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Central Bank Foreign Exchange Reserves Slightly Over $ 3 Billion – Eye Witness News

The Bahamas, Nassau — Central Bank Governor John Roll said the central bank’s foreign exchange reserves were just over $ 3 billion earlier this month.

At a press conference on the regulatory agency’s monthly economic and financial development report, Roll said: Significant net sale of foreign currency to the central bank. This boosted reserves by $ 523 million across the quarter, in addition to revenue from the government’s foreign currency borrowings. “

“Given the net income of the private sector in April, the reserve in early May was just over $ 3 billion,” he said.

“The central bank expects foreign exchange reserves to accumulate more seasonally during the rest of the peak tourism month, before some reductions begin in the second half of 2022, compared to the end of 2021. , Some net income remains in the reserve. This is an upward revision to the reserve forecast. “

Regulatory reports have increased net foreign currency purchases from the central bank’s public sector from just $ 4.4 million in 2021 to $ 419 million.

“Banks’ transactions with commercial banks have shifted from a net sale of $ 5.3 million in the previous year to a net purchase of $ 93.2 million,” the report read.

“The latter increased from $ 15.9 million in the previous year to $ 108.1 million, following net intake from commercial bank customers. In the first quarter of 2022, it was $ 129.9 million in 2021. Foreign currency reserves increased by $ 523 million, in contrast to the contraction.

“Contributing, the central bank’s net foreign currency transactions with the public sector have reversed from a net sale of $ 74.3 million in the previous year to a net purchase of $ 310.4 million. In addition, a net of $ 53.2 million in 2021. After the sale, the bank-commercial bank transaction switched to a net purchase of $ 212.5 million. “

Rolle said in the first quarter, foreign currency inflows through commercial banks were nearly two-thirds more than they experienced in the same period in 2021.

https://ewnews.com/central-banks-external-reserves-just-above-3-billion?utm_source=rss&utm_medium=rss&utm_campaign=central-banks-external-reserves-just-above-3-billion Central Bank Foreign Exchange Reserves Slightly Over $ 3 Billion – Eye Witness News

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