The Central Bank of The Bahamas has the duty to promote and maintain monetary stability and credit and balance of payments conditions conducive to the orderly development of the economy. In collaboration with the financial institutions, the Central Bank has the further duty to promote and maintain adequate banking services and high standards of conduct and management.
The Bank advises the Minister of Finance on matters of financial or monetary nature. The Governor of the Central Bank is empowered to licence banks and trust companies pursuant to enhanced and specific licensing criteria included within the Banks and Trust Companies Regulation Act, 2000.
The Banks and Trust Companies Regulation Act, 2000 provided enhanced supervisory powers for the Central Bank, through an Inspector of Banks and Trust Companies. Included amongst the enhancements are the powers to conduct on-site examinations and off-site supervision to ensure compliance with the Banks and Trust Companies Regulations Act and the Financial Transactions Reporting Act.
The Central Bank of the Bahamas Act 2000 allows the Central Bank, subject to certain conditions and controls, to share supervisory information with overseas regulatory authorities, in order to enable those authorities to exercise regulatory functions.
Additionally, the new provisions of the Act facilitate consolidated supervision by the Central Bank.
Inspector of Banks and Trust Companies
Tel: (242) 302-2615
Fax: (242) 356-4324
P.O. Box N-4868