Remarks by Governor Rolle at the Exuma Business Outlook on "Bahamian Financial Resilience Post-Natural Disasters"

Published: Thursday October 24th, 2019

Bahamian Financial Resilience Post-Natural Disasters

John Rolle Governor*
*As prepared for Delivery.

Exuma Business Outlook
Sandals Resort, Exuma, Bahamas
24th October 2019

Introduction

It is always a pleasure to speak at the Exuma Business Outlook. This is happening at a time of incredible change within our economy. We are paying more attention to the immediate and long-term needs for planning and development around financial and economic resiliency; and on leveling the playing field of access for commercial goods and services. Post-Hurricane Dorian we are now more focused on strategies for financial resiliency for households, businesses and the public sector; and we are preoccupied with business continuity and recovery at the national level for critical financial services.

The take away from my presentation is that alongside the interventions which the Central Bank intends to make to increase the preparedness of the banking and payments system, serious interventions will also be needed from a policy and cultural perspective to tackle the household sector's financial vulnerability. Critical evolution is also required in our tourism product model to make this leading foreign exchange earner more resilient.

The Central Bank will continue to take a progressive approach to identifying and promoting legal and regulatory reforms to accommodate financial sector transformation in the direction of greater resilience.

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