fell by 13.9% ($9.9 million) to $61.1 million, explained by retrenchments in both residential and commercial components of 10.4% and 37.7%, respectively. Total mortgages outstanding firmed by $37.9 million (1.2%) to $3,184.2 million, below the $44.0 million (1.5%) increase in the comparative period last year. Residential loans—which comprised 93.2% of the total—advanced by $37.7 million (1.3%) to $2,966.7 million, marginally lower than the 1.6% rise in 2008. Further, the commercial segment rose by a modest $0.2 million (0.1%) to $217.5 million, compared to a relatively stable outcome a year earlier.
At end-2009, commercial banks held the majority of outstanding mortgages (89.0%), followed by insurance
6
companies (6.1%) and the Bahamas Mortgage Corpora-tion (4.9%).
THE CENTRAL BANK
Following an expansion of $13.5 million (7.3%) in 2008, the Central Bank’s net claim on Government con-tracted by $65.0 million (26.4%); however, net deposit liabilities to the rest of the public sector widened by $5.7 million (1.8%), due to a firming in a public corporation’s deposits. The former was primarily explained by a reduc-tion in the Bank’s holdings of Government paper which were taken up by commercial banks, with a correspond-ing reduction in their balances held at the Central Bank, by $28.5 million (5.5%).
Supported by proceeds from the Government’s US$300 million bond issue and a falloff in domestic demand, external reserves strengthened by $61.0 million (8.1%) to $815.9 million at end-December, a turnaround from an $87.3 million (13.4%) drawdown to $562.9 million in 2008. In particular, the Central Bank’s foreign currency transactions recorded a net purchase of $57.4 million vis-à-vis a net sale of $92.3 million in 2008. The net pur-chase from Government was boosted by $111.6 million to $132.0 million; while transactions with commercial banks were reversed to a net purchase of $8.0 million from a net sale of $10.7 million. In addition, the net sale to public corporations fell to $82.7 million from $102.0 million a year ago.
At end-December, the stock of external reserves was equivalent to approximately 20.8 weeks of non-oil mer-chandise imports, compared to 13.1 weeks for the pre-vious year. When adjusted for the statutory required 50% of the Bank’s Bahamian dollar liabilities, which has to be supported by the external balances, “useable” reserves stood higher at $450.3 million, almost double the end-2008 level.
DOMESTIC BANKS
Developments in the domestic banking sector fea-tured a decline in deposit liabilities to the private sector, of $13.8 million (0.3%), which contrasted with the $38.2 million (0.6%) advance in credit to the private sector. Influenced by the Government’s external foreign currency borrowings and a reduction in short-term advances, the net claim on Government contracted by $116.3 million
(12.1%), reversing the $115.5 million (18.9%) build-up in 2008.
50
150
250
350
450
550
650
750
850
950
Dec-08 Mar-09 Jun-09 Sep-09 Dec-09
(B$M)External Reserves
Net liabilities to public corporations receded by $27.9 million (52.1%), as a 3.0% tapering in deposits offset the 2.0% increase in credit. Claims on the Central Bank weakened by $28.5 million (5.5%), explained by banks’ utilization of deposits to increase Treasury bill holdings. Banks’ accumulation of capital and surplus resources, associated with profits and retained earnings, grew by $54.7 million (2.8%); while their net foreign liabilities declined by $114.9 million (14.4%), amid significant Government debt repayments.
At end-December, the aggregate value of domestic banks’ deposit liabilities—inclusive of public and private sector balances—stood at $5,960.7 million, with the majority (96.0%) denominated in Bahamian dollars. Of the latter, the largest share was held by private individu-als (58.2%), followed by business firms (24.6%), the public sector (10.0%), other depositors (3.8%) and private financial institutions (3.4%). By contractual obligations, nearly two-thirds of the deposits was in the fixed seg-ment, (62.9%), followed by demand (19.7%) and savings (17.4%) balances.
Analysed by range of value and number of accounts, Bahamian dollar deposits with balances of up to $10,000 comprised only 6.5% of the total value, but 90.7% of the
7
accounts. Deposits with balances between $10,000 and $50,000 represented 11.6% of aggregate value and 6.2% of total accounts. Meanwhile, individual balances exceed-ing $50,000 constituted 81.9% of total value and 3.1% of the accounts.
CREDIT QUALITY
During the review period, commercial banks contin-ued to experience a steady deterioration in credit quality, amid weak economic conditions and elevated unemploy-ment levels. Compared to the previous quarter, the value of private sector loans with payments 30 days past due rose by $100.9 million (10.2%) to $1,090.1 million, which represented 17.6% of total loans at end-December 2009.
In terms of the major components, the most signifi-cant increase occurred in residential mortgage delin-quencies, which firmed by $67.1 million (14.4%) to $531.5 million, with the corresponding ratio extended to 18.5% from 16.3% in the third quarter and 13.2% a year earlier. Similarly, consumer loan arrears advanced by $29.5 million (10.1%) to $323.0 million, and by 1.3 and 3.9 percentage points over the previous quarter and year to 14.7% of total loans. Commercial arrears expanded modestly by $4.3 million (1.9%) to $235.6 million, to represent a higher arrears rate of 22.8% compared to 15.5% at end-2008.
With regard to average age, the gains in arrears were broad-based, as delinquencies in the 31–90 days seg-ment firmed by $57.7 million (12.7%) to $513.7 million, for a modest 0.9 percentage point increase in the average ratio over the quarter, to 8.41% of total loans. Similarly, non performing loans—arrears in excess of 90 days and on which banks ceased accruing interest—advanced by $43.2 million (8.1%) to $576.4 million. At end-December, the ratio of non-accrual loans to total bank claims rose to 9.4% from 8.8% at end-September and 6.1% a year earlier.
In light of these trends, banks sustained their adop-tion of more conservative lending practices against loan losses, expanding provisions for bad debt by $2.8 million (1.4%) to $213.6 million, which resulted in a marginal uptick in the ratio of provisions, to total loans by 0.03 of a percentage point to 3.44% over the quarter. However, given that the pace of growth in non-performing loans outpaced the expansion in provisions the ratio of provi-
sions to non-performing loans narrowed by 2.47 percen-tage points to 37.05%.
4.0
4.5
5.0
5.5
6.0
6.5
7.0
7.5
8.0
8.5
9.0
9.5
10.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
QIV-08 QI-09 QII-09 QIII-09 QIV-09
Non
-Per
form
ing
Loan
s
(% of Total Loans)
Tota
l Arre
ars
Loan Arrears & Non-Performing Balances
Other Residential Consumer NPL
BANK PROFITABILITY
Data for the third quarter of 2009 showed that in comparison to the same period of 2008, net income contracted by $7.5 million (12.8%) to $51.5 million, re-flecting mainly a significant increase in provisions for bad debt. The estimated net interest margin rose modestly by 0.1% to $117.7 million, as the 10.3% reduction in interest expense outweighed the 3.8% falloff in interest income. Lower foreign exchange transaction volumes influenced a 13.9% contraction in commission and foreign exchangefee income and caused the gross earnings margin to narrow by 0.6% to $123.0 million.
Aggregate operating expenses declined by 1.6% to $64.3 million, on account of decreased outlays for “mis-cellaneous” operating and occupancy costs, which offset a modest gain in staff compensation. Banks recorded a loss of $7.2 million on non-core activities, a reversal from the previous period’s $0.6 million profit, owing to a signifi-cant firming in bad debt provisions, by 18.2% to $27.7 million; while earnings from ‘miscellaneous” activities fell by 13.2%.
8
In line with these trends, profitability ratios relative to average domestic assets softened over the review period. The net interest margin ratio fell by 3 basis points to 5.17%, and for commission and foreign exchange in-come, by 4 basis points at 0.23%, with a resultant falloff in the gross earnings margin by 7 basis points to 5.40% of average assets. Some offset was provided by the narrowing in the operating costs ratio, by 7 basis points to 2.82%, which caused the net earnings ratio to stabilize at 2.58%. However, after netting out depreciation and bad debt expenses, the net income (return on assets) ratio weakened by 35 basis points to 2.26%.
INTEREST RATES
Commercial banks’ fourth quarter average interest rate spread on loans and deposits declined by 21 basis points to 6.78 percentage points over the previous quar-ter. This reflected a 24 basis point narrowing in the weighted average loan rate to 10.45%, which outstripped a 3 basis points reduction in the corresponding deposit rate to 3.67%.
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
QIII-08 QIV-08 QI-09 QII-09 QIII-09
(% of Avg. Assets)
Domestic Banks' Profitability
Earnings Marg. Operating Costs ROA
For deposits, the average savings rate rose by 10 basis points to 2.19%; while the interest rate spread on
fixed maturities widened to 3.46%-4.27% vis-à-vis 3.54%- 4.21% in the previous quarter. In addition, the average rate offered on demand deposits fell by 24 basis points to 1.29%.
Broad-based declines were recorded for lending rates. Average interest rates on residential mortgages fell by 5 basis points to 8.21% and for consumer loans, by 7 basis points to 8.65%. Average rates on both consum-er loans and overdrafts also moderated, by 63 basis points each, to 12.46% and 10.80%, respectively.
Among other key rates, the average 90-day Treasury bill rate advanced by 0.7 of a percentage point to 2.56% during the review quarter; however, the Central Bank’s Discount Rate and Commercial Banks’ Prime were unchanged at 5.25% and 5.50%, respectively.
Qtr. IV Qtr. III Qtr. IV
2008 2009 2009Deposit Rates
Demand Deposits 1.53 1.56 1.29
Savings Deposits 2.06 2.09 2.19
Fixed Deposits 3.46
Up to 3 months 3.63 3.54 3.72
Up to 6 months 4.04 3.93 4.02
Up to 12 months 4.35 3.96 4.27
Over 12 months 4.11 4.21 3.67Weighted Avg Deposit Rate 3.86 3.70 3.70
Lending Rates
Residential mortgages 8.25 8.26 8.21
Commercial mortgages 8.64 8.72 8.65
Consumer loans 12.55 13.09 12.46
Other Local Loans 8.22 7.57 8.76
Overdrafts 11.10 11.43 10.80Weighted Avg Loan Rate 10.39 10.69 10.45
Banking Sector Interest RatesPeriod Average (%)
C A P I T A L M A R K E T S DE V E L O P M E N T S
Despite the generally depressed domestic economic conditions, the Bahamas International Securities Ex-change (BISX) All Share Price Index advanced modestly by 4.2% to 1,565.38 points, a turnaround from the 6.8%
9
decline recorded in the same quarter a year earlier—although, for 2009, the index fell by 8.6%. The total volume of shares traded on the exchange almost doubled to 2.32 million, valued at $12.3 million, compared to 1.03 million, priced at $6.9 million in 2008. Market capitaliza-tion rose by 4.5% to $3.02 billion over the quarter, how-ever, it fell by 8.5% vis-à-vis the previous year.
I N T E R N A T I O N A L T R A D E A N D P A Y M E N T S
Preliminary estimates for the fourth quarter of 2009 showed a $58.0 million (23.9%) widening in the current account deficit, to $300.8 million over the same period a year ago. The outcome reflected a downturn in the services account surplus and a doubling in net income outflows. Similarly, the capital and financial account surplus narrowed by $79.1 million to $221.5 million, owing to a sharp reduction in foreign direct investment inflows, which outweighed the advance in other “miscel-laneous” investments.
The estimated goods account deficit contracted by $8.1 million (1.6%) to $489.8 million, as the $93.0 million (12.6%) decline in payments for imports outpaced the $84.9 million (35.7%) falloff in export receipts. The contraction in imports was mainly attributed to lower fuel purchases, which fell by $61.1 million (10.2%), as the significant reduction in import volumes outstripped the rise in average product costs. In this regard, the price per barrel of propane gas increased by 17.9% to $46.07; motor gas, by 33.9% to $64.19 and jet fuel, by 6.1% to $84.93. Non-oil imports fell by an estimated $9.3 million (2.4%) to $397.5 million.
The services account surplus narrowed by approx-imately $37.2 million (13.6%) to $236.5 million, as the falloff in the high value-added stopover segment of the tourism market reduced net travel receipts, by $39.8 million (9.8%) to $365.5 million. Offshore companies’ local expenses also contracted by almost 50% to $39.7 million. Net payments for Government services grew by $1.9 million (14.0%) to $15.2 million, whereas a decrease in payments for air and sea freight services brought the net outflow for transportation lower by $4.8 million (6.3%) at $71.6 million. In line with the slowdown in domestic activity, the net payment for other “miscellaneous” servic-
es decreased by $19.1 million (24.6%) to $58.5 million and construction-related service fees were reduced by $11.1 million (89.3%) to $1.3 million. More modest declines of $1.2 million and $0.3 million were recorded for net outflows for insurance services and royalty & license fees.
The deficit on the income account more than doubled to $61.8 million, as a three-fold hike in private enterprises’ interest and dividend payments resulted in net investment payments growing by $26.9 million to $43.4 million. In addition, the net outflow for official transactions firmed by $3.2 million (55.2%) to $9.1 million, inclusive of a $2.4 million (44.0%) falloff in the Central Bank’s foreign earn-ings, due to the low global interest rate environment.
-600
-500
-400
-300
-200
-100
0
100
200
300
400
QIV-08 QI-09 QII-09 QIII-09 QIV-09
(B$M)
Balance of Payments
Invisible Bal. Curr. Acct . Bal. Trade Bal.
Net current transfer inflows expanded by $3.7 million (35.4%) to $14.3 million, owing to a $3.2 million (26.0%) advance in net Government inflows to $15.5 million and a $0.5 million (26.5%) decline in net workers’ remittances to $1.5 million.
The estimated surplus on the capital and financial account was reduced by almost one-third to $221.5
10
million, following on a $227.2 million contraction in direct investments to $72.6 million. This outturn reflected a slump in inflows from equity and land purchases, by $170.2 million and $57.0 million, to $49.9 million and $22.7 million, respectively. With a slight uptick in equity investments, the net portfolio outflow moved higher to $6.6 million, while debt purchases remained steady. Conversely, net inflows from other “miscellaneous” in-vestment activities advanced more than three-fold to $160.8 million, boosted by proceeds from Government’s $300 million external bond issue, and resulted in a similar gain in net public sector capital inflows. As Government utilized its external borrowings to repay outstanding advances, domestic banks recorded a net repayment of $114.9 million, vis-à-vis a net inflow of $24.2 million in the previous year. Other private—mainly loan financing—investments were reversed, to a net repayment of $7.5 million from a net borrowing of $6.9 million in 2008; while the contraction in the capital account deficit, to $5.3 million from $35.5 million, reflected solely a falloff in migrants’ transfers.
As a result of these developments, and after adjust-ing for net errors and omissions, the overall balance—which corresponds to the change in the Central Bank’s external reserves—registered a surplus of $61.0 million vis-à-vis last year’s deficit of $87.3 million.
INTERNATIONAL ECONOMIC DEVELOPMENTS
The global recovery gained momentum during the fourth quarter of 2009, bolstered by governments’ fiscal stimulus measures and central banks’ expansionary monetary policies. However, consumer spending re-mained anemic, and unemployment rates stayed at historic highs. Global inflation firmed modestly, as inter-national oil and commodity prices trended upwards. In the currency markets, the US dollar appreciated against most major currencies, buoyed by signs of a sustained recovery in that economy; and major equity indices registered further gains, as the improving economic outlook provided a boost to investors’ confidence.
The recovery in the US economy deepened, with real GDP growth expanding to 5.9% from 2.2% in the pre-vious quarter, owing primarily to an upturn in private
inventory investment, exports and private consumption. However, economic activity in the United Kingdom re-mained tepid, as real output rose marginally by 0.1%, following a 0.2% contraction in the third quarter, reflecting growth in the services and industrial sectors. Conditions were also lackluster in the euro area, where lower output of intermediate and capital goods restrained the im-provement of real GDP to 0.1% from 0.4% in the previous three months. Supported by Government’s economic stimulus measures and an accommodative credit envi-ronment, China’s quarterly real output expanded robustly, to 10.7% from 9.1% in the third quarter. The Japanese economy continued to recover, as GDP increased by 1.1%, owing to a firming in business investments, exports and domestic demand.
Indications are that labor market conditions stabilized during the review quarter. In the United States, the unemployment rate grew marginally by 0.4 of a percen-tage point to 10.0%, owing to a falloff in construction, manufacturing and wholesale trade jobs. The jobless rate in the United Kingdom was unchanged at 7.8% from the previous quarter, while the euro area’s jobless rate rose by a mere 0.2 of a percentage point to 9.9%. Ja-pan’s unemployment rate narrowed by 0.4 of a percen-tage point to 5.0%; however, China’s jobless rate held steady at 4.3%.
The quarterly firming in consumer price inflation was broadly based across all of the major economies, given the upward movement in international energy prices. In the United States, the inflation rate for the twelve months to December strengthened to 2.7% from 0.1% in 2008. Annual inflation in the United Kingdom advanced by 1.8 percentage points to 2.9%, primarily linked to an upward adjustment in value-added tax rates to “pre-crisis” levels. For the euro area, higher prices for alcohol & tobacco, transport and miscellaneous good & services, pushed the rise in annual inflation to 0.9%, following a decline of 0.3% in the same period last year. In China, higher food and housing costs elevated consumer prices by 1.9%, while deflationary pressures in Japan moderated the contraction in consumer prices by 0.5 of a percentage point to 1.7%.
Supported by an improving outlook for the US econ-omy, the dollar strengthened against most of the major currencies. The dollar appreciated against the Yen and
11
euro, by 3.7% and 2.2%, respectively, and moved margi-nally higher relative to the Swiss Franc by 0.06%. It depreciated against the British pound by 1.2%, but was relatively stable against the Chinese currency.
As the upturn in the global economy gathered pace, the improvement in investor sentiment translated into increased valuations in the major equity markets. In the United States, the Dow Jones Industrial Average (DJIA) and the Standard & Poor’s 500 Index recorded increases of 7.4% to 10,428 and 5.9% to 1,110.7 points, respective-ly. Similarly, in Europe, the United Kingdom’s FTSE 100 rose by 5.4% to 5,879.80 points; Germany’s DAX, by 5.0% to 6,851.75 points and France’s CAC 40 index, by 3.7% to 4,869.79 points. China’s market remained volatile, with the major Shanghai SE Composite index appreciating by 17.9% to 4,383.39 points, and a more modest gain of 4.1% to 13,592.47 was posted for Japan’s Nikkei 225 index.
The combination of positive economic developments and severe cold weather in the Northern hemisphere largely explained the 19.3% surge in crude oil prices to $77.85 per barrel in the final quarter of 2009. In terms of other commodities, gold prices increased by 8.9% to $1,096.95 per ounce at end-December, as investors—including central banks—continued to boost holdings of relatively ‘safe’ assets. Silver rose by 1.4% to $16.88 per ounce.
Most of the major central banks maintained their ac-commodative monetary policy stance in the final quarter of 2009, in an effort to support the economic recovery, although several signaled their intention to unwind these policies in the near future. The Federal Reserve kept the federal funds rate in the range of 0.0% to 0.25%, and announced its decision to allow the liquidity facilities to expire February 1, 2010. In contrast, the Bank of Eng-land extended the asset purchase program by an addi-tional £25.0 billion to £200 billion. Based on the anemic level of economic activity, the European Central Bank (ECB) kept its key policy rates unchanged, as was also the case in both Japan and China.
In the external sector, trade balances of the major economies reflected the steady pace of global recovery. Consistent with the modest upturn in spending and corresponding increases in imports, the United States’ current account deficit expanded by 13.0% to $115.0
billion. The seasonally adjusted goods and services trade deficit for the United Kingdom rose to £9.5 billion from £8.1 billion in the third quarter, led by an expansion in the goods deficit. However, the euro zone’s external trade surplus advanced by €5.2 billion to €18.0 billion, as the contraction in imports outweighed the falloff in ex-ports. China’s buoyant recovery in exports resulted in the trade surplus widening further, by 56.4% to 61 trillion Yuan, when compared with the previous three-month period. Supported by a robust recovery in exports, Japan’s surplus on the goods and services balance firmed by 70.0%, on a quarterly basis, to ¥1,556.8 trillion.
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 total
14
En
d o
f P
erio
d2
00
52
00
62
00
7
M
ar.
Jun
.S
ept.
Dec
.M
ar.
Jun
.S
ept.
Dec
. N
et f
ore
ign
ass
ets
(32
.2)
(25
4.4
)(2
13
.4)
(55
.4)
61
.9(2
9.4
)(1
40
.9)
(42
.0)
(58
.1)
(41
.9)
13
4.0
Cen
tral
Ban
k5
78
.84
99
.74
54
.25
39
.66
74
.86
50
.25
62
.96
23
.87
70
.47
54
.98
15
.9
Do
mes
tic
Ban
ks
(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)
(68
1.9
)
Net
do
mes
tic
ass
ets
4,8
62
.45
,39
9.5
58
50
.75
,83
7.9
5,7
97
.35
,95
0.8
6,0
64
.96
,07
0.7
6,0
78
.06
,07
8.2
5,8
98
.3
D
om
esti
c cr
edit
5,8
99
.56
,74
2.9
74
34
.37
,43
3.3
7,5
06
.27
,68
5.5
7,9
09
.17
,93
3.8
7,9
64
.28
,17
4.4
8,0
39
.7
P
ub
lic
sect
or
94
5.8
10
74
.21
21
5.9
1,1
80
.41
,16
6.7
1,2
30
.91
,37
2.3
1,4
50
.01
,44
7.4
1,6
16
.71
,44
3.8
Go
ver
nm
ent
(net
)6
42
.56
77
.08
66
.88
40
.17
63
.87
95
.09
24
.01
04
2.9
10
41
.81
20
5.2
10
23
.9
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
P
riv
ate
sect
or
4,9
53
.75
,66
8.7
62
18
.46
,25
2.9
6,3
39
.56
45
4.6
65
36
.86
48
3.8
65
16
.86
55
7.7
65
95
.9
O
ther
ite
ms
(net
)(1
,03
7.1
)(1
,34
3.4
)(1
58
3.6
)(1
,59
5.4
)(1
,70
8.9
)(1
,73
4.7
)(1
,84
4.2
)(1
86
3.1
)(1
88
6.2
)(2
09
6.2
)(2
14
1.4
)
Mo
net
ary
lia
bil
itie
s4
,83
0.2
5,1
45
.15
63
7.3
5,7
82
.55
,85
9.2
5,9
21
.45
,92
4.0
6,0
28
.76
,01
9.9
6,0
36
.36
,03
2.3
M
on
ey1
,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
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
D
eman
d d
epo
sits
1,0
52
.31
,04
9.0
10
76
.61
,09
4.2
1,1
01
.51
,12
0.6
1,0
68
.71
13
9.4
10
90
.91
09
3.6
10
75
.8
Q
uas
i-m
on
ey
3,5
82
.63
,89
4.0
43
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
.7
F
ixed
dep
osi
ts2
,55
6.6
2,7
81
.53
14
4.8
3,2
45
.73
,32
0.5
3,3
81
.73
,42
7.7
34
51
.83
48
0.5
35
06
.73
52
1.4
S
avin
gs
dep
osi
ts8
81
.89
53
.39
92
.11
,00
9.3
1,0
18
.91
,00
6.3
1,0
20
.41
03
1.4
10
40
.51
00
7.1
99
5.4
F
ore
ign
cu
rren
cy1
44
.21
59
.22
00
.12
19
.12
14
.12
13
.22
01
.42
09
.12
13
.72
44
.72
31
.9
To
tal
do
mes
tic
cred
it
12
.91
4.3
10
.3(0
.0)
1.0
2.4
2.9
0.3
0.4
2.6
(1.6
)
P
ub
lic
sect
or
6.5
13
.61
3.2
(2.9
)(1
.2)
5.5
11
.55
.7(0
.2)
11
.7(1
0.7
)
Go
ver
nm
ent
(net
)1
7.4
5.4
28
.0(3
.1)
(9.1
)4
.11
6.2
12
.9(0
.1)
15
.7(1
5.0
)
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
.52
.0
P
riv
ate
sect
or
14
.21
4.4
9.7
0.6
1.4
1.8
1.3
(0.8
)0
.50
.60
.6
Mo
net
ary
lia
bil
itie
s9
.26
.59
.62
.61
.31
.10
.01
.8(0
.1)
0.3
(0.1
)
M
on
ey1
0.0
0.3
3.9
0.6
(0.2
)1
.1(3
.5)
4.9
(3.8
)(0
.6)
0.5
C
urr
ency
10
.63
.51
0.7
(4.2
)(4
.7)
(2.3
)3
.1(4
.3)
(1.4
)(5
.2)
12
.8
D
eman
d d
epo
sits
9.9
(0.3
)2
.61
.60
.71
.7(4
.6)
6.6
(4.3
)0
.2(1
.6)
Q
uas
i-m
on
ey9
.08
.71
1.4
3.2
1.8
1.0
1.0
0.9
0.9
0.5
(0.2
)
So
urc
e: T
he
Cen
tra
l B
an
k o
f T
he
Ba
ha
ma
s
(per
cen
tag
e ch
an
ges
)20
08
(B
$ M
illi
on
s)
TA
BL
E 1
FIN
AN
CIA
L S
UR
VE
Y
20
09
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.
Net
fo
reig
n a
sset
s(6
5.9
)(2
35
.0)
(19
7.2
)(3
5.5
)8
2.5
(11
.8)
(12
3.6
)(2
8.0
)(2
7.1
)(0
.5)
16
7.2
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
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
)
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
.0
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
.0
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
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
.4
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
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
.7
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)
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
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
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
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
.1
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
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
.3
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
.1
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
.9
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
)
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
)
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
)
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
.1
P
riv
ate
sect
or
14
.51
4.8
12
.10
.81
.31
.81
.3(0
.8)
0.5
0.6
0.5
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)
M
on
ey8
.71
.23
.30
.9(0
.5)
1.6
(3.6
)4
.9(4
.1)
(0.3
)0
.1
C
urr
ency
10
.63
.51
0.7
(4.2
)(4
.7)
(2.3
)3
.1(4
.3)
(1.4
)(5
.2)
12
.8
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
)
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
)
So
urc
e: T
he
Cen
tra
l B
an
k o
f T
he
Ba
ha
ma
s
(B$
Mil
lio
ns)
(per
cen
tag
e ch
an
ge)
20
09
TA
BL
E 2
MO
NE
TA
RY
SU
RV
EY
20
08
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
.M
ar.
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
.9
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
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
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
.8
S
DR
ho
ldin
gs
--
--
0.1
0.1
0.1
0.1
0.1
--
--
18
0.9
17
9.0
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
5.9
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
80
.8
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
1.5
Tre
asu
ry b
ills
--
52
.21
43
.51
17
.6
-
-
-
-6
.32
8.7
--
52
.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
04
.5
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
.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
)
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
)
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
)
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)
(12
6.9
)
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
.43
0.8
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
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
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
)
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
)
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)
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
97
.5)
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
) S
ou
rce:
Th
e C
entr
al
Ba
nk
of
Th
e B
ah
am
as
CE
NT
RA
L B
AN
K B
AL
AN
CE
SH
EE
T
TA
BL
E
3
20
09
20
08
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.
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)
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
.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
Bal
ance
s2
84
.72
51
.13
39
.14
20
.84
44
.04
20
.13
22
.34
22
.65
49
.64
28
.63
75
.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
.4
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
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
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
.6
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
.5
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
.1
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
)
Sec
uri
ties
20
.61
21
.19
7.7
97
.29
5.2
89
.39
7.5
99
.59
9.5
99
.51
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
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
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
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
.9
Sec
uri
ties
28
.22
1.7
29
.62
9.6
36
.33
5.9
28
.82
9.2
28
.33
0.2
27
.2
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
28
81
.42
91
8.3
29
49
.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
36
07
.13
60
9.2
36
19
.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
)
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
.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
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
11
74
.61
19
6.6
12
04
.2
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
10
44
.61
01
4.2
10
03
.5
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
So
urc
e: T
he
Cen
tra
l B
an
k o
f T
he
Ba
ha
ma
s
DO
ME
ST
IC B
AN
KS
BA
LA
NC
E S
HE
ET
TA
BL
E 4
20
08
20
09
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
1.
Inte
rest
In
com
e6
46
,26
97
44
,53
77
60
,15
91
84
,14
51
89
,88
21
87
,81
81
98
,31
41
82
,36
31
82
,99
01
80
,72
0
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
3
3.
Inte
rest
Marg
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
7
4.
Co
mm
issi
on
& F
ore
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
0
5.
Gro
ss E
arn
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
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
7.
Occ
up
ancy
Co
sts
20
,66
92
0,6
12
23
,40
95
,11
15
,97
15
,87
96
,44
85
,25
16
,31
95
,72
7
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
9
TA
BL
E 5
20
08
PR
OF
IT A
ND
LO
SS
AC
CO
UN
TS
OF
BA
NK
S IN
TH
E B
AH
AM
AS
*
20
09
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
9
9.
Op
erati
ng
Cost
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
10
.N
et E
arn
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
11
.D
epre
ciat
ion
Co
sts
11
,08
81
1,6
73
13
,41
23
,10
13
,34
73
,36
33
,60
13
,37
73
,23
33
,32
0
12
.P
rovis
ion
s fo
r B
ad D
ebt
43
,12
93
9,8
17
82
,20
41
6,2
27
11
,30
42
3,4
18
31
,25
52
2,9
16
36
,27
32
7,6
80
13
.O
ther
In
com
e1
01
,63
31
07
,27
11
20
,33
43
7,8
31
28
,29
92
7,3
85
26
,81
92
5,5
59
23
,21
32
3,7
63
14
.O
ther
In
com
e (N
et)
(13
-11
-12
)4
7,4
16
55
,78
12
4,7
18
18
,50
31
3,6
48
60
4(8
,03
7)
(73
4)
(16
,29
3)
(7,2
37
)
15
.N
et I
nco
me
(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
8
16
.E
ffec
tive
Inte
rest
Rate
Sp
read
(%
)6
.15
6.2
56
.51
6.3
66
.60
6.4
06
.68
6.2
46
.52
6.2
0
Inte
rest
Mar
gin
5.6
35
.50
5.3
95
.33
5.4
15
.20
5.6
05
.20
5.4
15
.17
Co
mm
issi
on
& F
ore
x I
nco
me
0.3
90
.38
0.3
60
.44
0.4
20
.27
0.3
20
.35
0.1
60
.23
Gro
ss E
arn
ings
Mar
gin
6.0
25
.89
5.7
55
.78
5.8
35
.47
5.9
25
.55
5.5
75
.40
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
2
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
Net
In
com
e3
.69
3.7
33
.09
3.7
43
.51
2.6
12
.49
2.5
32
.04
2.2
6
*C
om
mer
cia
l B
an
ks
an
d O
LF
Is w
ith
do
mes
tic
op
era
tio
ns
Sou
rce:
T
he
Cen
tral
Ban
k o
f T
he
Bah
am
as
(Rati
os
To A
ver
ag
e A
sset
s)
19
(B$
Mil
lio
ns)
En
d o
f P
erio
d2
00
42
00
52
00
6
Mar
.Ju
n.
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t.D
ec.
Mo
ney
su
pp
ly (
M1
)1
,13
4.4
1,2
47
.61
,25
1.1
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)
Cu
rren
cy i
n a
ctiv
e ci
rcu
lati
on
17
6.6
19
5.3
20
2.1
21
4.2
20
4.2
19
9.6
20
5.8
19
7.0
19
4.3
18
4.2
20
7.8
2)
Dem
and
dep
osi
ts9
57
.81
,05
2.3
1,0
49
.01
,09
4.2
1,1
01
.51
,12
0.6
1,0
68
.71
,13
9.4
1,0
90
.91
,09
3.6
1,0
75
.8
Cen
tral
Ban
k8
7.7
26
.11
8.3
18
.21
7.1
28
.31
0.4
16
.31
7.2
10
.21
5.9
Do
mes
tic
Ban
ks
87
0.1
1,0
26
.21
,03
0.7
1,0
76
.01
,08
4.4
1,0
92
.31
,05
8.3
1,1
23
.11
,07
3.7
1,0
83
.41
,05
9.9
Fa
cto
rs a
ffec
tin
g m
on
ey (
M1
)
1)
Net
cre
dit
to
Go
ver
nm
ent
54
7.1
64
2.5
67
7.0
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
Cen
tral
Ban
k1
41
.91
22
.01
82
.52
95
.01
78
.51
85
.31
98
.81
95
.31
84
.72
45
.91
80
.9
Do
mes
tic
Ban
ks
40
5.2
52
0.5
49
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
2)
Oth
er c
redit
4,6
80
.15
,25
7.0
6,0
65
.96
,59
3.2
6,7
42
.46
,89
0.5
6,9
85
.16
,89
0.9
6,9
22
.46
,96
9.2
7,0
15
.8
Res
t o
f p
ub
lic
sect
or
34
0.7
30
3.3
39
7.2
34
0.3
40
2.9
43
5.9
44
8.3
40
7.1
40
5.6
41
1.5
41
9.9
Pri
vat
e se
cto
r4
,33
9.4
4,9
53
.75
,66
8.7
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
3)
Exte
rnal
res
erves
66
7.8
57
8.8
49
9.7
53
9.6
67
4.8
65
0.2
56
2.9
62
3.8
77
0.4
75
4.9
81
5.9
4)
Oth
er e
xte
rnal
li
abil
itie
s (n
et)
(56
3.5
)(6
11
.0)
(75
4.1
)(5
95
.0)
(61
2.9
)(6
79
.6)
(70
3.8
)(6
65
.8)
(82
8.5
)7
96
.8(6
81
.9)
5)
Qu
asi
mo
ney
3,2
87
.13
,58
2.6
3,8
94
.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
.7
6)
Oth
er i
tem
s (n
et)
(91
0.0
)(1
,03
7.1
)(1
,34
3.4
)(1
,59
5.4
)(1
,70
8.9
)(1
,73
4.7
)(1
,84
4.2
)(1
,86
3.1
)(1
,88
6.2
)(2
,09
6.2
)(2
,14
1.4
)
So
urc
e: T
he
Cen
tra
l B
an
k o
f T
he
Ba
ha
ma
s
20
08
20
09
TA
BL
E 6
MO
NE
Y S
UP
PL
Y
20
(B$
' 00
0)
End o
f P
erio
d2
00
52
00
62
00
7
Jun
.S
ept.
Dec
.M
arJu
n.
Sep
t.D
ec.
CR
ED
IT
OU
TS
TA
ND
IN
G
Pri
vat
e ca
rs2
09
,87
92
28
,42
12
48
,15
22
47
,41
82
51
,16
72
45
,02
32
38
,77
52
27
,75
72
23
,34
92
15
,16
42
06
,68
9
Tax
is &
ren
ted
car
s2
,31
72
,56
81
,90
81
,92
52
,03
32
,02
01
,90
91
,81
71
,78
01
,78
51
,83
2
Co
mm
erci
al v
ehic
les
6,0
38
6,8
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
Fu
rnis
hin
gs
& d
om
esti
c ap
pli
ance
s
17
,30
91
9,6
58
22
,39
42
2,4
35
22
,81
82
2,0
43
21
,17
32
0,2
84
19
,63
21
9,7
59
19
,13
4
Tra
vel
41
,43
54
5,9
44
50
,97
04
8,5
20
51
,03
65
4,4
12
49
,60
24
3,9
66
40
,48
83
9,7
02
36
,36
9
Ed
uca
tio
n4
7,7
37
52
,85
85
4,7
25
53
,93
85
4,0
12
59
,30
65
7,2
55
55
,19
95
3,2
83
57
,52
05
5,2
27
Med
ical
14
,44
61
7,3
20
20
,52
02
1,0
14
22
,03
42
2,0
01
21
,43
52
1,1
59
20
,42
71
9,8
94
19
,69
7
Ho
me
Imp
rov
emen
ts1
34
,33
41
52
,85
11
63
,07
01
64
,97
31
67
,27
21
71
,88
61
71
,45
41
70
,16
21
66
,36
41
63
,94
21
63
,99
1
Lan
d P
urc
has
es1
74
,64
52
01
,31
82
27
,23
62
32
,91
22
34
,28
22
37
,33
42
46
,16
82
46
,75
42
45
,87
62
45
,20
92
43
,69
6
Co
nso
lid
atio
n o
f d
ebt
41
3,1
93
45
9,7
91
49
6,2
96
50
5,0
38
53
1,2
96
56
3,7
38
59
4,5
65
60
5,7
84
63
2,4
22
63
8,2
44
64
8,0
24
Mis
cell
aneo
us
41
2,1
62
48
9,1
22
55
9,1
19
56
2,5
36
55
6,7
26
55
2,1
97
54
1,5
85
52
9,6
09
52
9,9
75
52
3,3
07
51
5,0
02
Cre
dit
Car
ds
18
8,0
58
22
6,4
01
25
6,9
95
25
8,2
91
26
4,3
75
28
1,1
98
29
4,3
77
28
3,6
15
27
8,6
14
27
7,4
79
27
8,7
49
T
OT
AL
1,6
61
,55
31
,90
3,0
81
2,1
08
,34
12
,12
5,9
66
2,1
63
,92
72
,21
7,5
08
2,2
44
,40
92
,21
1,7
62
2,2
17
,51
52
,20
7,1
70
2,1
93
,36
5
NE
T C
RE
DIT
EX
TE
ND
ED
Pri
vat
e ca
rs-2
,80
01
8,5
42
19
,73
1-7
34
3,7
49
-6,1
44
-6,2
48
-11
,01
8-4
,40
8-8
,18
5-8
,47
5
Tax
is &
ren
ted
car
s-3
22
51
-66
01
71
08
-13
-11
1-9
2-3
75
47
Co
mm
erci
al v
ehic
les
82
67
91
12
71
0-9
0-5
26
-23
9-4
55
-35
1-1
40
-21
0
Fu
rnis
hin
gs
& d
om
esti
c ap
pli
ance
s3
,33
72
,34
92
,73
64
13
83
-77
5-8
70
-88
9-6
52
12
7-6
25
Tra
vel
62
14
,50
95
,02
6-2
,45
02
,51
63
,37
6-4
,81
0-5
,63
6-3
,47
8-7
86
-3,3
33
Ed
uca
tio
n8
11
5,1
21
1,8
67
-78
77
45
,29
4-2
,05
1-2
,05
6-1
,91
64
,23
7-2
,29
3
Med
ical
63
52
,87
43
,20
04
94
1,0
20
-33
-56
6-2
76
-73
2-5
33
-19
7
Ho
me
Imp
rov
emen
ts2
0,1
35
18
,51
71
0,2
19
1,9
03
2,2
99
4,6
14
-43
2-1
,29
2-3
,79
8-2
,42
24
9
Lan
d P
urc
has
es2
4,5
49
26
,67
32
5,9
18
5,6
76
1,3
70
3,0
52
8,8
34
58
6-8
78
-66
7-1
,51
3
Co
nso
lid
atio
n o
f d
ebt
66
,39
84
6,5
98
36
,50
58
,74
22
6,2
58
32
,44
23
0,8
27
11
,21
92
6,6
38
5,8
22
9,7
80
Mis
cell
aneo
us
38
,15
47
6,9
60
69
,99
73
,41
7-5
,81
0-4
,52
9-1
0,6
12
-11
,97
63
66
-6,6
68
-8,3
05
Cre
dit
Car
ds
21
,98
53
8,3
43
30
,59
41
,29
66
,08
41
6,8
23
13
,17
9-1
0,7
62
-5,0
01
-1,1
35
1,2
70
T
OT
AL
17
4,6
19
24
1,5
28
20
5,2
60
17
,62
53
7,9
61
53
,58
12
6,9
01
-32
,64
75
,75
3-1
0,3
45
-13
,80
5
So
urce:
Th
e C
en
tra
l B
an
k o
f T
he B
ah
am
as
* In
clu
des
both
dem
and
an
d a
dd
-on
loan
s
20
09
20
08
Mar
.
TA
BL
E
7
CO
NS
UM
ER
IN
ST
AL
ME
NT
CR
ED
IT*
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
IQ
tr.
IV
DO
ME
ST
IC B
AN
KS
D
epo
sit
rate
s
Sav
ings
dep
osi
ts2
.05
2.2
02
.15
2.0
11
.96
2.0
02
.24
2.3
02
.25
2.1
72
.06
2.1
92
.11
2.0
92
.19
Fix
ed d
epo
sits
U
p t
o 3
mo
nth
s3
.51
3.7
03
.55
3.4
43
.50
3.5
23
.58
3.7
43
.71
3.7
13
.63
3.6
43
.57
3.5
43
.46
U
p t
o 6
mo
nth
s3
.89
4.0
83
.94
3.8
83
.86
3.8
53
.98
4.1
84
.09
4.0
04
.04
4.2
33
.88
3.9
33
.72
U
p t
o 1
2 m
on
ths
4.2
84
.56
4.2
64
.32
4.1
94
.12
4.4
74
.83
4.5
74
.48
4.3
54
.67
4.3
83
.96
4.0
2
O
ver
12
mo
nth
s4
.52
4.4
44
.37
4.8
44
.05
4.4
84
.71
5.0
54
.28
4.3
14
.11
4.6
64
.33
4.2
14
.27
W
eig
hte
d a
ver
age
rate
3.6
93
.92
3.7
93
.66
3.6
33
.68
3.8
04
.02
3.9
13
.90
3.8
64
.00
3.7
93
.70
3.6
7
Len
din
g r
ate
s
Res
iden
tial
mo
rtg
ages
8.1
68
.36
8.2
57
.93
8.1
38
.28
8.2
98
.36
8.5
88
.25
8.2
58
.29
8.2
38
.26
8.2
1
Co
mm
erci
al m
ort
gag
es8
.75
8.7
28
.60
8.5
68
.26
8.9
39
.23
8.6
29
.24
8.3
78
.64
8.5
88
.46
8.7
28
.65
Co
nsu
mer
lo
ans
12
.70
13
.03
12
.69
12
.15
12
.82
12
.76
13
.05
13
.00
13
.49
13
.07
12
.55
12
.49
12
.72
13
.09
12
.46
Ov
erd
raft
s1
1.4
41
1.4
51
1.6
71
1.4
71
2.3
91
1.0
41
0.8
71
1.3
41
1.7
91
1.5
71
1.1
01
2.8
41
1.6
01
1.4
31
0.8
0
W
eig
hte
d a
ver
age
rate
10
.63
10
.95
10
.58
10
.35
10
.82
10
.63
10
.72
11
.00
11
.42
11
.00
10
.39
10
.49
10
.67
10
.69
10
.45
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
05
.50
T
reas
ury
bil
l (9
0 d
ays)
2
.66
2.7
32
.62
2.5
52
.64
2.6
32
.83
2.6
92
.83
2.6
92
.73
2.6
42
.77
2.4
92
.56
T
reas
ury
bil
l re
-dis
cou
nt
rate
3.1
63
.23
3.1
23
.05
3.1
43
.13
3.3
33
.19
3.3
33
.19
3.2
33
.14
3.2
72
.99
3.0
6
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
5.2
5
So
urc
e: T
he
Cen
tra
l B
an
k o
f T
he
Ba
ha
ma
s
20
07
20
08
20
09
TA
BL
E 8
SE
LE
CT
ED
AV
ER
AG
E I
NT
ER
ES
T R
AT
ES
22
Perio
d2
00
52
00
62
00
7
Qtr
. I
Qtr
. II
Qtr
. II
IQ
tr.
IVQ
tr.
IQ
tr.
IIQ
tr.
III
Qtr
. IV
Loan
Portf
oli
o
Cu
rren
t L
oan
s (a
s a
% o
f to
tal
loan
s)9
2.0
92
.59
0.6
90
.98
9.9
89
.58
7.5
86
.38
6.2
83
.98
2.3
Arr
ears
(%
by l
oan
typ
e)
Co
nsu
mer
2.8
2.8
3.0
3.1
3.2
3.3
3.9
4.2
4.5
4.8
5.2
Mo
rtgag
e3
.63
.14
.64
.44
.54
.75
.96
.26
.07
.58
.6
Co
mm
erci
al1
.61
.61
.71
.52
.32
.42
.63
.23
.23
.73
.8
Pu
bli
c0
.00
.00
.10
.10
.10
.10
.10
.10
.10
.10
.1
To
tal
Arr
ears
8.0
7.5
9.4
9.1
10
.11
0.5
12
.51
3.7
13
.81
6.1
17
.7
Tota
l B
$ L
oan
Portf
oli
o1
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.0
Loan
Portf
oli
o
Cu
rren
t L
oan
s (a
s a
% o
f to
tal
loan
s)9
2.0
92
.59
0.6
90
.98
9.9
89
.58
7.5
86
.38
6.2
83
.98
2.3
Arr
ears
(%
by d
ays
ou
tsta
nd
ing)
30
- 6
0 d
ays
2.7
2.5
3.6
3.2
3.4
3.3
4.5
4.3
4.1
4.9
5.6
61
- 9
0 d
ays
1.0
0.9
1.3
1.2
1.7
1.6
1.9
2.3
1.9
2.5
2.7
90
- 1
79
day
s0
.90
.91
.21
.41
.21
.51
.62
.11
.92
.83
.1
over
18
0 d
ays
3.4
3.2
3.3
3.3
3.8
4.1
4.5
5.0
5.9
5.9
6.3
To
tal
Arr
ears
8.0
7.5
9.4
9.1
10
.11
0.5
12
.51
3.7
13
.81
6.1
17
.7
Tota
l B
$ L
oan
Portf
oli
o1
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
33
.93
5.0
29
.43
2.8
31
.43
1.6
30
.23
0.0
31
.02
7.1
29
.8
Mo
rtgag
e4
2.9
40
.94
5.6
46
.44
5.3
45
.24
4.4
43
.44
3.0
45
.44
1.4
Oth
er P
rivat
e2
3.1
24
.02
3.2
19
.02
1.5
22
.22
3.9
25
.22
4.7
26
.42
7.8
Pu
bli
c0
.10
.11
.81
.81
.81
.01
.51
.41
.31
.11
.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
.0
Provis
ion
s t
o L
oan
Portf
oli
o
Co
nsu
mer
3.0
3.4
2.8
3.0
3.1
2.2
3.3
3.6
3.8
4.2
4.2
Mo
rtgag
e1
.31
.31
.21
.21
.31
.21
.41
.61
.61
.71
.8
Oth
er P
rivat
e1
.62
.53
.23
.33
.74
.95
.45
.67
.36
.76
.9
Pu
bli
c0
.30
.00
.00
.00
.00
.00
.10
.00
.00
.00
.0
To
tal
Pro
vis
ion
s to
To
tal
Lo
ans
2.0
2.3
2.1
2.3
2.4
2.6
2.7
3.0
3.3
3.4
3.4
To
tal
Pro
vis
ion
s to
No
n-p
erfo
rmin
g L
oan
s4
4.9
54
.74
7.9
47
.94
7.9
46
.74
6.0
42
.44
2.9
39
.53
7.1
To
tal
No
n-p
erfo
rmin
g L
oan
s to
To
tal
Lo
ans
4.5
4.2
4.5
4.7
4.9
5.6
6.1
7.1
7.8
8.8
9.4
So
urce:
Th
e C
en
tra
l B
an
k o
f T
he B
ah
am
as
Fig
ure
s m
ay n
ot
sum
to t
ota
l due
to r
oundin
g.
20
08
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
09
23
(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.
I. S
tatu
tory
Res
erves
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
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
.8
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
Fre
e ca
sh r
eser
ves
(p
erio
d e
nd
ed)
19
1.5
11
7.2
19
0.1
22
4.5
25
2.0
22
2.1
16
4.0
20
1.2
36
0.4
25
8.6
22
9.5
II.
Liq
uid
Ass
ets
(per
iod
)
A
.
Min
imu
m r
equ
ired
Liq
uid
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
B
.
Net
Eli
gib
le L
iqu
id A
sset
s 8
95
.68
65
.61
01
1.9
10
75
.31
21
3.6
12
40
.71
16
8.5
13
34
.51
44
6.8
13
90
.61
42
3.7
i)
Bal
ance
wit
h C
entr
al B
ank
28
4.7
25
1.1
34
1.2
42
0.8
44
4.0
42
0.1
32
2.2
42
2.6
54
9.6
42
8.6
37
5.6
ii)
No
tes
and
Co
ins
10
6.3
11
6.7
11
0.6
80
.28
2.0
79
.61
18
.17
8.7
86
.18
7.8
11
2.3
iii)
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
2.7
16
1.7
21
4.0
iv)
Go
ver
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
.4
v)
Sp
ecif
ied
ass
ets
26
.03
9.9
36
.63
6.5
34
.32
6.5
36
.83
8.7
38
.53
8.3
45
.7
vi)
Net
In
ter-
ban
k d
em/c
all
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
v
ii)
Les
s: b
orr
ow
ings
fro
m c
entr
al b
ank
(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
Sou
rce:
Th
e C
entr
al
Ban
k o
f T
he
Bah
am
as
20
09
20
08
TA
BL
E 1
0
SU
MM
AR
Y O
F B
AN
K L
IQU
IDIT
Y
24
(B$
Mil
lio
ns)
Per
iod
2006/0
7p
2007/0
8p
2008/0
9p
2008/0
92009/1
0Q
TR
. I
QT
R. II
QT
R. II
IQ
TR
. IV
QT
R. I
QT
R. II
Tota
l R
even
ue
& G
rants
1338.2
1,4
24.1
1,3
24.2
1569.3
1400.0
314.3
306.9
310.9
392.1
267.7
361.1
Curr
ent
expen
dit
ure
1285.7
1,3
44.0
1,4
22.7
1484.2
1430.5
331.5
334.5
358.5
398.2
319.8
345.4
Cap
ital
expen
dit
ure
166.2
176.7
139.8
188.7
208.9
28.5
30.5
28.9
51.9
37.5
42.9
Net
len
din
g69.1
54.1
123.1
62.2
49.3
14.8
16.7
11.7
79.9
11.3
48.3
Over
all
bala
nce
(182.8
)(1
50.8
)(3
61.3
)(1
65.7
)(2
88.6
)(6
0.4
)(7
4.8
)(8
8.2
)(1
37.9
)(1
00.8
)(7
5.5
)
FIN
AN
CIN
G (
I+II
-III
+IV
+V
)182.8
150.8
361.3
165.7
288.6
60.4
74.8
88.2
137.9
100.8
75.5
I. F
ore
ign
cu
rren
cy b
orr
ow
ing
18.1
127.8
267.7
27.9
63.8
3.6
12.6
60.7
190.9
5.8
304.4
Exte
rnal
14.7
106.7
56.6
27.9
63.8
3.6
11.5
10.7
30.9
5.8
304.4
Dom
esti
c3.4
22.3
211.1
--
--
--
1.1
50.0
160.0
--
--
II.
Bah
am
ian
doll
ar
borr
ow
ing
230.3
194.5
246.1
207.2
309.7
100.0
--
121.1
25.0
165.0
--
i)T
reasu
ry b
ills
10.0
28.0
13.8
--
--
--
--
13.8
--
--
--
Bu
dget
G
OV
ER
NM
EN
T O
PE
RA
TIO
NS
AN
D F
INA
NC
ING
TA
BL
E 1
1
2008/0
9p
2009/1
0p
i)T
reasu
ry b
ills
10.0
28.0
13.8
--
--
--
--
13.8
--
--
--
Cen
tral
Ban
k10.0
28.0
13.8
--
--
--
--
13.8
--
--
--
Com
mer
cial
ban
ks
& O
LF
I's
--
--
0.0
--
--
--
--
--
--
--
--
Publi
c co
rpora
tions
--
--
0.0
--
--
--
--
--
--
--
--
Oth
er--
--
0.0
--
--
--
--
--
--
--
--
ii)
Lon
g-t
erm
sec
uri
ties
195.3
166.5
207.2
--
--
100.0
--
107.2
0.0
150.0
--
Cen
tral
Ban
k70.3
41.5
0.0
--
--
--
--
--
--
15.1
--
Com
mer
cial
ban
ks
& O
LF
I's
34.9
25.2
114.7
--
--
47.0
--
67.7
--
84.0
--
Publi
c co
rpora
tions
49.1
55.8
21.7
--
--
13.7
--
8.0
--
30.0
--
Oth
er41.0
44.0
70.9
--
--
39.3
--
31.6
--
20.9
--
iii)
Loan
s an
d A
dvan
ces
25.0
--
25.0
--
--
--
--
--
25.0
15.0
--
Cen
tral
Ban
k25.0
--
25.0
--
--
--
--
--
25.0
--
--
Com
mer
cial
ban
ks
--
--
0.0
--
--
--
--
--
--
15.0
--
III.
Deb
t re
pay
men
t123.0
83.7
108.2
60.1
80.8
15.9
12.9
1.0
78.5
16.0
223.6
Dom
esti
c93.3
78.4
101.8
55.0
75.0
15.0
10.9
0.0
75.9
15.0
195.9
Bah
amia
n d
oll
ars
91.5
56.6
50.0
55.0
75.0
15.0
10.0
--
25.0
15.0
35.0
Inte
rnal
fore
ign c
urr
ency
1.8
21.8
51.8
--
--
--
0.9
--
50.9
--
160.9
Exte
rnal
29.7
5.3
6.4
5.1
5.8
0.9
1.9
1.0
2.6
1.0
27.7
IV.C
ash
bala
nce
ch
an
ge
(7.6
)(3
2.5
)(3
0.2
)--
--
(2
6.5
)41.1
(27.7
)(1
7.0
)11.5
(1.1
)
V.
Oth
er F
inan
cin
g65.0
(55.4
)(1
4.1
)(9
.3)
(4.1
)(0
.7)
34.0
(64.9
)17.5
(65.6
)(4
.1)
Sou
rce:
Tre
asu
ry M
on
thly
Pri
nto
uts
. D
ata
com
pil
ed a
ccord
ing t
o 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
Dec
.M
ar.
Jun
.S
ept.
Dec
.
TO
TA
L E
XT
ER
NA
L D
EB
T2
72
,97
33
83
,59
37
03
,06
63
83
,59
33
93
,33
44
21
,60
04
26
,41
97
03
,06
6
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
30
0,0
00
30
0,0
00
30
0,0
00
60
0,0
00
Lo
ans
72
,97
38
3,5
93
10
3,0
66
83
,59
39
3,3
34
12
1,6
00
12
6,4
19
10
3,0
66
By
Ho
lder
Co
mm
erci
al B
ank
s--
----
--
--2
5,0
00
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
27
9,4
09
89
,15
09
2,4
16
97
,23
59
8,8
82
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
30
0,0
00
30
0,0
00
30
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
2,3
83
,00
82
,55
4,0
74
2,6
63
,17
12
,81
3,1
71
2,6
17
,26
8
By
In
stru
men
t0
Fo
reig
n C
urr
ency
23
,16
03
,61
21
,80
63
,61
25
3,6
12
16
2,7
09
16
2,7
09
1,8
06
G
ov
ern
men
t S
ecu
riti
es--
----
----
----
--
L
oan
s2
3,1
60
3,6
12
1,8
06
3,6
12
53
,61
21
62
,70
91
62
,70
91
,80
6
Bah
amia
n D
oll
ars
2,3
39
,89
62
,37
9,3
96
2,6
15
,46
22
,37
9,3
96
2,5
00
,46
22
,50
0,4
62
2,6
50
,46
22
,61
5,4
62
A
dv
ance
s7
1,9
88
71
,98
89
6,9
88
71
,98
87
1,9
88
96
,98
89
6,9
88
96
,98
8
T
reas
ury
Bil
ls2
30
,46
92
30
,46
92
44
,30
92
30
,46
92
44
,30
92
44
,30
92
44
,30
92
44
,30
9
G
ov
ern
men
t S
ecu
riti
es2
,03
1,6
93
2,0
71
,69
32
,26
8,9
19
2,0
71
,69
32
,17
8,9
19
2,1
53
,91
92
,28
8,9
19
2,2
68
,91
9
L
oan
s5
,74
65
,24
65
,24
65
,24
65
,24
65
,24
62
0,2
46
5,2
46
By
Ho
lder
0
Fo
reig
n C
urr
ency
23
,16
03
,61
21
,80
63
,61
25
3,6
12
16
2,7
09
16
2,7
09
1,8
06
C
om
mer
cial
Ban
ks
23
,16
03
,61
21
,80
63
,61
25
3,6
12
14
2,7
09
14
2,7
09
1,8
06
O
ther
Lo
cal
Fin
anci
al I
nst
itu
tio
ns
----
----
--2
0,0
00
20
,00
0--
Bah
amia
n D
oll
ars
2,3
39
,89
62
,37
9,3
96
2,6
15
,46
22
,37
9,3
96
2,5
00
,46
22
,50
0,4
62
2,6
50
,46
22
,61
5,4
62
T
he
Cen
tral
Ban
k3
48
,84
22
02
,99
32
01
,50
92
02
,99
32
21
,55
42
13
,54
12
69
,59
82
01
,50
9
C
om
mer
cial
Ban
ks
52
0,9
04
69
1,7
39
88
6,3
58
69
1,7
39
78
2,7
87
76
8,7
23
85
4,2
07
88
6,3
58
O
ther
Lo
cal
Fin
anci
al I
inst
itu
tio
ns
3,0
32
2,9
32
4,1
67
2,9
32
4,1
33
4,6
33
4,3
18
4,1
67
P
ub
lic
Co
rpo
rati
on
s7
29
,25
97
20
,78
37
22
,99
97
20
,78
37
06
,32
07
45
,92
87
33
,14
47
22
,99
9
O
ther
73
7,8
59
76
0,9
49
80
0,4
29
76
0,9
49
78
5,6
68
76
7,6
37
78
9,1
95
80
0,4
29
TO
TA
L F
OR
EIG
N C
UR
RE
NC
Y D
EB
T2
96
,13
23
87
,20
57
04
,87
23
87
,20
54
46
,94
65
84
,30
95
89
,12
87
04
,87
2
TO
TA
L D
IRE
CT
CH
AR
GE
2,6
36
,02
92
,76
6,6
01
3,3
20
,33
42
,76
6,6
01
2,9
47
,40
83
,08
4,7
71
3,2
39
,59
03
,32
0,3
34
TO
TA
L C
ON
TIN
GE
NT
LIA
BIL
ITIE
S4
34
,50
74
46
,49
25
80
,99
74
46
,49
24
44
,57
34
40
,01
34
38
,48
55
80
,99
7
TO
TA
L N
AT
ION
AL
DE
BT
3,0
70
,53
63
,21
3,0
93
3,9
01
,33
13
,21
3,0
93
3,3
91
,98
13
,52
4,7
84
3,6
78
,07
53
,90
1,3
31
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
08
p2
00
9p
TA
BL
E 1
2
NA
TIO
NA
L D
EB
T
26
(B$' 0
00s)
20
07
p2
00
8p
20
09
p
Dec
.M
ar.*
Jun
.*S
ep.
Dec
.**
20
09
p
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
TA
BL
E 1
3
20
08
p
Ou
tsta
nd
ing
deb
t a
t b
egin
nin
g o
f p
erio
d6
36
,22
56
54
,36
88
59
,87
88
43
,19
38
59
,87
88
68
,17
99
95
,65
79
99
,67
6
Go
ver
nm
ent
29
4,1
52
29
6,1
33
38
7,2
05
37
7,4
60
38
7,2
05
44
6,9
46
58
4,3
09
58
9,1
28
Pu
bli
c C
orp
ora
tio
ns
34
2,0
73
35
8,2
35
47
2,6
73
46
5,7
33
47
2,6
73
42
1,2
33
41
1,3
48
41
0,5
48
Plu
s n
ew d
raw
ing
s1
94
,48
32
73
,74
68
48
,83
22
7,8
74
10
7,1
40
19
0,8
53
13
,48
15
37
,35
7
Go
ver
nm
ent
33
,73
11
18
,46
75
61
,70
01
2,5
95
60
,69
51
90
,85
35
,79
43
04
,35
7
Pu
bli
c co
rpo
rati
on
s1
60
,75
21
55
,27
92
87
,13
21
5,2
79
46
,44
5--
7,6
87
23
3,0
00
Les
s A
mo
rtiz
ati
on
17
6,3
40
68
,23
65
76
,33
01
1,1
89
98
,83
96
3,3
75
9,4
62
40
4,6
53
Go
ver
nm
ent
31
,75
02
7,3
95
24
4,0
33
2,8
50
95
45
3,4
90
97
51
88
,61
3
Pu
bli
c co
rpo
rati
on
s1
44
,59
04
0,8
41
33
2,2
97
8,3
39
97
,88
59
,88
58
,48
72
16
,04
04
45
Ou
tsta
nd
ing
deb
t a
t en
d o
f p
erio
d6
54
,36
88
59
,87
81
,13
2,3
80
85
9,8
78
86
8,1
79
99
5,6
57
99
9,6
76
1,1
32
,38
0
Go
ver
nm
ent
29
6,1
33
38
7,2
05
70
4,8
72
38
7,2
05
44
6,9
46
58
4,3
09
58
9,1
28
70
4,8
72
Pu
bli
c co
rpo
rati
on
s3
58
,23
54
72
,67
34
27
,50
84
72
,67
34
21
,23
34
11
,34
84
10
,54
84
27
,50
8 In
tere
st C
ha
rges
40
,18
94
0,7
67
41
,35
61
7,0
57
4,0
77
16
,84
65
,56
21
4,8
72
Inte
rest
Ch
arg
es4
0,1
89
40
,76
74
1,3
56
17
,05
74
,07
71
6,8
46
5,5
62
14
,87
2
Go
ver
nm
ent
18
,00
02
0,9
59
27
,58
11
1,4
44
50
41
2,0
69
1,7
91
13
,21
8
Pu
bli
c co
rpo
rati
on
s2
2,1
89
19
,80
81
3,7
75
5,6
13
3,5
73
4,7
77
3,7
71
1,6
54
Deb
t S
erv
ice
21
6,5
29
10
9,0
03
61
7,6
86
28
,24
61
02
,91
68
0,2
21
15
,02
44
19
,52
5
Go
ver
nm
ent
49
,75
04
8,3
54
27
1,6
14
14
,29
41
,45
86
5,5
59
2,7
66
20
1,8
31
Pu
bli
c co
rpo
rati
on
s1
66
,77
96
0,6
49
34
6,0
72
13
,95
21
01
,45
81
4,6
62
12
,25
82
17
,69
4 D
ebt
Ser
vic
e ra
tio
(%
)6
.43
.12
1.0
3.4
13
.29
.92
.16
5.1
Deb
t S
erv
ice
rati
o (
%)
6.4
3.1
21
.03
.41
3.2
9.9
2.1
65
.1 G
ov
ern
men
t d
ebt
Ser
vic
e/3
.73
.42
0.4
4.7
0.5
16
.71
.05
5.9
G
ov
ern
men
t re
ven
ue
(%)
ME
MO
RA
ND
UM
0.0
0.0
0.0
0.0
00
.00
0.0
00
.00
0.0
0
Ho
lder
dis
trib
uti
on
(B
$ M
il):
65
4.3
78
59
.88
11
32
.38
85
9.8
88
68
.18
99
5.6
69
99
.68
11
32
.38
C
om
mer
cial
ban
ks
32
4.2
41
1.3
35
1.1
41
1.3
39
7.9
50
5.5
50
2.2
35
1.1
O
ffsh
ore
Fin
anci
al I
nst
itu
tio
ns
----
----
----
----
O
ffsh
ore
Fin
anci
al I
nst
itu
tio
ns
----
----
----
----
M
ult
ilat
eral
In
stit
uti
on
s1
07
.51
12
.31
26
.31
12
.31
21
.01
22
.81
26
.81
26
.3
B
ilat
eral
In
stit
uti
on
s7
.21
9.0
21
.41
9.0
11
.01
1.0
15
.42
1.4
O
ther
15
.51
7.4
33
.61
7.4
38
.35
6.4
55
.33
3.6
P
riv
ate
Cap
ital
Mar
ket
s2
00
.03
00
.06
00
.03
00
.03
00
.03
00
.03
00
.06
00
.0
So
urc
e: T
rea
sury
Acc
ou
nts
, T
rea
sury
Sta
tist
ica
l P
rin
tou
ts a
nd
Qu
art
erly
Rep
ort
s fr
om
Pu
bli
c C
orp
ora
tio
ns,
Cen
tra
l B
an
k o
f T
he
Ba
ha
ma
s.
Note
: *D
ebt
serv
icin
g d
uri
ng t
he
1st
& 2
nd q
uar
ters
of
2009 i
ncl
udes
the
refi
nan
cing o
f $
86 m
illi
on a
nd
$50 m
illi
on i
n P
ubli
c C
orp
ora
tions'
and G
over
nm
ent's
deb
t.
Net
of
thes
e
1 S
ee n
ote
s t
o t
able
Note
: *D
ebt
serv
icin
g d
uri
ng t
he
1st
& 2
nd q
uar
ters
of
2009 i
ncl
udes
the
refi
nan
cing o
f $
86 m
illi
on a
nd
$50 m
illi
on i
n P
ubli
c C
orp
ora
tions'
and G
over
nm
ent's
deb
t.
Net
of
thes
e
tran
sact
ions,
the
res
pec
tive
adju
sted
deb
t se
rvic
e ra
tios
wer
e 2.2
% &
3.7
% a
nd t
he
Gover
nm
ent's
2nd q
uar
ter
serv
ice/
reven
ue
rati
o w
as 4
.0%
.
**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
$185 m
illi
on i
n P
ubli
c C
orp
ora
tions'
and G
over
nm
ent's
deb
t.
Net
of
thes
e
tran
sact
ions,
the
Gover
nm
ent's
ser
vic
e/re
ven
ue
rati
o w
as 4
.7%
and t
he
deb
t se
rvic
e ra
tio w
as 3
.6%
.
27
(B$ M
illi
ons)
2007p
2008p
2009p
Qtr
.Ip
Qtr
.IIp
Qtr
.III
p Q
tr.I
Vp
Qtr
.Ip
Qtr
.IIp
Qtr
.III
p Q
tr.I
Vp
A.
Cu
rren
t A
ccou
nt
Bala
nce
(I+
II+
III+
IV)
(1,3
14.2
)(1
,164.8
)(9
27.0
)(2
65.6
)(2
36.6
)(4
19.8
)(2
42.8
)(1
23.2
)(1
91.4
)(3
11.6
)(3
00.8
)
I.
M
erch
an
dis
e (
Net
)(2
,154.4
)(2
,243.2
)(1
,874.3
)(5
89.1
)(5
59.6
)(5
96.7
)(4
97.8
)(4
29.3
)(5
08.0
)(4
47.2
)(4
89.8
)
E
xp
ort
s801.8
955.8
665.8
238.8
231.6
247.5
238.0
164.7
178.1
169.9
153.1
Im
po
rts
2,9
56.2
3,1
99.0
2,5
40.1
827.9
791.1
844.1
735.8
594.0
686.1
617.1
642.9
II
. S
ervic
es (
Net
)1,0
19.7
1,1
40.4
1,0
74.4
343.9
335.3
187.5
273.7
328.8
318.1
191.0
236.5
Tra
nsp
ort
atio
n(3
15.7
)(3
08.0
)(2
67.9
)(8
2.3
)(7
9.6
)(6
9.6
)(7
6.4
)(7
9.0
)(5
9.8
)(5
7.5
)(7
1.6
)
Tra
vel
1,8
09.7
1,8
48.6
1,6
97.4
520.2
528.4
394.8
405.3
485.4
482.3
364.2
365.5
In
sura
nce
Ser
vic
es(1
07.0
)(1
06.6
)(9
2.6
)(2
8.7
)(2
6.0
)(3
3.0
)(1
8.9
)(1
1.0
)(3
4.8
)(2
9.0
)(1
7.8
)
Off
sho
re C
om
pan
ies
Lo
cal
Exp
ense
s210.2
233.8
179.6
63.5
44.2
54.8
71.2
46.4
46.1
48.0
39.1
Oth
er
Go
ver
nm
ent
(44.8
)(5
6.3
)(8
7.0
)(6
.4)
(18.6
)(1
8.0
)(1
3.3
)(5
.7)
(27.5
)(3
8.6
)(1
5.2
)
Oth
er S
ervic
es(5
32.7
)(4
71.1
)(3
55.2
)(1
22.4
)(1
13.1
)(1
41.5
)(9
4.1
)(1
07.3
)(8
8.1
)(9
6.1
)(6
3.6
)
II
I. I
nco
me
(N
et)
(231.4
)(1
18.0
)(2
09.5
)(3
5.1
)(2
9.8
)(2
4.0
)(2
9.2
)(4
2.6
)(2
7.9
)(7
7.1
)(6
1.8
)
1
. C
om
pen
sati
on
of
Em
plo
yee
s(8
4.7
)(5
8.7
)(5
7.4
)(1
5.4
)(1
6.9
)(1
3.6
)(1
2.7
)(1
4.3
)(1
4.0
)(1
0.6
)(1
8.4
)
2
. I
nves
tmen
t In
com
e(1
46.7
)(5
9.3
)(1
52.1
)(1
9.7
)(1
2.8
)(1
0.4
)(1
6.5
)(2
8.3
)(1
3.9
)(6
6.5
)(4
3.4
)
IV
. C
urr
ent
Tra
nsf
ers
(N
et)
51.8
56.0
82.3
14.7
17.5
13.3
10.6
19.9
26.4
21.7
14.3
1
. G
ener
al G
over
nm
ent
60.9
62.9
88.3
17.3
18.0
15.3
12.3
21.5
28.2
23.1
15.5
2
. P
rivat
e S
ecto
r(9
.1)
(6.9
)(6
.0)
(2.6
)(0
.5)
(2.1
)(1
.7)
(1.6
)(1
.7)
(1.4
)(1
.2)
B.
Cap
ital
an
d F
inan
cial
Acc
ou
nt
(I+
II)
999.5
1,1
16.7
1,0
72.9
229.8
360.9
235.0
306.9
181.3
376.6
293.4
221.5
(e
xcl
. R
eser
ves
)
I.
Cap
ital
Acc
ou
nt
(Net
Tra
nsf
ers)
(75.7
)(7
6.3
)(3
1.7
)(1
1.6
)(1
0.7
)(1
8.4
)(3
5.5
)(1
0.4
)(7
.6)
(8.4
)(5
.3)
II
. F
inan
cial
Acc
ou
nt
(Net
)1,0
75.2
1,1
93.0
1,1
04.6
241.4
371.6
253.4
342.4
191.8
384.3
301.8
226.8
1
. D
irec
t In
ves
tmen
t746.2
838.9
653.6
159.0
219.4
160.7
299.7
187.3
181.3
212.5
72.6
2
. P
ort
foli
o I
nves
tmen
t(8
.4)
(25.0
)(1
6.8
)(2
.0)
(3.6
)(3
.6)
--(3
.1)
(3.9
)(3
.2)
(6.6
)
3
. O
ther
In
ves
tmen
ts337.4
379.1
467.8
84.4
155.8
96.3
42.7
7.6
206.9
92.5
160.8
Cen
tral
Go
v't
Lo
ng T
erm
Cap
ital
(1
5.4
)110.6
316.6
(0.5
)98.9
2.7
9.5
9.7
28.3
1.9
276.6
Oth
er P
ub
lic
Sec
tor
Cap
ital
21.9
(4.3
)184.0
(1.1
)(3
.0)
(2.3
)2.1
(4.9
)(3
.4)
185.8
6.5
Ban
ks
(86.5
)36.2
(21.9
)(7
2.5
)17.9
66.6
24.2
(38.0
)162.7
(31.7
)(1
14.9
)
Oth
er417.4
236.5
(10.9
)158.5
41.9
29.2
6.9
40.8
19.3
(63.5
)(7
.5)
C.
Net
Err
ors
an
d O
mis
sion
s268.9
156.8
107.2
121.4
10.9
160.2
(151.2
)2.7
(38.6
)2.7
140.4
D.
Over
all
Bala
nce
(A
+B
+C
)(4
5.9
)108.7
253.1
85.6
135.2
(24.6
)(8
7.1
)60.9
146.6
(15.5
)61.0
E.
F
inan
cin
g (
Net
)45.9
(108.7
)(2
53.1
)(8
5.6
)(1
35.2
)24.6
87.1
(60.9
)(1
46.6
)15.5
(61.0
)
C
han
ge
in S
DR
ho
ldin
gs
0.1
--(1
79.0
)--
----
----
--(1
80.9
)1.9
C
han
ge
in R
eser
ve
Po
siti
on
wit
h t
he
IMF
(0.5
)0.3
(0.2
)(0
.4)
0.1
0.5
0.1
0.3
(0.4
)(0
.2)
0.1
C
han
ge
in E
xt.
Fo
reig
n A
sset
s (
) =
In
crea
se46.3
(109.0
)(7
3.9
)(8
5.2
)(1
35.3
)24.1
87.0
(61.2
)(1
46.3
)196.6
(63.0
)
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
2008
2009
T
AB
LE
14
B
AL
AN
CE
OF
PA
YM
EN
TS
SU
MM
AR
Y*
28
(B$ '0
00)
2007
2008
Qtr
. IV
Qtr
. I
Qtr
. II
Qtr
. II
IQ
tr. IV
Qtr
. I
Qtr
. II
Qtr
. II
I
I. O
IL T
RA
DE
i)
Export
s167,6
00
141,5
24
60,4
66
51,4
01
23,4
65
33,0
39
33,6
19
25,7
29
20,2
00
33,7
22
i
i) I
mport
s615,7
82
847,0
41
165,7
21
211,2
64
252,6
25
189,6
61
193,4
91
97,5
01
124,8
73
169,3
36
II. O
TH
ER
ME
RC
HA
ND
ISE
D
om
esti
c E
xp
ort
s
C
raw
fish
81,3
70
n.a
.35,1
94
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
.237
n.a
.n.a
.n.a
.n.a
.n.a
.n.a
.n.a
.
F
ruit
s &
Veg
s.1,1
98
n.a
.465
n.a
.n.a
.n.a
.n.a
.n.a
.n.a
.n.a
.
A
ragonit
e35,5
77
n.a
.8,1
54
n.a
.n.a
.n.a
.n.a
.n.a
.n.a
.n.a
.
R
um
20,2
82
n.a
.3,6
38
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
.
C
rude
Sal
t6,5
99
n.a
.1,4
01
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
.
C
hem
ical
s84,5
62
n.a
.19,4
04
n.a
.n.a
.n.a
.n.a
.n.a
.n.a
.n.a
.
O
ther
Phar
mac
euti
cals
347
n.a
.74
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
.
O
ther
147,2
90
n.a
.33,5
69
n.a
.n.a
.n.a
.n.a
.n.a
.n.a
.n.a
.
i)
Tota
l D
om
esti
c E
xp
ort
s379,0
89
409,6
35
102,1
36
98,5
10
95,0
56
111,7
13
104,3
56
72,0
25
76,9
62
72,4
35
i
i) R
e-E
xp
ort
s123,3
98
150,3
73
36,3
23
28,3
10
55,5
78
35,6
08
30,8
77
59,8
76
31,5
34
39,0
27
i
ii)
Tota
l E
xp
ort
s (i
+ii
)502,4
87
560,0
08
138,4
59
126,8
20
150,6
34
147,3
21
135,2
33
131,9
01
108,4
96
111,4
62
i
v)
Imp
ort
s2,4
88,0
23
2,3
54,0
64
557,6
90
596,8
08
570,6
63
580,7
52
605,8
41
613,0
80
532,3
42
520,9
25
v
) R
etain
ed I
mp
ort
s (i
v-i
i)2,3
64,6
25
2,2
03,6
91
521,3
67
568,4
98
515,0
85
545,1
44
574,9
64
553,2
04
500,8
08
481,8
98
v
i) T
rad
e B
ala
nce
(i-
v)
-1,9
85,5
36
-1,7
94,0
56
(419,2
31)
(469,9
88)
(420,0
29)
(433,4
31)
(470,6
08)
(481,1
79)
(423,8
45)
(409,4
63)
Sou
rce:
Dep
art
men
t of
Sta
tist
ics
Qu
art
erly
Sta
tist
ical
Su
mm
ari
es
2007
2008
2009
TA
BL
E 1
5
EX
TE
RN
AL
TR
AD
E
29
TA
BL
E 1
6
SE
LE
CT
ED
TO
UR
ISM
ST
AT
IST
ICS
Per
iod
20
06
p2
00
7p
20
08
p2
00
9p
Qtr
. I
Qtr
. II
Qtr
. II
IQ
tr.
IVQ
tr.
IQ
tr.
IIQ
tr.
III
Qtr
. IV
SE
LE
CT
ED
TO
UR
ISM
ST
AT
IST
ICS
20
09
p2
00
8p
Vis
ito
r A
rriv
als
4,7
30
,60
74
,60
0,5
72
4,3
90
,58
34
,64
5,1
15
1,3
03
,60
11
,06
9,6
11
89
6,0
57
1,1
21
,31
41
,26
6,1
10
1,1
78
,39
61
,00
8,0
81
1,1
92
,52
8
Air
1,4
91
,63
31
,48
5,6
33
1,3
92
,28
41
,25
2,3
93
40
3,3
33
40
5,1
35
30
9,8
73
27
3,9
43
32
6,5
69
36
4,6
13
28
3,9
98
27
7,2
13
Sea
3,2
38
,97
43
,11
4,9
39
2,9
98
,29
93
,39
2,7
22
90
0,2
68
66
4,4
76
58
6,1
84
84
7,3
71
93
9,5
41
81
3,7
83
72
4,0
83
91
5,3
15
Vis
ito
r T
yp
e
Sto
po
ver
1,6
00
,11
21
,52
1,6
91
1,4
62
,40
3n
.a4
14
,18
54
40
,46
53
31
,26
92
76
,48
4n
.an
.an
.an
.a
Cru
ise
3,0
76
,39
72
,97
0,6
59
2,9
37
,85
43
,25
5,7
80
86
8,7
45
69
6,7
15
54
9,0
47
82
3,3
47
90
4,2
78
77
3,0
41
68
5,4
30
89
3,0
31
Cru
ise
3,0
76
,39
72
,97
0,6
59
2,9
37
,85
43
,25
5,7
80
86
8,7
45
69
6,7
15
54
9,0
47
82
3,3
47
90
4,2
78
77
3,0
41
68
5,4
30
89
3,0
31
Day
/Tra
nsi
t6
8,0
85
n.a
.n
.a.
n.a
.n
.an
.an
.an
.an
.an
.an
.an
.a
To
uri
st E
xp
end
itu
re(B
$ 0
00
's)
2,0
56
,42
8n
.an
.an
.an
.an
.an
.an
.an
.an
.an
.an
.a
Sto
po
ver
1,8
80
,30
0n
.an
.an
.an
.an
.an
.an
.an
.an
.an
.an
.a
Cru
ise
17
2,0
43
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
Day
4,0
85
n.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
,26
6,8
78
3,2
49
,95
94
,39
8,3
70
n.a
1,1
25
,48
11
,11
8,2
39
1,1
04
,53
31
,05
0,1
17
n.a
n.a
n.a
n.a
Av
era
ge
Len
gth
of
Sta
y6
.4n
.an
.an
.an
.an
.an
.an
.an
.an
.an
.an
.a
Av
era
ge
Ho
tel
Occ
up
an
cy R
ate
s (%
)
New
Pro
vid
ence
76
.97
3.7
61
.15
6.6
69
.46
6.8
59
.94
8.3
58
.76
1.5
56
.94
9.3
Gra
nd
Bah
ama
52
.04
6.6
41
.13
9.9
46
.84
6.7
37
.53
3.4
40
.44
0.6
40
.63
7.9
Gra
nd
Bah
ama
52
.04
6.6
41
.13
9.9
46
.84
6.7
37
.53
3.4
40
.44
0.6
40
.63
7.9
Oth
er F
amil
y I
slan
ds
36
.33
8.5
35
.12
7.5
39
.64
1.8
32
.72
6.4
28
.43
0.7
26
.72
4.2
Av
era
ge
Nig
htl
y R
oo
m R
ate
s ($
)
New
Pro
vid
ence
17
2.0
20
2.1
23
1.2
21
4.9
26
6.1
23
9.8
20
8.6
21
0.1
24
7.1
22
0.6
18
7.3
20
4.6
Gra
nd
Bah
ama
12
2.3
12
0.0
10
3.3
90
.71
27
.41
05
.98
4.1
96
.01
09
.39
2.8
78
.58
2.1
Oth
er F
amil
y I
slan
ds
20
5.1
22
1.4
24
6.2
19
3.6
32
9.3
24
3.7
20
3.0
20
9.1
27
6.4
20
1.3
14
3.7
15
3.1
So
urc
e: T
he
Min
istr
y o
f T
ou
rism
30
