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MONDAY, AUGUST 30, 2021
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Reserves bolstered by $247m from IMF By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE International Monetary Fund (IMF) has given the central bank $247m from special drawing rights (SDR) to bolster external reserves. A release from the bank revealed: “The Bahamas received an allocation of SDR174.8m, which add approximately US$247m to the international reserves of the central bank.” SDRs are supplementary foreign exchange reserve assets defined and maintained by the IMF. SDRs are units of account for the IMF and not a currency per se. They represent a claim to currency held by IMF member countries for which they may be exchanged. So the bank has not borrowed money from the IMF, however it has access to this $247m. “The SDR allocations count as official international reserves of IMF member countries. If there is no further need for their use, they can be retained with the IMF in their allocated composition. Alternatively, they can be converted into other
• Funds allocated from SDRs • Foreign reserves stand at $2.26 billion • COVID-19’s lingering impact on tourism precipitated this decision
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CENTRAL BANK OF THE BAHAMAS
SCB ISSUES WARNING ABOUT ‘SCAM’ COMPANY By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Securities Commission of The Bahamas has issued a warning about an unlicensed “scam” company that it says is part of a “noticeable increase” in the number of such firms seen operating since the onset of the COVID-19 pandemic. The Securities Commission of the Bahamas (SCB), in notice to the media, said: “It has come to the attention of the Commission that the entity referred to as FX Primary Ltd or FXPrimary LLC, may be conducting activities that are either registrable/licensable or illegal under one or more of the Acts.” Christina Rolle, executive director of the SCB, told Tribune Business consumers should remain vigilant when dealing with companies online. She said: “These scammers know that people are hurting for money and when people are hurting for
CHRISTINA ROLLE money, they are more susceptible to being drawn in by get rich quick schemes. It seems counterintuitive, but that’s how it is. “Regulators worldwide are reporting a marked uptick in financial schemes and frauds since the start of the pandemic.” The SCB’s notice also said: “The Commission hereby advises the public that this entity and its agents/representatives are not registered with/
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“These scammers know that people are hurting for money and when people are hurting for money, they are more susceptible to being drawn in by get rich quick schemes. It seems counterintuitive, but that’s how it is.” Christina Rolle
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SBDC awards $735,000 to local shipping company By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net AN Andros business has received $735,000 from the Small Business Development Centre (SBDC), the largest amount of funding for any business through the agency. In a release to the media, the SBDC said that Central Andros Shipping (CAS) won $735,000 from Fidelity Bank (Fidelity) and the Bahamas Entrepreneurial Venture Fund (BEVF) through the SBDC. Nicholas Higgs, deputy director at the SBDC, said: “Having a client approved for funding is always exciting for us at the Access Accelerator. We understand the difficulty in accessing capital for Bahamian small businesses so, an approval for funding proves that the Access Accelerator is working to bridge the gap and provide real results for small businesses.”
VALENTINO MUNROE He continued: “Valentino has put in a lot of work and remained committed to the process. That dedication and willingness to work is ultimately how we are here at the funding stage. We simply provided the support he needed and we are very proud of Central Andros Shipping.” The release continued, “CAS, located on Andros,
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