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TRANSCRIPT
Quarterly
Economic
Review
September, 2008
Vol. 17, No. 3
The Quarterly Economic Review is a publication of The Central Bank of The Bahamas, prepared by The Research Department for issue in March, June, September and December. It replaces the former Quarterly Review which was last published for March 1992. All correspondence pertaining to the Economic Review should be addressed to:
The Manager Research Department
The Central Bank of The Bahamas P. O. Box N-4868 Nassau, Bahamas
www.centralbankbahamas.com email address: [email protected]
QUARTERLY ECONOMIC REVIEWVolume 17, No. 3September, 2008
C O N T E N T S
PAGE
1. REVIEW OF ECONOMIC AND FINANCIAL DEVELOPMENTS
DOMESTIC ECONOMIC DEVELOPMENTS 1
FISCAL OPERATIONS 3
REAL SECTOR 5
TOURISM 5CONSTRUCTION 5PRICES 6
MONEY, CREDIT & INTEREST RATES 7
CAPITAL MARKETS DEVELOPMENTS 12
INTERNATIONAL TRADE & PAYMENTS 12
INTERNATIONAL ECONOMIC DEVELOPMENTS 13
2. STATISTICAL APPENDIX (TABLES 1-16) 16
REVIEW OF ECONOMIC AND FINANCIAL DEVELOPMENTS
D O M E S T I C E C O N O M I C D E V E L O P M E N T S
Preliminary data indicate a moderate fall-off in eco-nomic activity during the third quarter of 2008, due to weakness in the tourism and construction sectors and a tempering in credit supported consumer demand. Mean-while, inflation accelerated on both a quarterly and annual basis, as the effects of higher international fuel and food prices continued to accumulate in domestic costs. Data for the first quarter of Fiscal Year (FY) 2008/09 showed a widening in the estimated deficit compared to the pre-vious year, as the increase in Government expenditures outpaced the comparative recovery in revenue collec-tions. Monetary developments featured more subdued credit expansion, in contrast to strengthened growth in the deposit base, sustaining buoyant liquidity conditions and a smaller seasonal increase in the banking system’s net foreign liabilities. These conditions also supported softening in average interest rates and a reduction in the average spread between lending and deposit rates. In the external sector, the current account deficit widened moderately, due mainly to a rise in net imports and a reduction in the services account surplus. Meanwhile,the capital and financial account surplus increased mod-erately, largely owing to a reversal in net short-terminflows through the banking system, which funded foreign currency lending to the public sector.
Despite the seasonal accommodation of credit ex-pansion, the drawdown in net free cash reserves of the banking system narrowed to 11.9% from 36.1% in 2007, sustaining excess balances of $222.1 million. This represented an expanded 3.9% of total Bahamian dollar liabilities, compared to 2.8% in the comparable period of 2007. Given the flow of excess resources into Govern-ment securities, the broader surplus liquid assets ad-vanced by 3.7% to $331.5 million, elevating the excess over the statutory minimum to 36.5% from 14.3% in 2007. In light of the buoyant liquidity conditions, banks recorded a narrowing in the weighted average interest rate spread on loans and deposits, by 41 basis points to 7.10%, with the average loan rate softening by 42 basis points to
11.00%, and the corresponding deposit rate, by one basis point to 3.90%. Similarly, the average 90-day Treasury bill rate declined by 14 basis points to 2.69%; however,benchmark rates—the Central Bank’s Discount Rate and the commercial bank’s Prime Rate—remained at 5.25% and 5.50%, respectively.
Supported by steadied gains in private individuals deposits and stronger growth in public corporations’balances, the pace of expansion in the money aggre-gates (M3) accelerated to 1.1% from 0.2% in the corres-ponding quarter of the previous year, for an end-September stock of $5,921.4 million. Notably, increased placements by public corporations underpinned a 1.7% rebound in demand deposits, relative to a 4.8% decline last year. This outweighed tempered fixed deposits gains of 1.8% vis-à-vis 2.4% in 2007; and a continued but moderated decline in saving balances of 1.2%. Also, foreign currency deposits of residents fell by 0.4%, re-versing a gain of 7.0% in the same quarter of 2007.
Domestic credit growth tapered during the third quar-ter, to 2.3% ($175.7 million) from 3.0% ($209.7 million) in 2007, with abated private sector trends countering an accelerated 5.5% advance in net claims on the public sector. Dominated by the Bahamian dollar component, private sector credit expansion narrowed to 1.8% from 3.3% in the previous year, with slackened advances for both net consumer (2.5%) and residential mortgages lending (2.9%). Moreover, total credit to the business sector registered a downturn of 0.7%. In the public sector, the rise in net claims on the Government nar-rowed to 4.1% from 6.4%; however, foreign currency advances underpinned an 8.2% rebound in credit to public corporations, relative to the 8.5% contraction in 2007.
Preliminary estimates of the Government’s budgetary operations for the first quarter of FY2008/09, indicated that, compared to the same period of FY2007/08, the estimated deficit widened by 18.2% to $60.1 million. In particular, a moderately strengthened increase in total expenditures of 8.8% to $374.7 million outpaced a 7.1% rebound in revenue to $314.6 million. On the expenditure
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side, current outlays—which accounted for 88.4% of the total––expanded by 9.1%, minimally influenced by in-creased social outlays. Capital spending (7.6% of the total) contracted by 6.7%; albeit, net lending to public enterprises rose by 42.6%. Under revenues, tax receipts recovered by 8.2%, with a sizeable share of the turna-round as yet unallocated and outweighing an estimated 5.9% reduction in trade taxes. However, non-tax flows dipped by 4.5%. Budgetary financing during the fiscal quarter included respective net Bahamian and foreign currency borrowings of $85.0 million and $2.7 million, which increased the Direct Charge by 3.3% to $2,765.2 million. Moreover, the contingent liabilities of public corporations rose by 4.6%, raising the National Debt by 3.5% to $3,207.5 million.
Weakness in tourism performance persisted during the third quarter, culminating in some employment retren-chment, amid continued projected declines in hotel occupancy levels over the remainder of the year and into early 2009. The latest official data for the first two months of the third quarter, indicated that total visitors arrivals contracted by 9.0% to 686,145, accelerating the 1.7% decline in the same period last year. Air arrivals, which include stopovers, rebounded by 3.6% from a loss of 3.4% in 2007. However, the falloff in sea passengers,mainly owing to fewer cruise line activity, deepened to 15.4% from 0.9%. On a destination basis, New Provi-dence recorded an extended drop in visitors of 11.0%, as a downturn in sea passengers overshadowed a healthy uptick in air traffic. Family Island arrivals fell further by 8.4%, with extended declines in sea passengers and adownturn in air visitors. Following a 15.8% advance in 2007, Grand Bahama experienced a 1.5% downturn in tourists, as the tempered increase in cruise passengers was dominated by a sharp contraction in air arrivals,.
Construction activity remained weak during the third quarter. Although preliminary data revealed modestly firmed foreign investment inflows, the underlying support for building activities was reduced, outweighing re-bounded growth in funding for domestic investments. Data from banks, insurance companies and the Bahamas Mortgage Corporation revealed that, in comparison to 2007, quarterly mortgage disbursements for new con-struction and repairs increased by 7.7% to $105.3 million, after a slowdown of 11.1% over the corresponding quar-ters of 2006 and 2007. In particular, disbursements for
residential projects recovered by 19.5% to $96.83 million, overshadowing a 47.0% downturn in commercial activity,to $9.2 million. More forward looking indicators, total mortgage commitments for new construction and repairs,strengthened by 80.0% to $57.3 million, reinforced by an 87.0% increase in residential approvals to $54.7 million. In contrast, commercial commitments receded marginally by 0.4% to $2.5 million. In terms of borrowing costs, the average interest rate for commercial mortgages declined by 1.3 percentage points to 7.50% vis-à-vis the same quarter in 2007, and the corresponding residential rate, by 10 basis points to 8.50%.
Both the quarterly and annual inflation rates re-mained at elevated levels, due to the pass-through effectts of higher international food and fuel prices. Inflation, as measured by the changes in the average Retail Price Index, accelerated on a quarterly basis, to 1.6% from 0.6% in 2007. The largest cost increases were noted for food & beverages (3.5%), housing (2.2%) and recreation & entertainment services (2.5%). Increases of less than 2.0% were registered for all other categories. For the twelve month period ending September, inflation firmed to 3.9% from 2.4% in 2007, led by intensified increases in all categories, except for recreation & enter-tainment services.
In the external sector, the estimated current account deficit worsened by 12.7% to $486.8 million during the quarter, owing to a widening merchandise trade deficit and a contraction in net services receipts, which over-shadowed reduced net income outflows. In particular, the merchandise trade deficit rose by 12.2% to $641.2 mil-lion, reflecting a 36.3% hike in the oil import bill and a 3.8% increase in the non-oil deficit. Additionally, the services surplus declined by 5.4% to $166.6 million, as expanded net foreign payments for professional and “other services” overshadowed the modest expansion in net travel receipts of 4.0%. In contrast, the income deficit was nearly halved to $25.8 million and net current trans-fer receipts firmed by 14.1% to $13.7 million.
The estimated surplus on the capital and financial account improved to $229.3 million from $124.2 million in 2007. This outturn included a gain in foreign direct in-vestments to an estimated $157.1 million from $130.1 million last year, albeit including a nearly one-third reduc-tion in net real estate transactions, which more readily
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stimulate construction activity. Private loan inflows contracted slightly to $29.2 million from $33.1 million; while domestic banks’ short-term net external financingrose by $66.6 million, strongly reversing the $18.3 million net repayment recorded last year.
F I S C A L O P E R A T I O N S
OVERVIEW
Initial estimates for the first quarter of FY2008/09 in-dicate that the fiscal deficit widened to $60.1 million from $50.8 million in the corresponding period of FY2007/08. The outcome reflected stronger expenditure growth, which outstripped recovered revenue collections.
REVENUE
Total revenue receipts expanded by 7.1% to $314.6 million, in contrast to the 10.2% reduction registered last year. This reflected an 8.2% rebound in tax receipts (92.3% of total revenues), which outweighed a 4.5% downturn in non-tax collections (7.7% of the total).
The bulk of the tax revenue gains were captured un-der “other” unclassified receipts which almost doubled to $29.4 million. In addition, stamp taxes on financial and other transactions (excluding trade) rose by 16.5% to $57.6 million; while, amid steady gains in air arrivals, departure taxes recovered by 30.3% to $17.9 million. Conversely, recorded taxes on international trade and transactions fell by 5.9% to $150.2 million. The restruc-turing of the tariff regime shifted a sizeable portion of these receipts into the newly established excise tax category (30.7% of total), with the respective shares attributed to import duties (64.8%) and stamp taxes on imports (2.6%) correspondingly reduced. Meanwhile, taxes on selected tourism services contracted by 16.2% ($1.6 million), as declines in gaming taxes overshadowed almost steadied hotel occupancy tax receipts. Similarly, property tax collections contracted by 27.6% to $13.1 million, while receipts of business & professional licence fees and motor vehicle taxes were relatively unchanged, at $10.1 million and $3.8 million, respectively.
Non-tax revenue receded by 4.5% to $24.4 million, as collections from fines, forfeitures and administrative fees fell by 2.4% to $22.9 million. Also, income from
dividends and other sources was reduced by 38.5% to $1.1 million. Although augmented, income from the sale of government property remained negligible at $0.3 million.
B$M % B$M %
Property Tax 18.2 6.2 13.1 4.2
Selective Services Tax 10.0 3.4 8.3 2.6
Busines. & Prof Lic. Fees 10.1 3.5 10.1 3.2
Motor Vehicle Tax 3.8 1.3 3.8 1.2
Departure Tax 13.8 4.7 17.9 5.7
Import Duties 122.2 41.6 97.3 30.9
Stamp Tax from Imports 34.0 11.6 4.0 1.3
Excise Tax -- -- 46.1 14.7
Export Tax 3.5 1.2 2.7 0.9
Stamp Tax from Exports -- -- -- --
Other Stamp Tax 49.5 16.8 57.6 18.3
Other Tax Revenue 15.9 5.4 29.4 9.3
Fines, Forfeits, etc. 23.5 8.0 22.9 7.3
Sales of Govt. Property 0.2 0.1 0.3 0.1
Income 1.8 0.6 1.1 0.4
Other Non-Tax Rev. -- -- -- --
Capital Revenue -- -- -- --
Grants -- -- -- --
Less:Refunds 12.7 4.3 0.3 0.1
Total 293.7 100.0 314.6 100.0
FY07/08 FY08/09
Government Revenue By Source
(Jul - Sep)
EXPENDITURE
Total expenditure advanced by 8.8% to $374.7 mil-lion, extending the 6.6% registered growth in the same period of 2007. In particular, current outlays rose furtherby $27.8 million (9.1%) to $331.4 million, outpacing the $2.0 million (6.7%) decline in capital expenditure to $28.5 million. Meanwhile, net lending to public enterprises increased by $4.4 million (42.6%) to $14.8 million.
On an economic basis, Government consumption outlays rose by $12.3 million (6.6%) to $199.2 million, owing to the respective firming in purchases of goods &services and emolument payments by $6.7 million(13.3%) and $5.6 million (4.1%). Transfer payments advanced by $15.5 million (13.3%) to $132.2 million, due notably to a 16.3% hike in subsidies, which comprised
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42.0% of transfers. Boosted transfers also reflected elevated payments to households of $1.9 million (9.6%);non-profit institutions, of $1.3 million (11.0%) and over-seas entities, of $1.7 million (a more than five-fold boost). Owing to growth in the Bahamian dollar debt, total inter-est payments increased by 6.4% to $34.9 million.
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IV-06/07 I-07/08 II-07/08 III-07/08 IV-07/08* II-08/09
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Fiscal Operations
Rev. Exp. Sur./(Def.)
Note: *Only Includes April & May of each Fiscal year
By functional classification, the recurrent spending advance included a 7.6% expansion in outlays for general public services to $94.5 million, comprising 28.5% of the total. Similarly, expenditures were elevated for defence,by 10.4% to $10.8 million; education, by 5.9% to $71.6million and health, by 5.4% to $61.0 million. Spending on economic services rose by 1.1% to $28.4 million, due mainly to increased expenses for public works and water supplies. However, more modest increases were noted for labour & employment services ($0.5 million), agricul-ture and fisheries ($0.3 million) and land survey & mete-
orological services ($0.1 million). Partly reflecting in-creased public sector assistance amid the weak eco-nomic environment, social benefits and service outlays expanded by 15.6% to $23.5 million, and spending on “other” community and social services, by 30.5% to $5.8million.
Capital expenditures fell by 6.7% to $28.5 million, as-sociated with a two-third decline in acquisitions of fixed assets––particularly land, to $2.4 million. In contrast, capital formation, targeting infrastructure improvement projects, strengthened by 12.0% to $26.1 million. On a functional basis, the only significant scaleback in invest-ments occurred for education and health.
FINANCING AND THE NATIONAL DEBT
Budgetary financing for the review quarter was se-cured from the issuance of a $100 million Bahamian dollar bond and $3.6 million in external loans. Debt repayment totalled $15.9 million, of which $15.0 million reduced Bahamian dollar obligations. As a result, the Direct Charge on Government expanded by $87.7 million (3.3%) to $2,765 million, culminating in an 8.5% advancefrom the previous year. Bahamian dollar denominated debt totalled $2,389.4 million or 86.4% of the Direct Charge. Holders of the local currency debt included private individuals and institutional investors (32.0%), public corporations (30.2%), domestic banks (29.5%) and the Central Bank (8.3%). Correspondingly, long-term securities represented 87.1% of the Bahamian dollar debt, bearing an average maturity of 12.5 years, while the remainder consisted of Treasury bills (9.6%) and bank loans & advances (3.2%).
During the third quarter, the Government’s contingent liabilities grew by 4.6% to $442.4 million, due mainly to the issuance of $24.5 million in bonds by public corpora-tions. Inclusive of these developments, the National debt rose by 3.5% to $3,207.5 million over the review quarter,and by 7.2% ($215.0 million) over the previous year.
PUBLIC SECTOR FOREIGN CURRENCY DEBT
During the review quarter, public sector foreign cur-rency debt expanded by 8.0% to $833.8 million, owing to new drawings of $73.6 million, as opposed to an esti-mated $12.2 million in amortization payments. The public corporations’ liabilities rose by 14.7% to $458.0 million, accounting for 54.9% of the total, whereas the Govern-
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ment’s obligations increased marginally by 0.7% to $375.8 million.
By creditor profile, commercial banks remained the largest holders of the foreign currency debt (50.4%), followed by private capital markets (36.0%), multilateral institutions (12.6%), other entities (0.7%) and bilateral institutions (0.4%). Approximately 98.5% of the debt was denominated in US dollars, and the average maturity was13.6 years.
In comparison to the same period last year, debt ser-vicing firmed by 15.0% to $18.0 million, as amortization payments increased by 7.0% to $12.2 million and interestcharges, by 36.7% to $5.8 million. While the correspond-ing ratio of Government debt service to revenue wasrelatively stable at 0.4%, aggregate debt service as a fraction of exports of goods and services rose by 0.3 percentage points to 2.3%
R E A L S E C T O R
TOURISM
The external sector weaknesses led to further soften-ing in tourism output during the third quarter of 2008. This trend, and a projected continuation of declining occupancy levels over the next two quarters, led to some retrenchment in employment in the hotel sector. The comparative falloff in visitor arrivals, for the first two months of the review quarter, intensified to 9.0% from 1.7% in 2007, for a visitor count of 686,145. Air arrivals, which comprised 38.6% of the total, increased by 3.7%, reversing last year’s 3.4% decline a year ago. However, the reduction in sea visitors was extended to 15.4% from 0.9% last year.
Disaggregated by port of entry, arrivals to New Provi-dence declined at an accelerated pace of 11.0% com-pared to a 3.2% falloff last year, as the 11.7% recovery in air traffic was outweighed by a significant deepening in the losses in the sea segment to 25.4% from 0.2% last year, as cruise line activity contracted. For Grand Baha-ma, total arrivals fell by 1.5%, a downturn from the 15.8% gain in the same months last year, reflecting a 20.0% retrenchment in air arrivals and significantly narrowed sea visitor growth of 7.5%. Also, visitors to the Family Islands fell by 8.4%, extending the 2007 falloff of 6.6%, owing to
declines in both the air and sea segments, of 10.4% and 7.8%, respectively.
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Visitor Arrivals
A ir S ea To ta l
CONSTRUCTION
Construction activity remained sluggish during the third quarter, due to weakened support from foreign investment activity––notably real estate inflows––which partly offset a rebounded level of domestic residential investments. As an indicator of domestic financing for construction activity, total mortgage disbursements for new construction and repairs, as reported by banks, insurance companies and the Bahamas Mortgage Corpo-ration, rose by 7.7% to $105.3 million, partially recovering from the 11.1% abatement in the comparative quarter last year. For the residential segment, disbursements re-bounded by 19.5% to $96.1 million. Conversely, the commercial component contracted by 47.0% to $9.2 million.
Local mortgage commitments for new construction and repairs—a leading indicator of future construction activity—strengthened in number by 54.6% to 385 and in value by 80.0% to $57.3 million. This included marked
5
gains in the residential segment, in both number and value, by 59.0% and 87.0% to 372 and $54.7 million, respectively. Conversely, the number of commercial commitments decreased by 13.3% to 13, with valuation marginally reduced by 0.4% to $2.5 million.
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QIII-07 QIV-07 QI-08 QII-08 QIII-08
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Num Value
In interest rate developments, healthy liquidity condi-tions supported a narrowing in the average rate on resi-dential loans by 10 basis points to 8.5% in comparison to 2007, vis-à-vis a 50 basis points firming to 8.6% between the same quarters of 2007 and 2006. Similarly, borrow-ing costs for commercial mortgages fell by 130 basis points to 7.5%, from a stable 8.8% in the corresponding quarter last year.
PRICES
quarter of 2008, reflective of the sustained pass-through effects of earlier price increases for international crude oil, food and other commodities. Inflation, as measured by variations in the Retail Price Index, firmed during the quarter to 1.6% from 0.6% in the same period last year. Average cost increases accelerated for food & beverag-es, to 3.5% from 0.6%; housing—inclusive of electricity—to 2.2% from 0.5%; and for transportation & communica-tion––which captures fuel costs––to 1.1% from 0.5%. Estimated costs for clothing & footwear also rose further
by 0.4% from 0.1% last year and for recreation & enter-tainment services, by 2.5%, following a comparative 0.7%deceleration last year. Otherwise, more modest cost increases were noted for furniture & household opera-tions (1.2%), medical care & health (0.1%) and ‘other’ goods & services (0.3%), while educational costs were stable.
Items Weight Index % Index %
Food & Beverages 138.3 131.1 3.4 141.6 8.1
Clothing & Footwear 58.9 107.5 0.7 109.4 1.8
Housing 328.2 108.8 0.3 114.4 5.2
Furn. & Household 88.7 132.3 7.1 140.9 6.5
Med. Care & Health 44.1 144.0 3.3 150.0 4.2
Trans. & Comm. 148.4 112.7 2.5 117.5 4.2
Rec., Enter. & Svcs. 48.7 125.0 1.2 133.2 6.6
Education 53.1 172.8 2.3 176.8 2.3
Other Goods & Svcs. 91.6 137.1 0.8 150.5 9.8
ALL ITEMS 1000 122.8 2.1 129.8 5.7
Average Retail Price Index(Annual % Changes)
2007 2008
September
For the 12-months ending September, average con-sumer price inflation rose to 3.9% from 2.4% in 2007, with increases across most categories. Accelerated average cost gains were posted for housing––the most heavily weighted component of the index, to 2.6% from 0.7%; furniture & household operations, to 7.0% from 4.0%; food & beverages to 5.2% from 3.8%; transport & com-munication, to 3.7% from 2.7%; medical care & health, to 4.9% from 2.8%; education, to 2.5% from 1.7%; clothing & footwear, to 1.5% from 0.8% and “other” goods & services, to 5.3% from 4.6%. A more modest cost in-crease was recorded for recreation & entertainment services, of 3.0% vis-à-vis 3.4% last year.
As imported fuel costs were still elevated at the start of the third quarter, the Department of Statistics’ survey revealed that the average retail price of gasoline and
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Domestic cost pressures intensified during the third
diesel in New Providence also continued their upward trajectory, by 5.7% and 8.5% to $5.59 and $5.83 per gallon, respectively. In 2007, these costs increased respectively by 0.1% to $4.44 per gallon and by 6.6% to $3.54 per gallon. With regards to electricity costs, the Bahamas Electricity Corporation raised its fuel surcharge over the quarter, by 34.3% to 23.11¢ per kilowatt hour, more than doubled the comparative rise of 18.2% to 11.79¢ per kilowatt hour a year earlier. Meanwhile, indications are that gasoline and electricity costs have started to decrease since September, and this trend is expected to continue into the first quarter of 2009.
M O N E Y , C R E D I T A N D I N T E R E S T R A T E S
OVERVIEW
Monetary trends during the review quarter were hig-hlighted by a slowdown in credit growth, in contrast to slightly accelerated gains in deposits. This outcome sustained more buoyant liquidity conditions and a smaller seasonal advance in the system’s net foreign liabilities. There was also a modest reduction in average loan rates, and a narrowing in the weighted average interest spread, amid only slightly eased average deposit rates.
Affected by the weakness in the economy, asset quality measures for the third quarter registered furtherdeterioration, marked by an increase in the proportion of private sector loans encountering payment arrears. Meanwhile, the most recent data for second quarter of 2008 showed that banks’ average profitability rate sof-tened, owing to higher operating cost ratios and in-creased depreciation and bad debt expenses.
LIQUIDITY
The third quarter seasonal drawdown in net free cash reserves moderated to 11.9% from 36.1% last year, maintaining the surplus higher at $222.1 million vis-à-vis $148.9 million in 2007. The liquidity position corres-ponded to an improved 3.9% of total Bahamian dollar deposits, compared to 2.8% in the previous year. As banks boosted their holdings of Government Registered Stocks, excess liquid assets––a broader liquidity meas-ure––strengthened by 3.7% to $331.5 million, in contrast to a significant tapering of 46.2% last year. As a result,
liquid assets exceed the statutory minimum by 36.5%,compared to a more modest 14.3% last year.
DEPOSITS AND MONEY
Buoyed by the steadied build-up in private individu-al’s holdings and strengthened growth in public corpora-tions’ deposits, expansion in the money supply (M3) firmed to 1.1% from 0.2% in 2007. Narrow money (M1) recovered by 1.1%, after a contraction of 4.3% last year. In particular, a strong upturn in public corporations’ placements supported recovered demand deposits of1.7% ($19.1 million), outstripping a larger decline in currency in circulation of 2.3% ($4.6 million).
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Liquidity
Excess Res. Liq. Assets
Gains in demand balances also led to resumed broad money (M2) growth of 1.1%, after being relatively un-changed in 2007. This occurred in spite of a narrowed fixed deposit advance of 1.8% compared to 2.4% last year; albeit, with a more moderate contraction in saving deposits of 1.2%. Although foreign currency deposits fell by 0.4%, compared to an advance of 7.0% in 2007, overall money gains strengthened to $62.2 million (1.1%) from $9.7 million (0.2%) last year.
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At end-September, the money stock (M3) stood at $5,921.4 million, some 6.8% higher than in 2007. Baha-mian dollar fixed deposits accounted for the bulk of the total (57.1%), followed by demand deposits (18.9%) and savings balances (17.0%); with the remainder almost equally spread across residents’ foreign currency depo-sits (3.6%) and currency in active circulation (3.4%).
DOMESTIC CREDIT
The quarterly pace of domestic credit expansion slowed to $175.7 million (2.3%) from $209.7 million (3.0%) in 2007. Growth in Bahamian dollar claims, which made up 90.0% of the total, abated to $109.3 million (1.6%) from $194.1 million (3.1%). This overshadowedaccelerated net foreign currency credit lending—mainly to public corporations––of $66.4 million (9.5%), vis-à-vis $15.7 million (2.1%) in the same period of last year.
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(%)
Changes in Credit
Private Govt (net) Rest of Pub.
Abated private sector credit expansion of $111.5 mil-lion (1.8%), vis-à-vis $194.2 million (3.3%) last year,corresponded to narrowed advances in the Bahamian dollar and foreign currency components of $91.9 million (1.6%) and $19.6 million (4.5%), respectively. Personal
loans, which comprised 76.0% of these claims, expanded at a broadly reduced pace of 2.6%, with growth in resi-dential mortgages eased to $71.4 million (2.9%) from$77.5 million (3.6%), and for consumer credit, to $53.6 million (2.5%) from $75.5 million (3.8%).
Growth in banking sector claims on the public sector strengthened to 5.5% from 1.3% last year. While net advances to Government tapered to $31.2 million (4.1%) from $49.9 million (6.4%), credit to public corporations recovered by $33.0 million (8.2%), following a net repay-ment of $34.3 million (8.5%) in 2007.
B$M % B$M %
Agriculture 10.2 0.2 14.5 0.2
Fisheries 15.5 0.2 12.9 0.2
Mining & Quarry 8.3 0.1 2.7 0.0
Manufacturing 52.6 0.8 44.3 0.6
Distribution 201.3 3.1 186.6 2.7
Tourism 257.1 4.0 208.1 3.0
Enter. & Catering 49.3 0.8 33.3 0.5
Transport 27.1 0.4 28.5 0.4
Public Corps. 262.3 4.1 339.3 5.0
Construction 456.2 7.1 421.9 6.2
Government 136.1 2.1 65.0 1.0
Private Financial 26.3 0.4 24.9 0.4
Prof. & Other Ser. 150.6 2.3 147.6 2.2
Personal 4,462.8 69.3 4,880.8 71.5
Miscellaneous 325.2 5.0 412.7 6.0
TOTAL 6,440.9 100.0 6,823.1 100.0
Distribution of Bank Credit By Sector
End-September2007 2008
A breakdown of private credit trends by sectorshowed increased claims for fisheries (38.0%), agricul-ture (16.6%), miscellaneous purposes (9.7%), entertain-ment & catering (2.9%) and professional & other services (1.9%). However, net repayments were recorded for mining & quarrying (36.7%), manufacturing (10.9%), construction (8.7%), distribution (2.8%) and tourism (1.4%).
A further analysis of the consumer credit categoriesrevealed that net lending was targeted during the quarter
8
for debt consolidation ($32.4 million), credit cards ($16.8 million), education ($5.3 million), home improvement ($4.6 million), travel ($3.4 million) and land purchases ($3.1 million). In contrast, credit contracted for private cars ($6.1 million) and miscellaneous purposes ($4.5 million).
MORTGAGES
An analysis of data for banks, insurance companies and the Bahamas Mortgage Corporation indicated thatquarterly accretions to total mortgages slowed by more than half over the previous year to $45.7 million (1.6%), placing the end-September claims at $2,973.8 million. Proportionally, residential mortgages, which accounted for 92.7% of the total outstanding, rose at a slightly moderated quarterly pace of $54.8 million (2.0%); albeit, commercial mortgages recorded a downturn of $9.1 million (4.0%). The majority of the outstanding claims was held by domestic banks (89.7%), followed by insur-ance companies (6.4%) and the Bahamas Mortgage Corporation (3.9%).
THE CENTRAL BANK
During the review period, the Central Bank’s net claims on Government expanded by $6.8 million (3.8%), a curtailment from the $115.5 million (70.8%) increase in the same period last year. The outturn reflected a $9.3 million reduction in Government deposits, which out-stripped the $2.5 million decline in bond holdings. The Bank’s net deposit liabilities to the rest of the public sector rose by $11.1 million, mainly owing to converted proceeds from foreign currency borrowings. In contrast, due to seasonal accommodation of credit expansion, total liabilities to domestic banks (deposits and currency) fellby $26.7 million, and currency liabilities to the private sector was reduced by $4.3 million.
As a result of these trends, external reserves fell by a reduced $24.6 million (3.6%), relative to $178.1 million (27.7%) last year. In particular, the Bank’s net foreign currency sale narrowed to $30.0 million from $183.8 million, as transactions with the Government were re-versed to a net inflow of $16.5 million from a net sale of $5.8 million in 2007. Moreover, commercial banks pro-vided a net inflow of $35.1 million, as opposed to a net sale of $108.4 million in the same period of the previous year. In contrast, the net outflow, mainly via public
corporations, expanded to $81.7 million from $69.5 million, due in part to increased imports.
50
150
250
350
450
550
650
750
Sep-07 Dec-07 Mar-08 Jun-08 Sep-08
(B$M)
External Reserves
At end-September, external balances stood at $650.2 million, the equivalent of nearly 15 weeks of non-oil merchandise imports. This compared to the previous year’s lesser balance of $464.7 million, or 12 weeks of imports. By law, the Bank is required to hold sufficient reserves to equate to 50% of its Bahamian dollar demand liabilities. After subtracting this amount, the residual balances or “useable” reserves, stood higher at $279.6 million, compared to $139.0 million in 2007.
DOMESTIC BANKS
During the quarter, domestic banks’ credit expansion accelerated to 2.3% from 1.4% in 2007, owing to re-bounded net claims on the public sector, that surpassed slowed net private sector lending. Funding resources were sourced from strengthened deposit growth, ex-panded net foreign liabilities and accumulated capital resources. Liquidity conditions, which remained buoyed, included a seasonal reduction in excess balances at the Central Bank that was offset by a further build up in holdings of government securities.
9
The growth in private sector credit receded to $111.5 million (1.8%) from $194.2 million (3.3%) a year earlier.However, net claims on Government increased by $24.4 million (4.2%), reversing a $65.6 million (10.8%) net repayment made last year and, buoyed by increased foreign currency lending, credit to the rest of the public sector rose by $33.1 million (8.4%) reversing 2007’s$34.3 million (8.7%) decline. The increase in banks’ deposits more than doubled to $57.5 million (1.0%), while resources from capital and retained earnings rose by an additional $43.2 million (2.6%). Similarly, net external liabilities advanced by $66.6 million, (10.9%).
At end-September, banks’ domestic deposit liabilities stood at $5,859.3 million, of which 96.3% were denomi-nated in Bahamian dollars. Private individuals held larg-est share (58.0%) of the latter accounts, followed by business firms (23.6%), the public sector (11.0%), other depositors (4.1%) and private financial institutions (3.3%). Fixed placements comprised 60.6% of the deposits, with shares for demand and savings balances at 22.1% and 17.3%, respectively.
An analysis of deposits by range of value and num-ber of accounts revealed that the majority of account holders (90.4%) had balances of $10,000 or less, which only represented 7.3% of the overall value. Deposits ranging from $10,000 to $50,000 comprised 12.3% of the total funds and 6.5% of all contracts, whereas account balances over $50,000 constituted 80.4% of the value butonly 3.1% of contracts.
CREDIT QUALITY
Asset quality indicators deteriorated further over the quarter, evidenced by increased loan servicing difficulties among private sector borrowers. The value of private sector loans encountering payment arrears of at least one month, increased by $31.8 million (5.4%) to $622.2 million, representing 10.4% of total outstanding claims, above the respective 10.1% and 8.6% rates recorded in the previous quarter and year. The most marked deteri-oration continued in the commercial portfolio, where balances in arrears increased during the quarter by 1.7%to $139.9 million, firming the arrears rate to 13.6% from 13.3% last quarter and 10.5% in September 2007. In theconsumer category, loans in arrears rose over the quarter by 6.2% to $198.4 million, with the corresponding arrears ratio firmed by 0.4 percentage points to 9.1%––also
above the 2007 rate of 7.8%. For residential mortgages, delinquent loans grew by 6.6% to $284.0 million, pushing the arrears rate to 10.5% of the respective portfolio from 10.2% at the end of the previous quarter and 8.9% in 2007.
4
4.2
4.4
4.6
4.8
5
5.2
5.4
5.6
5.8
6
0.0
2.0
4.0
6.0
8.0
10.0
12.0
QIII-07 QIV-07 QI-08 QII-08 QIII-08
Non
-Per
form
ing
Loan
s
(% of Total Loans)
Tota
l Arre
ars
Loan Arrears & Non-Performing Balances
Other Residential Consumer NPL
Meanwhile, a larger fraction of loans also moved into the non-performing category, with payments more than 90 days past due, and on which banks stopped accruing interest. These represented an elevated 5.5% of total outstanding loans from 4.9% at end-June and 4.2% in September 2007. In line with these trends, banks’ con-tinued to increase loan loss provisions, which rose to2.6% of total claims from 2.3% in the previous quarterand 2.1% in the previous year. However, the provisions as a share of non-performing loans, fell to 46.7% from 47.9% at end-June and 48.7% last September.
BANK PROFITABILITY
The most recent data for the second quarter of 2008, revealed that, relative to the same period a year earlier, banks’ net profit increased further by 7.3% to $78.6 million. Reflecting an improvement in interest income and a reduction in expenses, the net interest margin rose by 13.4% to $121.2 million. Including a 16.8% gain in
10
commission and foreign exchange income, the gross earnings margin widened by 13.7% to $130.5 million. Meanwhile, banks’ operating expenses rose broadly by 12.0% to $65.6 million, and “other” income net of depre-ciation of bad debt expenses contracted by 19.8% to $13.6 million.
With balance sheet growth paced slightly ahead of profit gains, average profitability ratios soften marginally during the quarter. Relative to average assets, the interest margin ratio increased by 24 basis points to 5.41%, with the commission and foreign exchange in-come ratio higher by 3 basis points at 0.42%. However,the operating expense ratio rose by 9 basis points to 2.93%, while the ratio of earnings support from “other” income fell by 22 basis points to 0.61%. Consequently, the net income (return on assets) ratio moved lower by 4basis points to 3.51%.
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
QII-07 QIII-07 QIV-07 QI-08 QII-08
(% of Avg. Assets)
Domestic Banks' Profitability
Earnings Marg. Operating Costs ROA
INTEREST RATES
Domestic banks’ weighted average spread between loan and deposit interest rates decreased by 41 basis points to 7.10% during the third quarter. In particular, the average loan rate narrowed by 42 basis points to 11.00%,while the corresponding deposit rate softened by a single basis point to 3.90%.
In terms of deposits, the average savings rate fell by 5 basis points to 2.20%, and rates on fixed depositstightened, within the range of 3.71% - 4.48% from 3.71% - 4.57% in the previous period. Conversely, the average demand deposit rate firmed by 6 basis points to 1.40%.
On the lending side, softening was led by the aver-age commercial mortgage rate, which fell by 87 basis points to 8.37%. Also, average consumer loan rates decreased by 42 basis points to 13.07%; residential mortgage rates, by 33 basis points to 8.25% and over-drafts rates, by 22 basis points to 11.57%.
Qtr. III Qtr. II Qtr. III
2007 2008 2008Deposit Rates
Demand Deposits 2.35 1.34 1.40
Savings Deposits 2.00 2.25 2.20
Fixed Deposits
Up to 3 months 3.52 3.71 3.71
Up to 6 months 3.85 4.09 4.00
Up to 12 months 4.12 4.57 4.48
Over 12 months 4.48 4.28 4.31Weighted Avg Deposit Rate 3.68 3.91 3.90
Lending Rates
Residential mortgages 8.28 8.58 8.25
Commercial mortgages 8.93 9.24 8.37
Consumer loans 12.76 13.49 13.07
Other Local Loans 8.06 9.28 8.92
Overdrafts 11.04 11.79 11.57Weighted Avg Loan Rate 10.63 11.42 11.00
Banking Sector Interest RatesPeriod Average (%)
Meanwhile, in line with deposit trends, the average 90 day Treasury bill rate fell by 14 basis points to 2.69%. However, the Central Bank’s Discount rate and Commer-cial Banks’ Prime lending rate, were unchanged at 5.25% and 5.50%, respectively.
11
C A P I T A L M A R K E T S D E V E L O P M E N T S
Domestic equity prices firmed, on average, during the third quarter, amid a significant boost in trading volume. A foreign-based firm’s purchase of 50% of the outstand-ing shares of a local utility company lifted trading volume on BISX, to 6.3 million shares from 1.0 million in the same period of 2007, with the corresponding value of shares traded surging to $49.3 million from $9.2 million. Led by the advance of the utility company’s price, BISX’smarket capitalization strengthened by 2.1% to $3.54 billion, and the BISX All Share Price Index rose marginal-ly by 0.8% to 1,836.61 points. The BISX also attached the listing of four new tranches of debt securities of a local financial institution during the review period. Mean-while, the FINDEX, which includes securities traded over the counter, also advanced marginally by 0.2% to 879.25 over the quarter, compared to a 6.0% increase noted a year earlier.
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
Provisional data for the third quarter of 2008 indi-cated that the current account deficit widened by an estimated $54.9 million (12.7%) to $486.8 million, over the comparative 2007 period. Deterioration in the mer-chandise trade deficit and a narrowed surplus on the services account offset reduced net income outflows and diminished net transfers receipts. Meanwhile, the capital and financial account surplus was significantly higher during the period, mainly supported by short-term inflows through the banking sector.
The estimated merchandise trade deficit widened by 12.2% to $641.2 million, led by an 11.7% rise in the import bill which outweighed the 10.4% improvement in export receipts. Payments for fuel imports rose by 36.3% to $285.1 million, owing both to elevated international prices and an increased volume of consumption. With respect to average import prices, the per barrel cost of jet fuel rose by 68.0% to $156.66; motor gas, by 72.0% to $149.79; gas oil, by 54.3% to $126.28; bunker ‘c’ fuel, by 61.3% to $97.66 and propane, by 30.2% to $85.36. Likewise, non-oil merchandise imports grew by an esti-mated 3.4% to $441.9 million.
The surplus on the services account contracted by an estimated 5.4% to $166.6 million. The outcome was occasioned by a 69.0% rise in net outflows for ‘miscella-neous’ foreign services to $143.2 million, due to in-creased payments of management and professional fees.In addition, inflows from offshore companies’ local ex-penses fell by 9.4% to $51.3 million, while net transporta-tion outflows firmed by 0.4% to $76.2 million. Amid a more sizeable falloff in residents’ overseas travel spend-ing, relative to softening tourism receipts, net travel receipts strengthened by 4.0% to $394.8 million, while the slowdown in foreign investment related construction activity significantly decreased net outflows for construc-tion services, to $3.2 million from $36.4 million last year. Net outflows for Government services also narrowed by 16.7% to $18.0 million, and net insurance payments fell by 6.2% to $33.8 million.
-800
-600
-400
-200
0
200
400
QIII-07 QIV-07 QI-08 QII-08 QIII-08
(B$M)Balance of Payments
Invisible Bal. Curr. Acct . Bal. Trade Bal.
Net income outflows were nearly halved to $25.8 mil-lion, owing to a 42.8% contraction in net labour income payments to $13.6 million, and a 50.8% reduction in net repatriation of investment income to $12.3 million. The
12
latter included a narrowing in net profit remittances and interest payments of $13.2 million to $17.7 million while, under official transactions, earnings on foreign reserves, net of interest payment on public sector debt, decreased to $5.5 million from $6.0 million a year earlier.
The surplus on current transfers widened by 14.1% to $13.7 million, as net Government inflows rose by 14.2% to $15.7 million. Conversely, private sector net outflows increased by 4.9% to $2.1 million, with workers’ net remittances rising by the same magnitude to $2.4 million.
The estimated surplus on the capital and financial account improved to $229.3 million from $124.2 million in 2007. Although migrant workers capital transfers waned by 14.3% to $18.4 million, the financial surplus widened by nearly two-thirds to $247.8 million. Within the financial balance, net private direct investments advanced to $157.1 million from $130.1 million a year earlier, with net equity inflows extended to $122.9 million from $80.4 million and offsetting the reduction in net real estate purchases to $34.2 million from $49.8 million. Net private loan financing was also reduced to $29.2 million from $33.1 million in 2007. Meanwhile, domestic investors’ increased their external net portfolio investments further by $6.7 million, after virtual inactivity in the comparative 2007 quarter. In the banking sector, domestic lenders recorded net short-term inflows of $66.6 million, a turna-round from a net liabilities repayment of $18.3 million last year. Otherwise, the public sector’s net external borrow-ings increased to $1.5 million from $0.7 million a year earlier.
Consequent on these developments and after adjust-ing for possible net errors and omissions, the deficit on the overall payments balance––which corresponded to the decrease in the Central Bank’s external reserves––narrowed to $24.6 million from a sizeable $178.1 million a year-earlier.
INTERNATIONAL ECONOMIC DEVELOPMENTS
The deterioration in global economic conditions acce-lerated during the third quarter of 2008. Despite mone-tary and fiscal interventions to stabilize financial markets and stimulate a turnaround in real activity, output con-tracted in most of the major economies, in the context of
depressed consumer confidence and rising unemploy-ment. Given the erosion in aggregate demand, fuel prices, which surged to record highs early in the quarter, contracted sharply over the remaining months, resulting in a tempering in some countries’ inflation rates. Bycontrast, heightened investor uncertainty over the depth and duration of the crisis, contributed to declines in major stock indices, while flight to safety concerns sustained a recovery in the value of the US dollar. In the external sector, the major economies recorded mixed movements in their respective balances.
Economic output was broadly contracted among the leading economies during the third quarter. As the effects of the first quarter economic stimulus package waned and business and consumer confidence slumped, the United States’ economy contracted by 0.5%, in contrast to an annualized 2.8% expansion in the previous three-months. This outturn reflected decreased personal consumption expenditure, alongside more moderate reductions in residential fixed investments. Offsetting the downturn were higher levels of Government spending, exports, private inventory investment, non-residential structures as well as state and local spending. Similarly, real output in the United Kingdom fell by 0.5% in the third quarter, following a flat outcome in the previous period, and reflecting weakness across a broad number of sec-tors, including the manufacturing and service industries. As global demand for exports weakened, Japanese real GDP contracted by 0.4%, extending the 3.7% decline posted in the previous period. Euro zone economies also slipped into recession, with real output waning further by 0.2% during the third quarter, in line with the previous period’s falloff. Germany, the largest economy in the area, recorded a decline of 0.5%; however, real GDP rose marginally by 0.1% in France.
Declining aggregate demand and broad-based con-tractions in corporate earnings led to increased unem-ployment among the leading economies. In the United States, the average jobless rate firmed by 0.7 percentage points to 6.0%, mainly reflecting job losses in the servic-es, manufacturing and construction sectors. The United Kingdom’s unemployment rate rose by 0.4 percentage points to 5.8% in the September quarter, as an additional 140,000 persons were added to the jobless numbers. The unemployment rate in Japan was relatively un-changed at 4.1%, and China’s jobless rate also steadied
13
at 4.0%. In the Euro Zone, the average unemployment rate firmed by 0.1 percentage points to 7.5% of the workforce, with a deterioration of 0.2 percentage points in both France and Germany, to 7.9% and 7.1% respective-ly.
The major economies recorded mixed trends in infla-tion, amid broader signs of a projected easing in the near-term, owing to the downtrend in oil prices and falling consumer demand. For the United States, inflation for the twelve months to September, moderated slightly over the end-June period, by 0.1 percentage points to 4.9%, with the most significant cost increases still noted for food and beverages, transportation and energy. Consumer price inflation in the Euro zone also decelerated to 3.8% in the third quarter from 4.0% recorded in the previous three months. However, in the United Kingdom, average retail price inflation firmed to 5.2% from 5.0% in the previous quarter, owing primarily to advances in gas and electricity costs for households. Relative to the previous year, the rate of consumer price increases in Japan also advanced by 0.8 percentage points to 2.3%, due to higher food and energy prices.
In light of the turmoil in the international markets, in-vestors sought the relatively safety of the US Dollar during the quarter, resulting in its gain against most major currencies. The dollar appreciated by 11.8% versus the British Pound, by 11.9% against the Euro; and by 4.2% against the Canadian dollar. In contrast, the dollar was relatively stable against the Japanese yen and moved marginally lower, relative to the Chinese Yuan by 0.12%.
Major bourses continued to be volatile and on a downward trajectory during the third quarter as investor confidence was further shaken by the accelerating weak-ness in the global economic outlook; and increased uncertainty over the depth and duration of a global reces-sion. In the United States, the Dow Jones Industrial Average (DJIA) ended the quarter 4.3% lower at 10,850.7 points and the broader Standard & Poor’s 500 index fell by 8.8% to 1169.0 points. European markets expe-rienced similar trends; the United Kingdom’s FTSE 100 index contracted by 13.0% to 4,902.50 points; Germany’s DAX index, by 9.2% to 5,831.0 and France’s CAC 40 index, by 9.1% to 4,032.1 points. On the Asian markets,the Japanese Nikkei 225 index slumped by 16.5% to
11,259.86 points and China’s Shanghai SE Composite Index lost 16.2% to 2,293.8 points.
In the commodity markets, oil prices surged to a record $145.5 per barrel in mid-July, propelled by antic-ipated increased demand and concerns over supply capacity. However, by the end of the quarter prices had plunged vis-à-vis end-June by 30.6% to $97.8 per barrel,as clear signs emerged regarding the adverse impact of the global downturn on aggregate demand. Similarly, given the economic uncertainty, investors increased their holdings of “safe” assets, causing gold prices to firm by 4.8% to $870.95 per ounce. However, the price of silver fell by 11.6% to $12.03 per ounce.
During the quarter, major central banks took both coordinated and aggressive national steps to stabilize financial markets and to stimulate a resumption of credit flows. In the United States, although no adjustments were made to interest rates, the Federal Reserve either implemented or expanded several facilities aimed at increasing liquidity, listing a broader range of acceptable collaterals for short-term loans and significantly expand-ing the amount of funds circulating with the system through its Term Securities Facility (TSLF) and Term Auction Facility (TAF). Also, the Fed’s US dollar funding to central banks in Canada, Europe and Asia surged by over $300 billion. Several measures were also utilised by the European Central Bank to boost liquidity, including the introduction of special Term Auction Facilities. How-ever, given the upside risks to prices earlier in the quar-ter, the Bank raised each of its main policy rates by 25 basis points. In Asia, the Chinese central bank continued to loosen monetary policy, reducing its key interest rate by 0.27 percentage points to 6.66%. The Bank of Japan, however, made only minor changes to its reserve man-agement operations with strategic and systematic fund injections. In the United Kingdom, the Bank of England left its policy rate unchanged as the risks to further gainsin inflation appeared to be balanced against the potential slowdown in economic activity.
The major economies recorded mixed trends in their external account balance during the quarter. In the United States, the goods and services deficit fell, on a quarterly basis, by $3.9 billion to $176.8 billion, owing to improvements in both the goods and services balances. Similarly, the United Kingdom’s trade deficit narrowed to
14
£3.9 billion from £4.4 billion in the previous quarter. Owing to a contraction in exports and increased imports, the third quarter trade deficit in the Euro area widened by €4.3 billion to €5.9 billion. Japan’s current account surplus improved by ¥1.4 trillion to ¥40.2 trillion over the
September quarter, buoyed by expansions in the services and income accounts that overshadowed the deteriora-tion in the trade surplus. Supported by a rapid expansion in exports, China’s trade surplus rose by 44% over the previous quarter to $83.3 billion.
15
STATISTICAL APPENDIX
(Tables 1-16)
16
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 Instalment Credit
Table 8 Selected Average Interest Rates
Table 9 Selected Credit Quality Indicators of Domestic Banks
Table 10 Summary of Bank Liquidity
Table 11 Government Operations and Financing
Table 12 National Debt
Table 13 Public Sector Foreign Currency Debt Operations
Table 14 Balance of Payments Summary
Table 15 External Trade
Table 16 Selected Tourism Statistics
The following symbols and conventions are used throughout this report:
1. n.a. not available
2. -- nil
3. p provisional
4. Due to rounding, the sum of separate items may differ from the totals.
17
En
d o
f P
erio
d2
00
32
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42
00
5
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Net
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43
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10
4.3
(32
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(16
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(6.4
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81
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(25
4.4
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33
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(12
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(29
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tral
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84
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37
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(62
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4,1
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62
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6,7
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2.1
7,0
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(net
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37
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4.5
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4,9
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5,6
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7.8
5,8
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7.3
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(net
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5,3
21
.95
,53
3.0
5,5
42
.75
,63
7.3
5,7
82
.55
,85
9.2
5,9
21
.4
M
on
ey9
07
.41
,13
4.4
1,2
47
.61
,26
5.5
1,3
52
.71
,26
3.6
1,2
51
.11
,26
7.9
1,3
30
.71
,27
3.3
1,3
00
.31
,30
8.4
1,3
05
.71
,32
0.2
C
urr
ency
16
0.1
17
6.6
19
5.3
19
8.2
19
8.3
19
9.0
20
2.1
21
6.1
21
6.9
21
3.3
22
3.7
21
4.2
20
4.2
19
9.6
D
eman
d d
epo
sits
74
7.3
95
7.8
1,0
52
.31
,06
7.3
1,1
54
.41
,06
4.6
1,0
49
.01
,05
1.8
1,1
13
.81
,06
0.0
1,0
76
.61
,09
4.2
1,1
01
.51
,12
0.6
Q
uas
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3,0
95
.93
,28
7.1
3,5
82
.63
,66
8.7
3,8
02
.53
,81
5.1
3,8
94
.04
,05
4.0
4,2
02
.34
,26
9.4
4,3
37
.04
,47
4.1
4,5
53
.54
,60
1.2
F
ixed
dep
osi
ts2
,31
5.9
2,4
10
.32
,55
6.6
2,6
36
.22
,68
7.9
2,7
20
.82
,78
1.5
2,9
07
.33
,00
2.0
3,0
74
.23
,14
4.8
3,2
45
.73
,32
0.5
3,3
81
.7
S
avin
gs
dep
osi
ts6
78
.87
79
.98
81
.89
11
.69
31
.89
41
.19
53
.39
86
.21
,02
9.9
1,0
12
.99
92
.11
,00
9.3
1,0
18
.91
,00
6.3
F
ore
ign
cu
rren
cy1
01
.29
6.9
14
4.2
12
0.9
18
2.8
15
3.2
15
9.2
16
0.5
17
0.4
18
2.3
20
0.1
21
9.1
21
4.1
21
3.2
To
tal
do
mes
tic
cred
it
0.7
5.1
12
.92
.64
.03
.63
.30
.93
.63
.02
.4(0
.0)
1.0
2.4
P
ub
lic
sect
or
1.0
1.0
6.5
(1.1
)7
.6(0
.2)
6.9
(2.8
)1
2.6
1.3
2.0
(2.9
)(1
.2)
5.5
Go
ver
nm
ent
(net
)(2
2.2
)8
.01
7.4
(3.3
)3
.4(1
.0)
6.4
(1.9
)1
6.5
6.4
5.2
(3.1
)(9
.1)
4.1
Res
t o
f p
ub
lic
sect
or
69
.9(8
.6)
(11
.0)
3.7
15
.91
.17
.8(4
.3)
5.9
(8.5
)(5
.2)
(2.5
)1
8.4
8.2
P
riv
ate
sect
or
0.6
6.0
14
.23
.33
.44
.42
.71
.62
.03
.32
.50
.61
.41
.8
Mo
net
ary
lia
bil
itie
s4
.41
0.4
14
.02
.24
.5(1
.5)
1.3
3.4
4.0
0.2
1.7
2.6
1.3
1.1
M
on
ey1
1.0
25
.09
.21
.46
.9(6
.6)
(1.0
)1
.35
.0(4
.3)
2.1
0.6
(0.2
)1
.1
C
urr
ency
3.4
10
.31
0.0
1.5
0.1
0.4
1.6
6.9
0.4
(1.7
)4
.9(4
.2)
(4.7
)(2
.3)
D
eman
d d
epo
sits
12
.72
8.2
10
.61
.48
.2(7
.8)
(1.5
)0
.35
.9(4
.8)
1.6
1.6
0.7
1.7
Q
uas
i-m
on
ey2
.66
.29
.92
.43
.60
.32
.14
.13
.71
.61
.63
.21
.81
.0
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
)
TA
BL
E 1
FIN
AN
CIA
L S
UR
VE
Y
(B
$ M
illi
on
s)
20
06
20
08
20
07
18
En
d o
f P
erio
d2
00
32
00
42
00
5
Mar
.Ju
n.
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t. N
et f
ore
ign
ass
ets
(13
0.7
)7
0.9
(65
.9)
(47
.7)
(30
.2)
(14
8.5
)(2
35
.0)
(84
.1)
(68
.5)
(22
6.7
)(1
97
.2)
(35
.5)
82
.5(1
1.8
)
C
entr
al B
ank
48
4.3
66
7.8
57
8.8
63
7.8
64
4.2
54
2.7
49
9.7
62
3.5
64
2.9
46
4.7
45
4.2
53
9.6
67
4.8
65
0.2
C
om
mer
cial
ban
ks
(61
5.0
)(5
96
.9)
(64
4.7
)(6
85
.5)
(67
4.4
)(6
91
.2)
(73
4.7
)(7
07
.6)
(71
1.4
)(6
91
.4)
(65
1.4
)(5
75
.1)
(59
2.3
)-6
62
.0
Net
do
mes
tic
ass
ets
4,0
25
.14
,24
7.2
4,7
86
.94
,88
0.9
5,0
94
.55
,14
0.3
5,2
99
.45
,32
7.1
5,5
18
.85
,70
9.2
5,8
00
.35
,78
5.8
5,7
43
.25
,90
6.0
D
om
esti
c cr
edit
4,8
22
.85
,08
3.1
5,7
52
.75
,90
0.8
6,1
42
.56
,37
2.6
6,5
88
.86
,65
0.8
6,8
99
.57
,12
0.3
7,4
01
.47
,41
3.6
7,4
80
.27
,65
9.5
P
ub
lic
sect
or
87
4.9
88
3.4
94
5.8
93
0.9
1,0
01
.69
99
.01
,06
8.9
1,0
39
.01
,17
1.0
1,1
86
.51
,21
2.8
1,1
77
.31
,16
3.7
1,2
27
.9
Go
ver
nm
ent
(net
)5
02
.15
42
.76
42
.56
16
.46
37
.06
30
.56
71
.76
58
.97
68
.58
18
.38
63
.88
37
.07
60
.97
92
.0
Res
t o
f p
ub
lic
sect
or
37
2.8
34
0.7
30
3.3
31
4.5
36
4.6
36
8.5
39
7.2
38
0.0
40
2.5
36
8.2
34
9.0
34
0.3
40
2.8
43
5.9
P
riv
ate
sect
or
3,9
47
.94
,19
9.7
4,8
06
.94
,96
9.9
5,1
40
.95
,37
3.6
5,5
19
.95
,61
1.8
5,7
28
.55
,93
3.8
6,1
88
.66
,23
6.3
6,3
16
.56
43
1.6
O
ther
ite
ms
(net
)(7
97
.7)
(83
5.9
)(9
65
.8)
(1,0
19
.9)
(1,0
48
.0)
(1,2
32
.3)
(1,2
89
.4)
(1,3
23
.7)
(1,3
80
.7)
(1,4
11
.1)
(1,6
01
.1)
(1,6
27
.8)
(1,7
37
.0)
(1,7
53
.5)
Mo
net
ary
lia
bil
itie
s3
,89
4.4
4,3
18
.14
,71
6.1
4,8
33
.25
,06
4.3
4,9
91
.85
,06
4.4
5,2
43
.05
,45
0.3
5,4
82
.45
,60
3.1
5,7
50
.35
,82
5.7
5,8
94
.2
M
on
ey8
95
.81
,12
4.7
1,2
23
.01
,24
5.5
1,3
38
.11
,24
6.3
1,2
38
.11
,25
4.3
1,3
13
.01
,25
6.1
1,2
78
.91
,29
0.7
1,2
84
.81
,30
5.0
C
urr
ency
16
0.1
17
6.6
19
5.3
19
8.2
19
8.3
19
9.0
20
2.1
21
6.1
21
7.0
21
3.3
22
3.7
21
4.2
20
4.2
19
9.6
D
eman
d d
epo
sits
73
5.7
94
8.1
1,0
27
.71
,04
7.3
1,1
39
.81
,04
7.3
1,0
36
.01
,03
8.2
1,0
96
.01
,04
2.8
1,0
55
.21
,07
6.5
1,0
80
.61
10
5.4
Q
uas
i-m
on
ey2
,99
8.6
3,1
93
.43
,49
3.1
3,5
87
.73
,72
6.2
3,7
45
.53
,82
6.3
3,9
88
.74
,13
7.3
4,2
26
.34
,32
4.2
4,4
59
.64
,54
0.9
4,5
89
.2
Sav
ing
s d
epo
sits
67
8.5
77
9.7
88
1.6
91
1.5
93
1.7
94
1.1
95
3.1
98
6.0
1,0
29
.61
,01
2.6
99
1.9
1,0
09
.11
,01
8.7
10
06
.0
Fix
ed d
epo
sits
2,2
18
.82
,31
6.8
2,4
67
.42
,55
5.3
2,6
11
.72
,65
1.2
2,7
14
.12
,84
2.2
2,9
37
.33
,03
1.4
3,1
32
.23
,23
1.4
3,3
08
.13
37
0.0
Fo
reig
n c
urr
ency
dep
osi
ts1
01
.39
6.9
14
4.1
12
0.9
18
2.8
15
3.2
15
9.1
16
0.5
17
0.4
18
2.3
20
0.1
21
9.1
21
4.1
21
3.2
To
tal
do
mes
tic
cred
it0
.65
.41
3.2
2.6
4.1
3.7
3.4
0.9
3.7
3.2
3.9
0.2
0.9
2.4
P
ub
lic
sect
or
0.8
1.0
7.1
(1.6
)7
.6(0
.3)
7.0
(2.8
)1
2.7
1.3
2.2
(2.9
)(1
.2)
5.5
Go
ver
nm
ent
(net
)(2
2.5
)8
.11
8.4
(4.1
)3
.3(1
.0)
6.5
(1.9
)1
6.6
6.5
5.6
(3.1
)(9
.1)
4.1
Res
t o
f p
ub
lic
sect
or
69
.9(8
.6)
(11
.0)
3.7
15
.91
.17
.8(4
.3)
5.9
(8.5
)(5
.2)
(2.5
)1
8.4
8.2
P
riv
ate
sect
or
0.6
6.4
14
.53
.43
.44
.52
.71
.72
.13
.64
.30
.81
.31
.8
Mo
net
ary
lia
bil
itie
s4
.11
0.9
9.2
2.5
4.8
(1.4
)1
.53
.54
.00
.62
.22
.61
.31
.2
M
on
ey1
0.8
25
.68
.71
.87
.4(6
.9)
(0.7
)1
.34
.7(4
.3)
1.8
0.9
(0.5
)1
.6
C
urr
ency
3.4
10
.31
0.6
1.5
0.1
0.4
1.6
6.9
0.4
(1.7
)4
.9(4
.2)
(4.7
)(2
.3)
D
eman
d d
epo
sits
12
.52
8.9
8.4
1.9
8.8
(8.1
)(1
.1)
0.2
5.6
(4.9
)1
.22
.00
.42
.3
Q
uas
i-m
on
ey2
.26
.59
.42
.73
.90
.52
.24
.23
.72
.22
.33
.11
.81
.1
So
urc
e: T
he
Cen
tra
l B
an
k o
f T
he
Ba
ha
ma
s
MO
NE
TA
RY
SU
RV
EY
TA
BL
E 2
20
08
(per
cen
tage
chan
ge)
(B$
Mil
lio
ns)
20
06
20
07
19
(B$
Mil
lio
ns)
En
d o
f P
erio
d2
00
32
00
42
00
5
Mar
.Ju
n.
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t.M
ar.
Mar
.
Net
fo
reig
n a
sset
s4
84
.36
67
.85
78
.86
37
.86
44
.25
42
.74
99
.76
23
.56
42
.94
64
.74
54
.25
39
.66
74
.86
50
.2
B
alan
ces
wit
h b
ank
s ab
road
18
3.7
31
1.1
14
5.4
21
0.4
21
2.1
11
6.8
90
.52
26
.72
46
.36
9.8
59
.51
49
.82
85
.12
61
.7
F
ore
ign
sec
uri
ties
29
1.3
34
74
24
.44
18
.44
22
.84
16
.47
39
9.8
38
7.3
38
7.0
38
5.1
38
4.7
37
9.4
37
9.4
37
8.7
R
eser
ve
po
siti
on
in
th
e F
un
d9
.39
.79
.09
.0
9
.39
.39
.4
9
.5
9
.59
.79
.9
1
0.3
10
.29
.7
S
DR
ho
ldin
gs
--
--
--
--
--
0.1
--
--
0.1
0.1
0.1
0.1
0.1
0.1
Net
do
mes
tic
ass
ets
15
.2(1
3.1
)2
3.1
(21
.0)
(25
.9)
83
.98
5.1
89
.95
0.7
17
5.3
23
5.7
19
1.9
71
.96
4.5
N
et c
laim
s o
n G
ov
ern
men
t1
08
.41
41
.91
22
.01
11
.31
29
.91
82
.31
82
.51
94
.21
63
.12
78
.73
32
.32
95
.01
78
.51
85
.3
Cla
ims
11
4.8
14
9.5
14
9.7
15
0.7
13
7.4
19
8.0
19
0.6
20
1.8
17
6.9
28
8.1
34
7.8
32
0.0
20
1.5
19
9.1
Tre
asu
ry b
ills
--
--
--
--
--
43
.45
2.2
49
.1
-
-1
16
.01
43
.51
17
.6
-
-
-
-
Bah
amas
reg
iste
red
sto
ck4
3.8
78
.57
2.7
73
.77
5.4
77
.67
6.4
90
.61
04
.91
00
.11
32
.41
30
.41
29
.51
27
.1
Lo
ans
and
ad
van
ces
71
.07
1.0
77
.07
7.0
62
.07
7.0
62
.06
2.0
72
.07
2.0
72
.07
2.0
72
.07
2.0
Dep
osi
ts(6
.4)
(7.6
)(2
7.7
)(3
9.4
)(7
.5)
(15
.7)
(8.1
)(7
.5)
(13
.8)
(9.4
)(1
5.6
)(2
5.0
)(2
3.0
)(1
3.8
)
In l
oca
l cu
rren
cy(6
.4)
(7.6
)(2
7.7
)(3
9.4
)(7
.5)
(15
.7)
(8.1
)(7
.5)
(13
.8)
(9.4
)(1
5.6
)(2
5.0
)(2
3.0
)(1
3.8
)
In f
ore
ign
cu
rren
cy
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
D
epo
sits
of
rest
of
pu
bli
c se
cto
r(2
1.6
)(8
7.7
)(2
6.1
)(5
4.1
)(7
7.8
)(1
2.4
)(1
8.3
)(2
2.8
)(2
9.8
)(1
7.4
)(1
0.4
)(1
7.6
)(1
7.1
)(2
8.2
)
C
red
it t
o c
om
mer
cial
ban
ks
--
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
--
--
--
--
O
ffic
ial
cap
ital
an
d s
urp
lus
(97
.3)
(98
.2)
(10
5.5
)(1
14
.0)
(10
8.5
)(1
07
.2)
(10
7.3
)(1
15
.4)
(11
2.6
)(1
11
.4)
(11
1.6
)(1
21
.3)
(12
3.3
)(1
28
.4)
N
et u
ncl
assi
fied
ass
ets
18
.42
2.3
24
.42
7.6
22
.31
3.1
20
.12
5.8
22
.11
7.5
17
.92
8.3
26
.42
8.4
L
oan
s to
res
t o
f p
ub
lic
sect
or
6.4
7.6
7.3
7.2
7.2
7.1
7.0
7.0
6.9
6.8
6.8
6.7
6.6
6.6
P
ub
lic
Co
rp B
on
ds/
Sec
uri
ties
0.9
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.1
0.8
0.8
0.8
0.8
Lia
bil
itie
s T
o D
om
esti
c B
an
ks
(32
4.2
)(4
62
.2)
(39
2.0
)(4
03
.9)
(40
4.9
)(4
12
.4)
(36
7.3
)(4
81
.7)
(46
1.2
)(4
10
.8)
(45
0.1
)(5
00
.5)
(52
5.8
)(4
99
.2)
No
tes
and
co
ins
(79
.6)
(78
.5)
(10
5.8
)(5
7.0
)(6
0.4
)(5
9.1
)(1
16
.2)
(60
.3)
(72
.0)
(73
.5)
(11
0.1
)(7
9.7
)(8
1.8
)(7
9.1
)
Dep
osi
ts(2
44
.6)
(38
3.7
)(2
86
.2)
(34
6.9
)(3
44
.5)
(35
3.3
)(2
51
.1)
(42
1.4
)(3
89
.2)
(33
7.2
)(3
40
.0)
(42
0.8
)(4
44
.0)
(42
0.1
)
SD
R a
llo
cati
on
(15
.2)
(15
.9)
(14
.6)
(14
.7)
(15
.1)
(15
.2)
(15
.4)
(15
.4)
(15
.5)
(15
.9)
(16
.2)
(16
.8)
(16
.7)
(15
.9)
Cu
rren
cy h
eld
by
th
e p
riv
ate
sect
or
(16
0.1
)(1
76
.6)
(19
5.3
)(1
98
.2)
(19
8.3
)(1
99
.0)
(20
2.1
)(2
16
.1)
(21
6.9
)(2
13
.3)
(22
3.7
)(2
14
.2)
(20
4.2
)(1
99
.6)
So
urc
e: T
he
Cen
tra
l B
an
k o
f T
he
Ba
ha
ma
s
20
07
20
06
TA
BL
E
3
20
08
CE
NT
RA
L B
AN
K B
AL
AN
CE
SH
EE
T
20
(B$
Mil
lio
ns)
En
d o
f P
erio
d2
00
32
00
42
00
5
Mar
.Ju
n.
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t.
Net
fo
reig
n a
sset
s(6
28
.1)
(56
3.5
)(6
11
.0)
(65
4.1
)(6
50
.6)
(72
3.8
)(7
54
.1)
(75
6.9
)(7
67
.3)
(71
3.7
)(6
67
.6)
(59
5.0
)(6
12
.9)
(67
9.6
)
Net
cla
ims
on
Cen
tra
l B
an
k3
22
.44
61
.43
89
.74
03
.24
05
.14
18
.13
66
.54
79
.84
60
.44
12
.34
48
.44
99
.75
25
.04
98
.4
No
tes
and
Co
ins
79
.67
8.5
10
5.8
57
.06
0.4
59
.11
16
.26
0.3
72
.07
3.5
11
0.1
79
.78
1.8
79
.1
Bal
ance
s2
43
.63
83
.72
84
.73
47
.03
45
.53
59
.82
51
.14
20
.43
89
.23
39
.63
39
.14
20
.84
44
.04
20
.1
Les
s C
entr
al B
ank
cre
dit
0.8
0.8
0.8
0.8
0.8
0.8
0.8
0.8
0.8
0.8
0.8
0.8
0.8
0.8
Net
do
mes
tic
ass
ets
3,8
14
.74
,01
8.7
45
18
.24
,61
5.1
4,7
53
.64
,79
7.4
4,9
35
.45
,00
3.4
5,1
90
.85
,19
7.3
5,1
99
.75
,21
5.9
5,2
71
.05
,40
5.4
Net
cla
ims
on
Go
ver
nm
ent
39
8.1
4
05
.2
52
8.9
51
0.0
51
2.3
45
3.8
49
4.5
46
9.9
61
0.6
54
4.9
53
4.5
54
5.1
58
5.3
60
9.6
Tre
asu
ry b
ills
47
.6
26
.7
66
.17
8.0
12
5.3
34
.61
0.0
18
.91
39
.66
0.7
50
.87
1.7
19
7.4
18
9.8
Oth
er s
ecu
riti
es3
69
.6
39
3.3
4
00
.54
13
.94
17
.84
47
.54
37
.14
46
.74
37
.94
63
.14
68
.54
66
.34
60
.75
20
.5
Lo
ans
and
ad
van
ces
74
.57
8.2
15
0.7
12
2.6
75
.77
0.9
15
6.3
10
7.7
13
9.7
13
6.1
12
0.3
13
3.4
57
.26
5.0
Les
s: d
epo
sits
93
.69
38
8.4
10
4.5
10
6.5
99
.21
08
.91
03
.31
06
.61
15
.11
05
.01
26
.31
30
.01
65
.7
Net
cla
ims
on
res
t o
f p
ub
lic
sect
or
53
.09
1.5
(25
.3)
(11
.4)
(14
.0)
(15
.2)
12
.31
5.4
(7.7
)(5
5.7
)(7
8.9
)(9
6.6
)(5
7.4
)(4
0.7
)
Sec
uri
ties
18
.61
8.6
20
.62
2.6
34
.33
4.3
12
1.1
11
8.4
11
5.9
98
.09
7.7
97
.29
5.2
89
.3
Lo
ans
and
ad
van
ces
34
7.0
3
13
.5
26
5.8
28
3.6
32
2.2
32
6.1
26
8.1
25
3.7
27
8.6
26
2.3
24
3.9
23
5.7
30
0.3
33
9.3
Les
s: d
epo
sits
31
2.6
24
0.6
31
1.7
31
7.6
37
0.5
37
5.6
37
6.8
35
6.6
40
2.3
41
6.0
42
0.5
42
9.5
45
2.9
46
9.3
Oth
er n
et c
laim
s3
.5(1
4.1
)(5
.9)
(4.2
)8
.2(4
2.3
)(1
7.9
)(3
1.3
)(3
7.6
)(5
.3)
(6.9
)(1
.2)
(3.1
)-1
.7
Cre
dit
to
th
e p
riv
ate
sect
or
40
94
.64
33
9.4
49
53
.75
,11
5.7
5,2
88
.55
,52
0.4
5,6
68
.75
,75
7.8
5,8
73
.16
,06
7.3
6,2
18
.46
,25
2.9
6,3
43
.16
,45
4.6
Sec
uri
ties
20
.41
4.7
28
.22
7.4
28
.22
9.2
21
.72
0.3
24
.32
4.9
29
.62
9.6
36
.33
5.9
Mo
rtg
ages
14
38
.41
63
1.1
19
19
.11
,99
6.8
2,0
84
.22
,18
2.3
2,2
58
.12
,32
0.7
2,3
90
.42
,48
0.1
2,5
80
.42
,61
7.4
2,7
02
.62
76
6.3
Lo
ans
and
ad
van
ces
2,6
35
.82
,69
3.6
30
06
.43
,09
1.5
3,1
76
.13
,30
8.9
3,3
88
.93
,41
6.9
3,4
58
.43
,56
2.3
3,6
08
.43
,60
5.9
3,6
04
.23
65
2.4
Pri
vat
e ca
pit
al a
nd
su
rplu
s(1
03
2.5
)(1
12
1.4
)(1
19
7.5
)(1
,27
8.4
)(1
,29
9.2
)(1
,42
0.7
)(1
,47
7.5
)(1
,50
1.3
)(1
,55
2.1
)(1
,60
0.9
)(1
,65
4.1
)(1
,70
6.6
)(1
,77
5.0
)(1
,81
5.7
)
Net
un
clas
sifi
ed a
sset
s3
01
.53
18
.12
64
.32
83
.42
57
.83
01
.42
55
.32
92
.83
04
.52
47
.01
86
.72
22
.31
78
.11
99
.3
Lia
bil
itie
s to
pri
va
te s
ecto
r3
,50
8.9
3,9
16
.64
29
7.1
4,3
64
.24
,50
8.1
4,4
91
.74
,54
7.8
4,7
26
.44
,88
3.9
4,8
96
.04
,98
2.7
5,1
20
.65
,18
3.1
5,2
24
.2
D
eman
d d
epo
sits
76
6.2
92
11
09
2.2
1,0
66
.11
,16
1.4
1,1
28
.71
,11
2.9
1,1
24
.81
,16
4.7
1,1
37
.71
,17
4.8
1,1
82
.51
,16
4.9
11
64
.4
S
avin
gs
dep
osi
ts6
82
.17
83
.78
85
.39
15
.19
37
.69
49
.09
56
.89
88
.31
,03
2.7
1,0
16
.29
94
.71
,01
3.8
1,0
24
.21
01
2.1
F
ixed
dep
osi
ts2
06
0.6
22
11
.92
31
9.6
2,3
83
.02
,40
9.1
2,4
14
.02
,47
8.1
2,6
13
.32
,68
6.5
2,7
42
.02
,81
3.2
2,9
24
.32
,99
4.0
30
47
.7
So
urc
e: T
he
Cen
tra
l B
an
k o
f T
he
Ba
ha
ma
s
20
08
DO
ME
ST
IC B
AN
KS
BA
LA
NC
E S
HE
ET
TA
BL
E 4
20
07
20
06
21
(B$
'00
0s)
Per
iod
20
05
20
06
20
07
Qtr
. I
Qtr
. II
Qtr
. II
IQ
tr.
IVQ
tr.
IQ
tr.
IIQ
tr.
III
Qtr
. IV
Qtr
. I
Qtr
. II
1.
Inte
rest
In
com
e5
33
,51
96
46
,26
97
44
,53
71
45
,22
01
56
,11
01
62
,34
31
82
,59
61
82
,71
81
81
,28
81
87
,09
11
93
,44
01
84
,14
51
89
,88
2
2.
Inte
rest
Exp
ense
17
8,1
53
22
5,2
05
29
1,2
06
47
,28
95
3,3
43
57
,56
06
7,0
13
68
,90
97
4,4
10
73
,07
87
4,8
09
69
,06
76
8,6
55
3.
Inte
rest
Marg
in (
1-2
)3
55
,36
64
21
,06
44
53
,33
19
7,9
31
10
2,7
67
10
4,7
83
11
5,5
83
11
3,8
09
10
6,8
78
11
4,0
13
11
8,6
31
11
5,0
78
12
1,2
27
4.
Co
mm
issi
on
& F
ore
x I
nco
me
28
,66
52
9,5
43
31
,71
47
,13
46
,97
36
,64
88
,78
87
,68
07
,97
91
0,9
36
5,1
19
9,5
44
9,3
22
5.
Gro
ss E
arn
ing
s M
arg
in (
3+
4)
38
4,0
31
45
0,6
07
48
5,0
45
10
5,0
65
10
9,7
40
11
1,4
31
12
4,3
71
12
1,4
89
11
4,8
57
12
4,9
49
12
3,7
50
12
4,6
22
13
0,5
49
6.
Sta
ff C
ost
s1
25
,37
81
38
,08
71
33
,30
93
3,5
02
33
,91
43
5,9
85
34
,68
62
6,8
48
34
,58
63
6,6
96
35
,17
93
5,2
81
36
,90
8
7.
Occ
up
ancy
Co
sts
18
,55
82
0,6
69
20
,61
24
,74
45
,29
25
,68
24
,95
14
,59
55
,39
05
,16
75
,46
05
,11
15
,97
1
8.
Oth
er O
per
atin
g C
ost
s5
4,8
88
63
,00
27
9,4
80
16
,03
61
5,0
93
14
,02
21
7,8
51
19
,77
31
8,6
03
21
,97
21
9,1
32
22
,07
32
2,7
10
9.
Op
erati
ng
Cost
s (6
+7
+8
)1
98
,82
42
21
,75
82
33
,40
15
4,2
82
54
,29
95
5,6
89
57
,48
85
1,2
16
58
,57
96
3,8
35
59
,77
16
2,4
65
65
,58
9
20
07
20
06
20
08
TA
BL
E 5
PR
OF
IT A
ND
LO
SS
AC
CO
UN
TS
OF
BA
NK
S IN
TH
E B
AH
AM
AS
*
9.
Op
erati
ng
Cost
s (6
+7
+8
)1
98
,82
42
21
,75
82
33
,40
15
4,2
82
54
,29
95
5,6
89
57
,48
85
1,2
16
58
,57
96
3,8
35
59
,77
16
2,4
65
65
,58
9
10
.N
et E
arn
ing
s M
arg
in (
5-9
)1
85
,20
72
28
,84
92
51
,64
45
0,7
83
55
,44
15
5,7
42
66
,88
37
0,2
73
56
,27
86
1,1
14
63
,97
96
2,1
57
64
,96
0
11
.D
epre
ciat
ion
Co
sts
12
,62
51
1,0
88
11
,67
32
,81
82
,84
22
,81
02
,61
82
,93
52
,98
62
,96
72
,78
53
,10
13
,34
7
12
.P
rovis
ion
s fo
r B
ad D
ebt
21
,89
74
3,1
29
39
,81
76
,18
11
0,8
19
7,9
67
18
,16
25
,69
61
2,5
67
8,6
14
12
,94
01
6,2
27
11
,30
4
13
.O
ther
In
com
e7
6,7
50
10
1,6
33
10
7,2
71
26
,75
02
3,6
07
26
,18
52
5,0
91
24
,79
43
2,5
65
27
,20
22
2,7
10
37
,83
12
8,2
99
14
.O
ther
In
com
e (N
et)
(13
-11
-12
)4
2,2
28
47
,41
65
5,7
81
17
,75
19
,94
61
5,4
08
4,3
11
16
,16
31
7,0
12
15
,62
16
,98
51
8,5
03
13
,64
8
15
.N
et I
nco
me
(10
+1
4)
22
7,4
35
27
6,2
65
30
7,4
25
68
,53
46
5,3
87
71
,15
07
1,1
94
86
,43
67
3,2
90
76
,73
57
0,9
64
80
,66
07
8,6
08
16
.E
ffec
tive
Inte
rest
Rate
Sp
read
(%
)6
.45
6.1
56
.25
6.2
46
.28
6.1
25
.96
5.8
85
.80
6.4
46
.88
6.3
66
.60
Inte
rest
Mar
gin
5.4
25
.62
5.5
15
.49
5.5
45
.49
5.9
75
.74
5.1
75
.47
5.6
45
.33
5.4
1
Co
mm
issi
on
& F
ore
x I
nco
me
0.4
40
.40
0.3
90
.40
0.3
80
.35
0.4
50
.39
0.3
90
.52
0.2
40
.44
0.4
2
Gro
ss E
arn
ings
Mar
gin
5.8
56
.02
5.8
95
.89
5.9
15
.84
6.4
26
.12
5.5
65
.99
5.8
85
.78
5.8
3
Op
erat
ing C
ost
s3
.02
2.9
72
.83
3.0
42
.93
2.9
22
.97
2.5
82
.84
3.0
62
.84
2.9
02
.93
Net
Ear
nin
gs
Mar
gin
2.8
33
.05
3.0
62
.85
2.9
92
.92
3.4
53
.54
2.7
22
.93
3.0
42
.88
2.9
0
Net
In
com
e3
.47
3.6
93
.74
3.8
43
.52
3.7
33
.68
4.3
63
.55
3.6
83
.37
3.7
43
.51
*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)
22
(B$
Mil
lio
ns)
En
d o
f P
erio
d2
00
32
00
42
00
5
Mar
.Ju
n.
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t.
Mo
ney
su
pp
ly (
M1
)9
07
.41
,13
4.4
1,2
47
.61
,26
5.5
1,3
52
.71
,26
3.6
1,2
51
.11
,26
7.9
1,3
30
.71
,27
3.3
1,3
00
.31
,30
8.4
1,3
05
.71
,32
0.2
1)
Cu
rren
cy i
n a
ctiv
e ci
rcu
lati
on
16
0.1
17
6.6
19
5.3
19
8.2
19
8.3
19
9.0
20
2.1
21
6.1
21
6.9
21
3.3
22
3.7
21
4.2
20
4.2
19
9.6
2)
Dem
and
dep
osi
ts7
47
.39
57
.81
,05
2.3
1,0
67
.31
,15
4.4
1,0
64
.61
,04
9.0
1,0
51
.81
,11
3.8
1,0
60
.01
,07
6.6
1,0
94
.21
,10
1.5
1,1
20
.6
Cen
tral
Ban
k2
1.7
87
.72
6.1
54
.17
8.2
12
.41
8.3
22
.82
9.8
17
.41
0.4
18
.21
7.1
28
.3
Do
mes
tic
Ban
ks
72
5.6
87
0.1
1,0
26
.21
,01
3.2
1,0
76
.21
,05
2.2
1,0
30
.71
,02
9.0
1,0
84
.01
,04
2.6
1,0
66
.21
,07
6.0
1,0
84
.41
,09
2.3
Fa
cto
rs a
ffec
tin
g c
ha
ng
es i
n m
on
ey (
M1
)
1)
Net
cre
dit
to
Go
ver
nm
ent
50
6.5
54
7.1
64
2.5
62
1.2
64
2.2
63
6.0
67
7.0
66
4.2
77
3.7
82
3.6
86
6.8
84
0.1
76
3.8
79
5.0
Cen
tral
Ban
k1
08
.41
41
.91
22
.01
11
.21
29
.91
82
.31
82
.51
94
.21
63
.12
78
.73
32
.32
95
.01
78
.51
85
.3
Do
mes
tic
Ban
ks
39
8.1
40
5.2
52
0.5
51
0.0
51
2.3
45
3.7
49
4.5
47
0.0
61
0.6
54
4.9
53
4.5
54
5.1
58
5.3
60
9.7
2)
Oth
er c
red
it4
,46
7.5
4,6
80
.15
,25
7.0
5,4
30
.25
,65
3.1
5,8
88
.96
,06
5.9
6,1
37
.96
,27
5.6
6,4
35
.56
,56
7.5
6,5
93
.26
,74
2.4
6,8
90
.5
Res
t o
f p
ub
lic
sect
or
37
2.9
34
0.7
30
3.3
31
4.5
36
4.6
36
8.5
39
7.2
38
0.1
40
2.5
36
8.2
34
9.1
34
0.3
40
2.9
43
5.9
Pri
vat
e se
cto
r4
,09
4.6
4,3
39
.44
,95
3.7
5,1
15
.75
,28
8.5
5,5
20
.45
,66
8.7
5,7
57
.85
,87
3.1
6,0
67
.36
,21
8.4
6,2
52
.96
,33
9.5
6,4
54
.6
3)
Exte
rnal
res
erves
48
4.3
66
7.8
57
8.8
63
7.8
64
4.2
54
2.7
49
9.7
62
3.5
64
2.9
46
4.7
45
4.2
53
9.6
67
4.8
65
0.2
4)
Oth
er e
xte
rnal
li
abil
itie
s (n
et)
(62
8.1
)(5
63
.5)
(61
1.0
)(6
54
.1)
(65
0.6
)(7
23
.8)
(75
4.1
)(7
56
.9)
(76
7.3
)(7
13
.7)
(66
7.6
)(5
95
.0)
(61
2.9
)(6
79
.6)
5)
Qu
asi
mo
ney
3,0
95
.93
,28
7.1
3,5
82
.63
,66
8.7
3,8
02
.53
,81
5.1
3,8
94
.04
,05
4.0
4,2
02
.34
,26
9.4
4,3
37
.04
,47
4.1
4,5
53
.54
,60
1.2
6)
Oth
er i
tem
s (n
et)
(82
6.9
)(9
10
.0)
(1,0
37
.1)
(1,1
00
.9)
(1,1
33
.7)
(1,2
65
.1)
(1,3
43
.4)
(1,3
46
.8)
(1,3
91
.9)
(1,4
67
.4)
(1,5
83
.6)
(1,5
95
.4)
(1,7
08
.9)
(1,7
34
.7)
So
urc
e: T
he
Cen
tra
l B
an
k o
f T
he
Ba
ha
ma
s
20
08
TA
BL
E 6
20
06
MO
NE
Y S
UP
PL
Y
20
07
23
(B$
' 00
0)
En
d o
f P
erio
d2
00
42
00
52
00
6
Jun
.S
ept.
Dec
.Ju
n.
Sep
t.
CR
ED
IT
OU
TS
TA
ND
IN
G
Pri
vat
e ca
rs2
12
,67
92
09
,87
92
28
,42
12
31
,19
12
37
,78
62
41
,46
52
48
,15
22
47
,41
82
51
,16
72
45
,02
3
Tax
is &
ren
ted
car
s2
,34
92
,31
72
,56
82
,30
52
,00
42
,09
51
,90
81
,92
52
,03
32
,02
0
Co
mm
erci
al v
ehic
les
5,2
12
6,0
38
6,8
29
7,0
24
6,9
85
6,9
26
6,9
56
6,9
66
6,8
76
6,3
50
Fu
rnis
hin
gs
& d
om
esti
c ap
pli
ance
s
13
,97
21
7,3
09
19
,65
82
0,0
18
20
,26
52
1,1
11
22
,39
42
2,4
35
22
,81
82
2,0
43
Tra
vel
40
,81
44
1,4
35
45
,94
44
2,8
98
43
,50
65
0,3
26
50
,97
04
8,5
20
51
,03
65
4,4
12
Ed
uca
tio
n4
6,9
26
47
,73
75
2,8
58
52
,21
95
2,2
49
58
,19
65
4,7
25
53
,93
85
4,0
12
59
,30
6
Med
ical
13
,81
11
4,4
46
17
,32
01
8,1
49
18
,84
62
0,2
31
20
,52
02
1,0
14
22
,03
42
2,0
01
Ho
me
Imp
rov
emen
ts1
14
,19
91
34
,33
41
52
,85
11
54
,10
31
57
,60
11
62
,02
61
63
,07
01
64
,97
31
67
,27
21
71
,88
6
Lan
d P
urc
has
es1
50
,09
61
74
,64
52
01
,31
82
12
,47
32
17
,70
12
21
,94
62
27
,23
62
32
,91
22
34
,28
22
37
,33
4
Co
nso
lid
atio
n o
f d
ebt
34
6,7
95
41
3,1
93
45
9,7
91
46
9,8
28
48
2,9
78
49
6,9
45
49
6,2
96
50
5,0
38
53
1,2
96
56
3,7
38
Mis
cell
aneo
us
37
4,0
08
41
2,1
62
48
9,1
22
50
5,0
10
51
6,6
08
53
6,2
64
55
9,1
19
56
2,5
36
55
6,7
26
55
2,1
97
Cre
dit
Car
ds
16
6,0
73
18
8,0
58
22
6,4
01
22
3,7
74
22
8,6
27
24
3,1
25
25
6,9
95
25
8,2
91
26
4,3
75
28
1,1
98
T
OT
AL
1,4
86
,93
41
,66
1,5
53
1,9
03
,08
11
,93
8,9
92
1,9
85
,15
62
,06
0,6
56
2,1
08
,34
12
,12
5,9
66
2,1
63
,92
72
,21
7,5
08
NE
T C
RE
DIT
EX
TE
ND
ED
Pri
vat
e ca
rs-8
,65
5-2
,80
01
8,5
42
2,7
70
6,5
95
3,6
79
6,6
87
-73
43
,74
9-6
,14
4
Tax
is &
ren
ted
car
s2
95
-32
25
1-2
63
-30
19
1-1
87
17
10
8-1
3
Co
mm
erci
al v
ehic
les
95
88
26
79
11
95
-39
-59
30
10
-90
-52
6
Fu
rnis
hin
gs
& d
om
esti
c ap
pli
ance
s1
,24
53
,33
72
,34
93
60
24
78
46
1,2
83
41
38
3-7
75
Tra
vel
-16
21
4,5
09
-3,0
46
60
86
,82
06
44
-2,4
50
2,5
16
3,3
76
Ed
uca
tio
n-2
,97
78
11
5,1
21
-63
93
05
,94
7-3
,47
1-7
87
74
5,2
94
Med
ical
14
96
35
2,8
74
82
96
97
1,3
85
28
94
94
1,0
20
-33
Ho
me
Imp
rov
emen
ts4
,90
32
0,1
35
18
,51
71
,25
23
,49
84
,42
51
,04
41
,90
32
,29
94
,61
4
Lan
d P
urc
has
es2
9,8
31
24
,54
92
6,6
73
11
,15
55
,22
84
,24
55
,29
05
,67
61
,37
03
,05
2
Co
nso
lid
atio
n o
f d
ebt
3,1
35
66
,39
84
6,5
98
10
,03
71
3,1
50
13
,96
7-6
49
8,7
42
26
,25
83
2,4
42
Mis
cell
aneo
us
39
,74
13
8,1
54
76
,96
01
5,8
88
11
,59
81
9,6
56
22
,85
53
,41
7-5
,81
0-4
,52
9
Cre
dit
Car
ds
17
,80
82
1,9
85
38
,34
3-2
,62
74
,85
31
4,4
98
13
,87
01
,29
66
,08
41
6,8
23
T
OT
AL
86
,43
21
74
,61
92
41
,52
83
5,9
11
46
,16
47
5,5
00
47
,68
51
7,6
25
37
,96
15
3,5
81
So
urce:
Th
e C
en
tra
l B
an
k o
f T
he B
ah
am
as
* I
ncl
ud
es b
oth
dem
and
and
ad
d-o
n l
oan
s
TA
BL
E
7
CO
NS
UM
ER
IN
ST
AL
ME
NT
CR
ED
IT*
Mar
.
20
08
Mar
.
20
07
24
(%)
Per
iod
2005
2006
2007
Qtr
. I
Qtr
. II
Qtr
. II
IQ
tr.
IVQ
tr. I
Qtr
. II
Qtr
. II
IQ
tr.
IVQ
tr. I
Qtr
. II
Qtr
. II
I
DO
ME
ST
IC B
AN
KS
D
epo
sit
rate
s
Sav
ings
dep
osi
ts2.2
62.1
62.0
52.1
92.1
32.1
62.1
42.0
11.9
62.0
02.2
42.3
02.2
52.2
0
F
ixed
dep
osi
ts
U
p t
o 3
month
s3.1
33.1
73.5
13.1
53.1
33.1
63.2
53.4
43.5
03.5
23.5
83.7
43.7
13.7
1
U
p t
o 6
month
s3.4
13.6
33.8
93.4
43.6
03.6
33.8
33.8
83.8
63.8
53.9
84.1
84.0
94.0
0
U
p t
o 1
2 m
onth
s3.5
83.9
34.2
83.8
53.8
83.8
84.1
04.3
24.1
94.1
24.4
74.8
34.5
74.4
8
O
ver
12 m
onth
s3.6
24.1
84.5
24.1
34.1
04.1
54.3
24.8
44.0
54.4
84.7
15.0
54.2
84.3
1
W
eighte
d a
ver
age
rate
3.2
23.3
63.6
93.3
13.3
03.3
13.5
13.6
63.6
33.6
83.8
04.0
23.9
13.9
0
Len
din
g r
ate
s
R
esid
enti
al m
ort
gag
es8.0
87.8
58.1
67.9
47.8
27.8
47.7
87.9
38.1
38.2
88.2
98.3
68.5
88.2
5
C
om
mer
cial
mort
gag
es8.1
08.3
78.7
58.1
28.4
28.3
08.6
58.5
68.2
68.9
39.2
38.6
29.2
48.3
7
C
onsu
mer
loan
s12.2
211.9
612.7
012.0
111.9
712.1
011.7
512.1
512.8
212.7
613.0
513.0
013.4
913.0
7
O
ver
dra
fts
10.8
610.5
611.4
411.1
810.3
810.4
410.2
311.4
712.3
911.0
410.8
711.3
411.7
911.5
7
W
eighte
d a
ver
age
rate
10.3
49.9
710.6
310.2
59.9
09.9
39.7
910.3
510.8
210.6
310.7
211.0
011.4
211.0
0
Oth
er r
ate
s
P
rim
e ra
te5.5
05.5
05.5
05.5
05.5
05.5
05.5
05.5
05.5
05.5
05.5
05.5
05.5
05.5
0
T
reas
ury
bil
l (9
0 d
ays)
0.1
40.8
72.6
60.3
60.6
90.6
91.7
42.5
52.6
42.6
32.8
32.6
92.8
32.6
9
T
reas
ury
bil
l re
-dis
count
rate
0.6
41.3
73.1
60.8
61.1
91.1
92.2
43.0
53.1
43.1
33.3
33.1
93.3
33.1
9
B
ank r
ate
(dis
count
rate
)5.2
55.2
55.2
55.2
55.2
55.2
55.2
55.2
55.2
55.2
55.2
55.2
55.2
55.2
5
Sou
rce:
Th
e C
entr
al
Ban
k o
f T
he
Bah
am
as
TA
BL
E 8
SE
LE
CT
ED
AV
ER
AG
E I
NT
ER
ES
T R
AT
ES
2008
2006
2007
25
Perio
d2
00
42
00
5
Qtr
. I
Qtr
. II
Qtr
. II
IQ
tr.
IVQ
tr.
IQ
tr.
IIQ
tr.
III
Qtr
. IV
Qtr
. I
Qtr
. II
Qtr
. II
I
Loan
Portf
oli
o
Cu
rren
t L
oan
s (a
s a
% o
f to
tal
loan
s)9
0.8
92
.09
2.3
93
.09
2.4
92
.59
2.4
92
.49
1.3
90
.69
0.9
89
.98
9.6
Arr
ears
(%
by l
oan
typ
e)
Co
nsu
mer
2.9
2.8
2.7
2.6
2.8
2.8
2.6
2.7
2.8
3.0
3.1
3.2
3.3
Mo
rtgag
e3
.83
.63
.23
.23
.43
.13
.13
.33
.94
.64
.44
.54
.7
Co
mm
erci
al2
.51
.61
.81
.21
.41
.61
.91
.51
.91
.71
.52
.32
.3
Pu
bli
c0
.00
.00
.00
.00
.00
.00
.00
.10
.10
.10
.10
.10
.1
To
tal
Arr
ears
9.2
8.0
7.7
7.0
7.6
7.5
7.6
7.6
8.7
9.4
9.1
10
.11
0.4
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
.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
0.8
92
.09
2.3
93
.09
2.4
92
.59
2.4
92
.49
1.3
90
.69
0.9
89
.98
9.6
Arr
ears
(%
by d
ays
ou
tsta
nd
ing)
30
- 6
0 d
ays
2.9
2.7
2.7
2.3
2.4
2.5
2.7
2.6
3.1
3.6
3.2
3.4
3.3
61
- 9
0 d
ays
1.5
1.0
0.7
0.7
1.2
0.9
0.8
1.0
1.3
1.3
1.2
1.7
1.6
90
- 1
79
day
s0
.80
.90
.90
.70
.80
.90
.80
.70
.91
.21
.41
.21
.4
over
18
0 d
ays
4.0
3.4
3.4
3.3
3.2
3.2
3.3
3.4
3.4
3.3
3.3
3.8
4.1
To
tal
Arr
ears
9.2
8.0
7.7
7.0
7.6
7.5
7.6
7.6
8.7
9.4
9.1
10
.11
0.4
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
.01
00
.01
00
.0
No
n A
ccru
al L
oan
s (%
by l
oan
typ
e)
Co
nsu
mer
39
.73
3.9
35
.13
6.5
37
.03
5.0
31
.93
3.1
30
.82
9.4
32
.83
1.4
31
.6
Mo
rtgag
e3
8.8
42
.94
1.6
44
.34
1.7
40
.94
2.7
42
.14
2.7
45
.64
6.4
45
.34
5.2
Oth
er P
rivat
e2
1.4
23
.12
3.2
19
.12
1.2
24
.02
5.3
22
.82
4.6
23
.21
9.0
21
.52
2.2
Pu
bli
c0
.10
.10
.10
.10
.10
.10
.12
.01
.91
.81
.81
.81
.0
To
tal
No
n A
ccru
al L
oan
s1
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.01
00
.0
Provis
ion
s t
o L
oan
Portf
oli
o
Co
nsu
mer
4.0
3.0
3.1
3.3
3.5
3.4
2.8
3.0
2.7
2.8
3.0
3.1
2.2
Mo
rtgag
e1
.21
.31
.51
.51
.31
.31
.21
.31
.21
.21
.21
.31
.2
Oth
er P
rivat
e1
.01
.62
.32
.32
.32
.52
.82
.43
.23
.23
.33
.74
.9
Pu
bli
c0
.00
.30
.30
.00
.00
.00
.00
.00
.00
.00
.00
.00
.0
To
tal
Pro
vis
ion
s to
To
tal
Lo
ans
2.2
2.0
2.3
2.3
2.3
2.3
2.1
2.1
2.1
2.2
2.3
2.4
2.6
To
tal
Pro
vis
ion
s to
No
n-p
erfo
rmin
g L
oan
s4
5.0
44
.95
1.8
57
.75
6.5
54
.75
1.1
51
.34
8.7
47
.94
7.9
47
.94
6.7
To
tal
No
n-p
erfo
rmin
g L
oan
s to
To
tal
Lo
ans
4.8
4.5
4.3
4.0
4.1
4.2
4.1
4.1
4.3
4.5
4.7
4.9
5.5
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
07
20
06
SE
LE
CT
ED
CR
ED
IT Q
UA
LIT
Y I
ND
ICA
TO
RS
OF
DO
ME
ST
IC B
AN
KS
TA
BL
E 9
20
08
26
(B$
Mil
lio
ns)
En
d o
f P
erio
d2
00
32
00
42
00
5
Mar
.Ju
n.
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t.
I. S
tatu
tory
Res
erves
Req
uir
ed r
eser
ves
18
7.2
20
5.3
22
6.3
22
8.6
23
8.0
24
4.6
24
4.7
24
8.5
25
8.5
26
3.1
26
5.0
26
9.3
27
7.4
28
1.9
Aver
age
Til
l C
ash
66
.77
0.2
86
.56
0.8
67
.86
8.2
96
.96
7.9
71
.47
2.5
92
.87
4.9
77
.27
6.1
Aver
age
bal
ance
wit
h c
entr
al b
ank
25
0.2
40
7.5
33
2.2
35
7.5
35
5.9
34
8.5
26
5.7
37
9.6
42
1.0
34
0.2
36
3.1
41
9.7
45
3.0
42
8.7
Fre
e ca
sh r
eser
ves
(p
erio
d e
nd
ed)
12
8.9
27
1.6
19
1.5
18
9.0
18
4.9
17
1.2
11
7.2
19
8.3
23
3.1
14
8.9
19
0.1
22
4.5
25
2.0
22
2.1
II.
Liq
uid
Ass
ets
(per
iod
)
A
.
Min
imu
m r
equ
ired
Liq
uid
ass
ets
61
5.6
67
7.2
75
2.2
76
8.5
79
7.6
80
0.4
80
2.5
81
3.6
85
1.8
85
8.0
86
0.0
88
3.7
89
4.0
90
9.3
B
.
Net
Eli
gib
le L
iqu
id A
sset
s 7
72
.39
09
.78
95
.69
37
.89
90
.49
64
.28
65
.69
88
.91
07
9.5
98
0.5
10
11
.91
07
5.3
12
13
.61
24
0.7
i)
Bal
ance
wit
h C
entr
al B
ank
24
3.5
38
3.7
28
4.7
34
7.0
34
5.5
35
9.8
25
1.1
42
0.4
38
9.2
33
9.6
34
1.2
42
0.8
44
4.0
42
0.1
ii)
No
tes
and
Co
ins
80
.17
9.0
10
6.3
57
.56
0.9
59
.61
16
.76
0.8
72
.57
4.0
11
0.6
80
.28
2.0
79
.6
iii)
Tre
asu
ry B
ills
47
.62
6.7
66
.17
8.0
12
5.3
34
.61
0.0
18
.91
39
.66
0.7
50
.87
1.7
19
7.4
18
9.8
iv)
Go
ver
nm
ent
regis
tere
d s
tock
s3
69
.53
93
.34
00
.44
13
.94
17
.84
47
.54
37
.14
46
.74
37
.94
63
.14
68
.54
66
.34
60
.75
20
.5
v)
Sp
ecif
ied
ass
ets
26
.82
4.9
26
.02
8.0
39
.33
9.0
39
.93
9.7
39
.53
7.3
36
.63
6.5
34
.32
6.5
vi)
Net
In
ter-
ban
k d
em/c
all
dep
osi
ts
5.6
2.9
12
.91
4.2
2.4
24
.51
1.7
3.3
1.5
6.6
5.0
0.6
(4.0
)5
.0
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)
(0.8
)(0
.8)
(0.8
)(0
.8)
(0.8
)(0
.8)
C
. S
urp
lus/
(Def
icit
)1
56
.72
32
.51
43
.41
69
.31
92
.81
63
.86
3.1
17
5.4
22
7.6
12
2.5
15
1.9
19
1.6
31
9.6
33
1.4
Sou
rce:
Th
e C
entr
al
Ban
k o
f T
he
Bah
am
as
SU
MM
AR
Y O
F B
AN
K L
IQU
IDIT
Y
20
08
TA
BL
E 1
0
20
06
20
07
27
(B$
Mil
lio
ns)
20
09
/08
p
Per
iod
20
04
/05
p2
00
5/0
6p
20
06
/07
p2
00
7/0
82
00
8/0
9Q
TR
. II
IQ
TR
. IV
QT
R. I
QT
R. II
QT
R. II
IQ
TR
. IV
*Q
TR
. I
Tota
l R
even
ue
& G
rants
1,0
39
.41
,22
1.5
1,3
38
.51
48
4.2
15
69
.33
52
.23
60
.22
93
.73
15
.93
75
.22
94
.83
14
.6
Curr
ent
exp
end
iture
1,0
53
.11
,14
9.6
1,2
85
.71
38
5.4
14
84
.23
34
.63
68
.03
03
.63
19
.13
39
.02
31
.23
31
.4
Cap
ital
exp
end
iture
90
.41
23
.51
66
.31
89
.71
88
.73
6.1
64
.63
0.5
33
.53
2.8
22
.12
8.5
Net
len
din
g7
1.4
54
.56
9.1
34
.46
2.2
16
.92
4.5
10
.41
2.0
13
.11
2.2
14
.8
Over
all
ba
lan
ce(1
75
.5)
(10
6.1
)(1
82
.5)
(12
5.4
)(1
65
.7)
(35
.3)
(96
.9)
(50
.8)
(48
.7)
(9.8
)2
9.4
(60
.1)
FIN
AN
CIN
G (
I+II
-III
+IV
+V
)1
75
.51
06
.11
82
.51
25
.41
65
.73
5.3
96
.95
0.8
48
.79
.8(2
9.4
)6
0.1
I. F
ore
ign
cu
rren
cy b
orr
ow
ing
2.9
8.7
14
.52
3.0
27
.95
.03
.82
.62
3.0
0.3
10
0.8
3.6
Exte
rnal
2.9
5.3
14
.52
3.0
27
.95
.03
.82
.63
.00
.31
00
.83
.6
Dom
esti
c--
3
.4--
--
--
--
--
--
2
0.0
--
--
--
II.
Ba
ha
mia
n d
oll
ar
bo
rro
win
g3
25
.12
01
.72
30
.31
66
.62
07
.25
0.0
65
.31
28
.06
6.5
--
--
10
0.0
i)T
rea
sury
bil
ls1
3.1
--
10
.0--
--
--
1
0.0
28
.0--
--
--
--
TA
BL
E 1
1
Bu
dget
20
06
/07
p2
00
7/0
8p
G
OV
ER
NM
EN
T O
PE
RA
TIO
NS
AN
D F
INA
NC
ING
i)T
rea
sury
bil
ls1
3.1
--
10
.0--
--
--
1
0.0
28
.0--
--
--
--
Cen
tral
Ban
k1
3.1
--
10
.0--
--
--
1
0.0
28
.0--
--
--
--
Com
mer
cial
ban
ks
& O
LF
I's
--
--
--
--
--
--
--
--
--
--
--
--
Pub
lic
corp
ora
tions
--
--
--
--
--
--
--
--
--
--
--
--
Oth
er--
--
--
--
--
--
--
--
--
--
--
--
ii)
Lo
ng
-ter
m s
ecu
riti
es3
06
.32
01
.71
95
.3--
--
5
0.0
45
.31
00
.06
6.5
--
--
10
0.0
Cen
tral
Ban
k5
5.9
11
.57
0.3
--
--
20
.04
5.3
--
41
.5--
--
--
Com
mer
cial
ban
ks
& O
LF
I's
46
.33
5.2
34
.9--
--
--
--
2
5.2
--
--
--
47
.0
Pub
lic
corp
ora
tions
12
5.6
25
.34
9.1
--
--
30
.0--
3
0.8
25
.0--
--
1
3.7
Oth
er7
8.5
12
9.6
41
.0--
--
--
--
4
4.0
--
--
--
39
.3
iii)
Lo
an
s a
nd
Ad
va
nce
s5
.7--
2
5.0
--
--
--
10
.0--
--
--
--
--
Cen
tral
Ban
k5
.7--
2
5.0
--
--
--
10
.0--
--
--
--
--
Com
mer
cial
ban
ks
--
--
--
--
--
--
--
--
--
--
--
--
III.
Deb
t re
pa
ym
ent
98
.36
2.1
12
2.5
63
.96
0.1
11
.35
8.1
21
.33
.11
1.3
47
.81
5.9
Do
mes
tic
92
.65
8.1
92
.85
6.0
55
.01
0.5
31
.42
0.5
1.4
10
.54
6.0
15
.0
Bah
amia
n d
oll
ars
92
.65
7.2
91
.05
6.0
55
.01
0.5
30
.52
0.5
0.5
10
.52
5.1
15
.0
Inte
rnal
fore
ign c
urr
ency
--
0.9
1.8
--
--
--
0.9
--
0.9
--
20
.9--
Ex
tern
al
5.7
4.0
29
.77
.95
.10
.82
6.7
0.8
1.7
0.8
1.8
0.9
IV.C
ash
ba
lan
ce c
ha
ng
e(4
5.8
)3
9.5
(7.6
)--
--
5
.0(9
.7)
(4.0
)3
.9(3
0.8
)(4
.3)
(26
.5)
V.
Oth
er F
ina
nci
ng
(8.3
)(8
1.6
)6
7.8
(0.3
)(9
.3)
(13
.5)
95
.6(5
4.5
)(4
1.6
)5
1.6
(78
.2)
(1.1
)
So
urc
e: T
rea
sury
Mo
nth
ly P
rin
tou
ts. D
ata
co
mp
iled
acc
ord
ing
to
th
e In
tern
ati
on
al
Mo
net
ary
Fu
nd
's G
over
nm
ent
Fin
an
ce S
tati
stic
s fo
rma
t.
* A
pril &
May o
nly
28
(B$
' 00
0s)
En
d o
f P
erio
d2
00
5p
20
06
p2
00
7p
Sep
t.D
ec.
Mar
.Ju
n.
Sep
t.
TO
TA
L E
XT
ER
NA
L D
EB
T2
86
,52
82
89
,18
62
72
,40
32
71
,14
02
72
,40
32
71
,87
73
70
,82
43
73
,50
5
By
In
stru
men
t0
00
00
00
0
Go
ver
nm
ent
Sec
uri
ties
22
5,0
00
22
5,0
00
20
0,0
00
20
0,0
00
20
0,0
00
20
0,0
00
30
0,0
00
30
0,0
00
Lo
ans
61
,52
86
4,1
86
72
,40
37
1,1
40
72
,40
37
1,8
77
70
,82
47
3,5
05
By
Ho
lder
00
1,3
80
00
00
0
Co
mm
erci
al b
ank
s--
----
--
--
--
--
--
Off
sho
re f
inan
cial
in
stit
uti
on
s--
----
--
--
--
--
--
Mu
ltil
ater
al i
nst
itu
tio
ns
61
,52
86
4,1
86
70
,16
86
7,5
25
68
,78
86
8,2
62
67
,20
96
9,8
90
Bil
ater
al I
nst
itu
tio
ns
--
--3
,61
53
,61
53
,61
53
,61
53
,61
53
,61
5
Pri
vat
e C
apit
al M
ark
ets
22
5,0
00
22
5,0
00
20
0,0
00
20
0,0
00
20
0,0
00
20
0,0
00
30
0,0
00
30
0,0
00
TO
TA
L I
NT
ER
NA
L D
EB
T1
,94
8,6
96
2,0
97
,07
72
,36
3,0
56
2,2
77
,95
82
,36
3,0
56
2,3
52
,56
42
,30
6,6
53
2,3
91
,65
3
By
In
stru
men
t0
Fo
reig
n C
urr
ency
--4
,96
62
3,1
60
4,0
63
23
,16
02
3,1
60
2,2
57
2,2
57
G
ov
ern
men
t se
curi
ties
----
--
-
-
-
-
-
-
-
-
-
-
L
oan
s--
4,9
66
23
,16
04
,06
32
3,1
60
23
,16
02
,25
72
,25
7
Bah
amia
n D
oll
ars
1,9
48
,69
62
,09
2,1
11
2,3
39
,89
62
,27
3,8
95
2,3
39
,89
62
,32
9,4
04
2,3
04
,39
62
,38
9,3
96
A
dv
ance
s7
6,9
88
61
,98
87
1,9
88
71
,98
87
1,9
88
71
,98
87
1,9
88
71
,98
8
T
reas
ury
bil
ls1
92
,46
91
92
,46
92
30
,46
92
30
,46
92
30
,46
92
30
,46
92
30
,46
92
30
,46
9
G
ov
ern
men
t se
curi
ties
1,6
68
,99
31
,82
9,9
08
2,0
31
,69
31
,96
5,1
92
2,0
31
,69
32
,02
1,6
93
1,9
96
,69
32
,08
1,6
93
L
oan
s1
0,2
46
7,7
46
5,7
46
6,2
46
5,7
46
5,2
54
5,2
46
5,2
46
By
Ho
lder
00
00
00
0
Fo
reig
n C
urr
ency
--
4,9
66
23
,16
04
,06
32
3,1
60
23
,16
02
,25
72
,25
7
C
om
mer
cial
ban
ks
--
4,9
66
23
,16
04
,06
32
3,1
60
23
,16
02
,25
72
,25
7
O
ther
lo
cal
fin
anci
al i
nst
itu
tio
ns
--
----
--
--
--
--
--
Bah
amia
n D
oll
ars
1,9
48
,69
62
,09
2,1
11
2,3
39
,89
62
,27
3,8
95
2,3
39
,89
62
,32
9,4
04
2,3
04
,39
62
,38
9,3
96
T
he
Cen
tral
Ban
k1
49
,68
21
90
,82
43
48
,84
22
88
,56
83
48
,84
23
20
,81
92
01
,54
81
99
,07
2
C
om
mer
cial
ban
ks
46
3,3
85
45
0,4
74
52
0,9
04
52
6,0
49
52
0,9
04
54
1,5
61
66
2,1
62
70
1,3
05
O
ther
lo
cal
fin
anci
al i
nst
itu
tio
ns
4,8
11
5,2
71
3,0
32
5,1
71
3,0
32
3,0
32
2,9
32
2,9
32
P
ub
lic
corp
ora
tio
ns
76
3,0
92
76
4,4
86
72
9,2
59
72
2,0
58
72
9,2
59
72
9,5
80
71
3,1
63
72
1,1
72
O
ther
56
7,7
26
68
1,0
56
73
7,8
59
73
2,0
49
73
7,8
59
73
4,4
12
72
4,5
91
76
4,9
15
TO
TA
L F
OR
EIG
N C
UR
RE
NC
Y D
EB
T2
86
,52
82
94
,15
22
95
,56
32
75
,20
32
95
,56
32
95
,03
73
73
,08
13
75
,76
2
TO
TA
L D
IRE
CT
CH
AR
GE
2,2
35
,22
42
,38
6,2
63
2,6
35
,45
92
,54
9,0
98
2,6
35
,45
92
,62
4,4
41
2,6
77
,47
72
,76
5,1
58
TO
TA
L C
ON
TIN
GE
NT
LIA
BIL
ITIE
S5
01
,63
75
00
,88
54
34
,50
74
43
,40
84
34
,50
74
26
,87
04
22
,80
74
42
,38
9
TO
TA
L N
AT
ION
AL
DE
BT
2,7
36
,86
12
,88
7,1
48
3,0
69
,96
62
,99
2,5
06
3,0
69
,96
63
,05
1,3
11
3,1
00
,28
43
,20
7,5
47
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
NA
TIO
NA
L D
EB
T
TA
BL
E 1
2
20
07
p2
00
8p
29
TA
BL
E 1
3
(B$' 0
00s)
2005p
2006p
2007p
Sep
Dec
.*M
ar.
Jun.
Sep
2007p
2008p
TA
BL
E 1
3
PU
BL
IC S
EC
TO
R F
OR
EIG
N C
UR
RE
NC
Y D
EB
T O
PE
RA
TIO
NS
Ou
tsta
nd
ing d
ebt
at
beg
inn
ing o
f p
erio
d581,7
09
553,4
42
636,2
25
622,9
04
612,7
44
643,8
87
684,1
31
772,3
66
Gover
nm
ent
284,6
11
286,5
28
294,1
52
274,8
06
275,2
03
295,5
63
295,0
37
373,0
81
Publi
c C
orp
ora
tions
297,0
98
266,9
14
342,0
73
348,0
98
337,5
41
348,3
24
389,0
94
399,2
85
Plu
s n
ew d
raw
ings
42,8
62
132,3
36
187,0
02
1,2
29
109,9
71
50,3
09
120,8
30
73,6
04
Gover
nm
ent
4,9
74
13,8
72
33,1
61
1,2
29
22,9
71
309
100,8
30
3,6
04
Publi
c co
rpora
tions
37,8
88
118,4
64
153,8
41
--87,0
00
50,0
00
20,0
00
70,0
00
Les
s A
mort
izati
on
71,1
29
49,5
53
179,3
40
11,3
89
78,8
28
10,0
65
32,5
95
12,1
84
Gover
nm
ent
3,0
57
6,2
48
31,7
50
832
2,6
11
835
22,7
86
923
Publi
c co
rpora
tions
68,0
72
43,3
05
147,5
90
10,5
57
76,2
17
9,2
30
9,8
09
11,2
61
44
4
Ou
tsta
nd
ing d
ebt
at
end
of
per
iod
553,4
42
636,2
25
643,8
87
612,7
44
643,8
87
684,1
31
772,3
66
833,7
86
Gover
nm
ent
286,5
28
294,1
52
295,5
63
275,2
03
295,5
63
295,0
37
373,0
81
375,7
62
Publi
c co
rpora
tions
266,9
14
342,0
73
348,3
24
337,5
41
348,3
24
389,0
94
399,2
85
458,0
24
Publi
c co
rpora
tions
266,9
14
342,0
73
348,3
24
337,5
41
348,3
24
389,0
94
399,2
85
458,0
24
Inte
rest
Ch
arg
es30,9
37
35,2
34
40,4
18
4,2
50
16,4
87
5,0
49
13,0
36
5,8
08
Gover
nm
ent
18,1
41
18,2
54
18,0
00
589
7,9
65
891
8,0
08
607
Publi
c co
rpora
tions
12,7
96
16,9
80
22,4
18
3,6
61
8,5
22
4,1
58
5,0
28
5,2
01
Deb
t S
ervic
e102,0
66
84,7
87
219,7
58
15,6
39
95,3
15
15,1
14
45,6
31
17,9
92
Gover
nm
ent
21,1
98
24,5
02
49,7
50
1,4
21
10,5
76
1,7
26
30,7
94
1,5
30
Publi
c co
rpora
tions
80,8
68
60,2
85
170,0
08
14,2
18
84,7
39
13,3
88
14,8
37
16,4
62
Deb
t S
ervic
e ra
tio (
%)
3.4
2.7
6.5
2.0
11.1
1.6
5.2
2.3
Gover
nm
ent
deb
t S
ervic
e/1.9
1.9
3.7
0.5
3.3
0.5
10.4
0.4
G
over
nm
ent
reven
ue
(%)
ME
MO
RA
ND
UM
00
00.0
00.0
00.0
00.0
00.0
0
Hold
er d
istr
ibuti
on (
B$ M
il):
553.4
4636.2
3643.8
9612.7
4643.8
9684.1
3772.3
7833.7
9H
old
er d
istr
ibuti
on (
B$ M
il):
553.4
4636.2
3643.8
9612.7
4643.8
9684.1
3772.3
7833.7
9
C
om
mer
cial
ban
ks
215.9
296.7
327.2
295.4
327.2
369.0
360.2
420.0
O
ffsh
ore
Fin
anci
al I
nst
ituti
ons
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
M
ult
ilat
eral
Inst
ituti
ons
112.0
108.7
107.5
108.2
107.5
106.0
103.0
104.7
B
ilat
eral
Inst
ituti
ons
0.0
0.0
3.6
3.6
3.6
3.6
3.6
3.6
O
ther
0.5
5.7
5.6
5.6
5.6
5.5
5.5
5.5
P
rivat
e C
apit
al M
arket
s225.0
225.0
200.0
200.0
200.0
200.0
300.0
300.0
P
rivat
e C
apit
al M
arket
s225.0
225.0
200.0
200.0
200.0
200.0
300.0
300.0
Sou
rce:
Tre
asu
ry A
ccou
nts
, T
reasu
ry S
tati
stic
al
Pri
nto
uts
an
d Q
uart
erly
Rep
ort
s fr
om
Pu
bli
c C
orp
ora
tion
s, C
entr
al
Ban
k o
f T
he
Bah
am
as.
Note
: *D
ebt
serv
icin
g d
uri
ng t
he
2nd &
4th
quar
ters
of
2007 i
ncl
udes
the
refi
nan
cing o
f $40 m
illi
on &
$65 m
illi
on i
n P
ubli
c
Corp
ora
tions
(inte
rnal
) deb
t. N
et o
f th
ese
pay
men
ts, th
e re
spec
tive
adju
sted
deb
t se
rvic
e ra
tios
wer
e 5.6
% &
3.5
%.
30
(B$
Mil
lions
)
2005
p20
06p
2007
p Q
tr.I
IIp
Qtr
.IV
p Q
tr.I
p Q
tr.I
Ip Q
tr.I
IIp
Qtr
.IV
p Q
tr.I
p Q
tr.I
Ip Q
tr.I
IIp
A. C
urr
ent
Acc
oun
t B
alan
ce (
I+II
+II
I+IV
)(7
47.0
)(1
,403
.2)
(1,3
14.8
)(4
27.8
)(4
02.2
)(3
62.2
)(2
55.9
)(4
32.0
)(2
64.7
)(1
65.6
)(2
24.3
)(4
86.8
)
I. M
erch
andi
se (
Net
)(1
,850
.2)
(2,0
63.0
)(2
,154
.5)
(564
.6)
(473
.1)
(540
.1)
(531
.1)
(571
.4)
(511
.9)
(490
.6)
(537
.8)
(641
.2)
Exp
orts
549.
070
3.5
801.
817
9.3
179.
618
3.7
189.
920
1.1
227.
127
8.4
216.
822
2.0
Im
port
s2,
399.
22,
766.
52,
956.
374
3.9
652.
772
3.8
721.
077
2.5
739.
076
9.0
754.
686
3.2
II. S
ervi
ces
(Net
)1,
221.
282
5.5
1,01
9.5
157.
411
8.1
212.
735
6.1
176.
127
4.7
344.
432
5.2
166.
6
Tra
nspo
rtat
ion
(312
.9)
(300
.8)
(315
.9)
(73.
6)(7
2.7)
(87.
3)(8
3.6)
(76.
0)(6
9.0)
(82.
5)(8
0.0)
(76.
2)
Tra
vel
1,72
4.6
1,67
1.2
1,80
9.8
342.
933
0.7
495.
654
5.1
379.
738
9.3
520.
252
8.4
394.
8
Ins
uran
ce S
ervi
ces
(97.
1)(1
20.7
)(1
07.1
)(3
5.2)
(30.
2)(1
4.7)
(34.
6)(3
6.0)
(21.
7)(2
8.7)
(26.
0)(3
3.8)
Off
shor
e C
ompa
nies
Loc
al E
xpen
ses
148.
218
8.1
210.
245
.676
.044
.246
.456
.763
.062
.243
.151
.3
Oth
er G
over
nmen
t(5
0.4)
(68.
4)(4
4.8)
(8.9
)(3
3.4)
(17.
3)(1
.5)
(21.
6)(4
.5)
(6.4
)(1
8.6)
(18.
0)
Oth
er S
ervi
ces
(191
.2)
(543
.8)
(532
.7)
(113
.4)
(152
.3)
(207
.7)
(115
.8)
(126
.7)
(82.
4)(1
20.4
)(1
21.7
)(1
51.6
)
III.
In
com
e (
Net
)(2
03.3
)(2
17.9
)(2
31.6
)(2
7.0)
(57.
7)(4
5.6)
(98.
0)(4
8.6)
(39.
4)(3
4.1)
(29.
0)(2
5.8)
1.
Com
pens
atio
n of
Em
ploy
ees
(73.
2)(9
2.9)
(84.
7)(1
6.3)
(16.
3)(1
6.9)
(19.
7)(2
3.8)
(24.
4)(1
5.4)
(16.
9)(1
3.6)
2.
Inve
stm
ent I
ncom
e(1
30.1
)(1
25.1
)(1
46.9
)(1
0.7)
(41.
5)(2
8.7)
(78.
4)(2
4.9)
(15.
0)(1
8.7)
(12.
1)(1
2.3)
IV.
Cu
rren
t T
ran
sfer
s (
Net
)85
.352
.151
.86.
310
.510
.817
.212
.011
.914
.717
.213
.7
1.
Gen
eral
Gov
ernm
ent
59.1
58.3
60.9
9.0
11.5
12.7
19.8
13.8
14.7
17.3
17.7
15.7
2.
Pri
vate
Sec
tor
26.2
(6.2
)(9
.1)
(2.7
)(1
.0)
(1.9
)(2
.6)
(1.8
)(2
.9)
(2.6
)(0
.5)
(2.1
)
B.
Cap
ital
an
d F
inan
cial
Acc
ount
(I+
II)
890.
71,
216.
695
4.9
342.
944
8.6
430.
318
1.9
124.
321
8.3
372.
835
0.6
229.
3
(ex
cl. R
eser
ves)
I.
Cap
ital
Acc
oun
t (N
et T
rans
fers
)(6
0.4)
(63.
5)(7
5.7)
(21.
8)(1
3.7)
(21.
4)(1
6.8)
(21.
5)(1
6.0)
(11.
6)(1
0.7)
(18.
4)
II.
Fin
anci
al A
ccou
nt
(Net
)95
1.1
1,28
0.1
1,03
0.6
364.
746
2.3
451.
719
8.7
145.
823
4.4
384.
436
1.3
247.
7
1.
Dir
ect I
nves
tmen
t56
3.6
706.
471
3.3
140.
228
7.1
310.
011
9.5
130.
115
3.7
185.
021
2.1
157.
1
2.
Por
tfol
io I
nves
tmen
t
-
-(1
8.8)
(7.2
)(6
.3)
--
--
(3.1
)
-
-(4
.1)
(5.1
)(6
.7)
(6.7
)
3.
Oth
er I
nves
tmen
ts38
7.5
592.
532
4.4
230.
817
5.2
141.
882
.315
.684
.820
4.5
155.
997
.3
Cen
tral
Gov
't L
ong
Ter
m C
apit
al
1.1
2.6
(15.
4)2.
31.
14.
3(2
2.8)
1.8
1.3
(0.5
)98
.92.
7
Oth
er P
ubli
c S
ecto
r C
apit
al(9
.8)
(6.2
)9.
0(1
.1)
(1.9
)(1
.1)
1.1
(1.1
)10
.1(1
.1)
(1.9
)(1
.2)
Ban
ks47
.614
3.0
(86.
6)73
.230
.3(2
6.4)
4.3
(18.
3)(4
6.2)
(72.
5)17
.966
.6
Oth
er34
8.6
453.
041
7.4
156.
414
5.7
165.
099
.733
.111
9.5
278.
641
.029
.2
C.
Net
Err
ors
and
Om
issi
ons
(232
.6)
107.
531
4.0
(16.
7)(8
9.3)
55.6
93.2
129.
735
.6(1
21.6
)9.
023
2.9
D.
Ove
rall
Bal
ance
(A
+B
+C
)(8
8.9)
(79.
1)(4
5.9)
(101
.6)
(42.
9)12
3.8
19.2
(178
.1)
(10.
8)85
.613
5.2
(24.
6)
E.
Fin
anci
ng
(Net
)88
.979
.145
.910
1.6
42.9
(123
.8)
(19.
2)17
8.1
10.8
(85.
6)(1
35.2
)24
.6
C
hang
e in
SD
R h
oldi
ngs
0.0
0.1
--
--
0.1
--
--
--
--
--
--
--
C
hang
e in
Res
erve
Pos
itio
n w
ith
the
IMF
0.7
(0.5
)(0
.4)
--
(0.2
)
-
-
-
-(0
.3)
(0.1
)(0
.4)
0.1
0.5
C
hang
e in
Ext
. For
eign
Ass
ets
( )
= I
ncre
ase
88.2
79.6
46.3
101.
643
.1(1
23.8
)(1
9.2)
178.
410
.9(8
5.2)
(135
.3)
24.1
Sou
rce:
The
Cen
tral
Ban
k of
the
Bah
amas
* F
igur
es m
ay n
ot s
um to
tot
al d
ue to
rou
ndin
g
2008
TA
BL
E 1
4
BA
LA
NC
E O
F P
AY
ME
NT
S S
UM
MA
RY
*
2006
2007
31
(B$
'00
0)
2
00
62
00
7
Qtr
. II
IQ
tr.
IVQ
tr.
IQ
tr.
IIQ
tr.
III
Qtr
. IV
Qtr
. I
Qtr
. II
I. O
IL T
RA
DE
i)
Ex
po
rts
92
,99
71
67
,60
02
6,4
16
24
,99
52
8,4
38
40
,09
83
8,5
98
60
,46
65
1,4
01
23
,46
5
ii)
Im
po
rts
60
5,3
83
61
5,7
82
19
7,0
23
10
2,8
63
10
6,5
50
16
9,5
42
17
3,9
69
16
5,7
21
21
1,2
64
25
2,6
25
II.
OT
HE
R M
ER
CH
AN
DIS
E
D
om
esti
c E
xp
ort
s
C
raw
fish
89
,90
68
1,3
70
26
,13
64
1,9
19
16
,59
49
,17
42
0,4
08
35
,19
4n
.a.
n.a
.
F
ish
& o
ther
Cru
stac
ea5
,18
81
,86
41
,43
48
82
51
15
25
59
12
37
n.a
.n
.a.
F
ruit
s &
Veg
s.1
,23
31
,19
8--
5
43
64
77
88
46
5n
.a.
n.a
.
A
rago
nit
e--
3
5,5
77
--
--
10
,07
38
,82
08
,53
08
,15
4n
.a.
n.a
.
R
um
9,2
18
20
,28
24
,92
83
,62
05
,43
84
,49
76
,70
93
,63
8n
.a.
n.a
.
O
ther
Co
rdia
ls &
Liq
ueu
rs--
--
--
--
--
--
--
--
n
.a.
n.a
.
C
rud
e S
alt
12
,01
66
,59
93
,68
81
,44
02
,17
91
,36
41
,65
51
,40
1n
.a.
n.a
.
H
orm
on
es--
--
--
--
--
--
--
--
n
.a.
n.a
.
C
hem
ical
s--
8
4,5
62
--
--
15
,18
81
9,9
30
30
,04
01
9,4
04
n.a
.n
.a.
O
ther
Ph
arm
aceu
tica
ls--
3
47
--
--
74
94
10
57
4n
.a.
n.a
.
F
ragra
nce
s--
--
--
--
--
--
--
--
n
.a.
n.a
.
O
ther
18
7,4
00
14
7,2
90
42
,92
54
4,7
93
35
,20
54
1,4
87
37
,02
93
3,5
69
n.a
.n
.a.
i) T
ota
l D
om
esti
c E
xp
ort
s3
04
,96
13
79
,08
97
9,1
11
93
,19
78
5,9
09
85
,96
91
05
,07
51
02
,13
69
6,3
30
88
,41
1
i
i) R
e-E
xp
ort
s1
10
,86
81
23
,39
82
3,7
21
27
,19
62
7,8
65
29
,32
22
9,8
88
36
,32
38
0,7
30
79
,04
3
i
ii)
To
tal
Ex
po
rts
(i+
ii)
41
5,8
29
50
2,4
87
10
2,8
32
12
0,3
93
11
3,7
74
11
5,2
91
13
4,9
63
13
8,4
59
17
7,0
60
16
7,4
54
i
v)
Imp
ort
s2
,37
5,3
41
2,4
88
,02
36
18
,38
85
94
,23
66
59
,11
86
20
,81
76
50
,39
85
57
,69
05
96
,80
85
70
,66
3
v
) R
eta
ined
Im
po
rts
(iv
-ii)
2,2
64
,47
32
,36
4,6
25
59
4,6
67
56
7,0
40
63
1,2
53
59
1,4
95
62
0,5
10
52
1,3
67
51
6,0
78
49
1,6
20
v
i) T
rad
e B
ala
nce
(i-
v)
(1,9
59
,51
2)
(1,9
85
,53
6)
(51
5,5
56
)
(4
73
,84
3)
(54
5,3
44
)
(5
05
,52
6)
(51
5,4
35
)
(4
19
,23
1)
(41
9,7
48
)
(4
03
,20
9)
So
urc
e: D
epa
rtm
ent
of
Sta
tist
ics
Qu
art
erly
Sta
tist
ica
l S
um
ma
ries
20
08
20
07
20
06TA
BL
E 1
5
EX
TE
RN
AL
TR
AD
E
32
TA
BL
E 1
6
Per
iod
2005p
2006p
2007p
Qtr
. II
IQ
tr. IV
Qtr
. I
Qtr
. II
Qtr
. II
IQ
tr. IV
Qtr
. I
Qtr
. II
SE
LE
CT
ED
TO
UR
ISM
ST
AT
IST
ICS
2007p
2008p
2006p
TA
BL
E 1
6
Qtr
. II
IQ
tr. IV
Qtr
. I
Qtr
. II
Qtr
. II
IQ
tr. IV
Qtr
. I
Qtr
. II
Vis
itor
Arr
ivals
4,7
79,4
17
4,7
30,6
07
4,5
95,5
82
1,0
36,7
99
1,0
97,9
77
1,2
74,0
45
1,1
52,0
37
1,0
54,4
42
1,1
15,0
58
1,3
03,6
01
1,0
69,6
11
A
ir1,5
14,5
32
1,4
91,6
33
1,4
86,3
01
334,0
10
297,4
71
389,5
97
410,3
72
350,0
33
336,2
99
403,3
33
405135
S
ea3,2
64,8
85
3,2
38,9
74
3,1
09,2
81
702,7
89
800,5
06
884,4
48
741,6
65
704,4
09
778,7
59
900,2
68
664476
Vis
itor
Typ
eV
isit
or
Typ
e
S
topover
1,6
08,1
53
1,6
00,1
12
1,5
21,6
91
357,7
26
323,0
50
397,8
61
449,9
71
363,7
79
310,0
80
n.a
n.a
C
ruis
e3,0
78,7
09
3,0
76,3
97
2,9
70,6
59
662,1
64
776,7
72
854,4
57
696,7
15
660,7
87
758,7
00
868,7
45
615,5
66
D
ay/T
ransi
t83,6
19
68,0
85
n.a
15,1
65
15,1
12
n.a
.n.a
n.a
n.a
n.a
n.a
Tou
rist
Exp
end
itu
re(B
$ 0
00's
)2,0
68,8
59
2,0
56,4
28
n.a
457,7
19
434,4
29
n.a
.n.a
n.a
n.a
n.a
n.a
S
topover
1,8
83,8
63
1,8
80,3
00
n.a
420,7
66
391,1
18
n.a
.n.a
n.a
n.a
n.a
n.a
C
ruis
e179,9
79
172,0
43
n.a
36,0
43
42,4
04
n.a
.n.a
n.a
n.a
n.a
n.a
C
ruis
e179,9
79
172,0
43
n.a
36,0
43
42,4
04
n.a
.n.a
n.a
n.a
n.a
n.a
D
ay5,0
17
4,0
85
n.a
910
907
n.a
.n.a
n.a
n.a
n.a
n.a
Nu
mb
er o
f H
ote
l N
igh
ts3,2
24,8
92
3,2
66,8
78
3,2
49,9
59
806,6
98
800,3
08
789,0
30
831,2
07
817,7
61
811,9
61
n.a
n.a
Aver
age
Len
gth
of
Sta
y6.4
6.4
n.a
5.9
6.7
n.a
.n.a
n.a
n.a
n.a
n.a
Aver
age
Hote
l O
ccu
pan
cy R
ate
s (%
)A
ver
age
Hote
l O
ccu
pan
cy R
ate
s (%
)
N
ew P
rovid
ence
75.4
76.9
73.7
75.4
65.8
79.9
78.5
71.6
64.9
n.a
n.a
G
rand B
aham
a63.7
52.0
46.6
43.5
36.8
49.4
54.8
44.6
37.7
n.a
n.a
O
ther
Fam
ily I
slan
ds
39.4
36.3
38.5
30.8
28.8
41.8
49.3
35.0
27.7
n.a
n.a
Aver
age
Nig
htl
y R
oom
Rate
s ($
)
N
ew P
rovid
ence
164.8
172.0
201.0
159.0
156.7
201.6
213.6
191.9
197.0
n.a
n.a
G
rand B
aham
a109.8
122.3
124.8
98.8
113.0
158.2
137.9
103.7
99.3
n.a
n.a
G
rand B
aham
a109.8
122.3
124.8
98.8
113.0
158.2
137.9
103.7
99.3
n.a
n.a
O
ther
Fam
ily I
slan
ds
190.1
205.1
219.9
184.0
199.7
243.8
218.7
200.6
216.5
n.a
n.a
Sou
rce:
Th
e M
inis
try o
f T
ou
rism
33