Continuous downsizing, financial sector integration – Nassau Guardian

The COVID-19 pandemic has been added to the Banking and Trust Activities Challenges in the Bahamas. The Bahamas continues to shrink year by year. The latest financial sector survey shows a continued reduction in employment and operating costs in this sector, but the overall contribution to government revenues in 2021 is from $ 164.4 million in 2020, from a pandemic. Also increased to an even higher of $ 189.2 million.

“The 2021 Financial Sector Activity Survey continues to emphasize adaptation to industry challenges prior to the COVID-19 pandemic and is most focused on banking and trust activities. Evolving global regulatory compliance standards. Apart from responding to, the sector continues to integrate along the line of efficiency, the Central Bank of Bahamas said in a recently announced total economic contribution of Bahama’s financial sector.

“The international securities business has also undergone a recent contraction, primarily from the perspective of registrants rather than the amount of assets under management. That said, the business model of international companies is in markets outside Europe and North America, and digital. It shows potential for growth in expanding jurisdiction over assets. “

Meanwhile, the domestic components of the financial sector are projected to remain stable or have the potential to expand in the near future.

“The adjustment pressure on domestic insurance seems to be less severe and expanding to a stable trend, while the outlook for credit unions continues to focus on credit exposure, which is more focused than other sectors of the domestic banking sector. It reflects adjustments and a reduction in capital and liquidity surpluses in such respects. The jurisdiction’s outlook for expanding economic benefits in international services imposes obligations on financial integrity and tax transparency. It continues to be in favor of continued strengthening of the regulatory environment, including increased effectiveness in fulfilling it, “CBOB said.

“From now on, the central bank will continue its efforts to strengthen the regulatory framework of SFI. [supervised financial institutions].. Similarly, cooperation among all regulatory agencies will continue to be strengthened to support the growth and resilience of the financial sector. Banks will also continue to focus on initiatives to strengthen financial inclusion and deepen financial literacy. “ Continuous downsizing, financial sector integration – Nassau Guardian

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