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Foreign Reserves Higher Than Ever

The Bahamas’ foreign exchange reserves are “the highest they have ever been” at $1.122 billion, due to foreign currency inflows from the Bahamas Telecommunications Company (BTC) and BORCO sales, although it was likely to be another 12-18 months before economic recovery became broad-based enough to reduce unemployment.

Wendy Craigg, the Central Bank of the Bahamas’ governor, said the last time the Bahamas’ foreign exchange reserves exceeded $1 billion was in November 2009, when they hit $1.033 billion after being boosted by the Government’s $300 million foreign currency bond issue, plus receipt of the International Monetary Fund’s (IMF) Special Drawing Rights (SDRs).

Posted in Business

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