CENTRAL BANK LOST IN SPACE
In the House of Assembly on Monday 24 April 2023, Fred Mitchell spoke on the debate on the Amendment to the Central Bank Act. He used it as an opportunity to send a direct but respectful message to the Central Bank to change course with regard to its regulation of the banking sector in The Bahamas. He spoke of the widespread dissatisfaction with the bank in its role as the regulator of banks.
Mr. Mitchell outlined a tale of woes. He said that over the past decade bank services had deteriorated. They had become more costly, less personal, de-Bahamianized and many communities in The Bahamas were effectively debanked. The Central Bank presided over all of this. He said that the Central Bank has hired a consultant to work for it for two years to teach us why we should not be writing cheques. He called this a fool’s errand.
He indicated that constituents were so angry about this that the legislature might have to intervene to solve it. However, the preferable method was for the banks to act along with the Central Bank to solve the problems.
So you would have thought we have the third most senior individual in the Government speaking to this matter, that the Central Bank would get the message and change course. Instead, there was a presser with the Governor of the Central Bank John Rolle, widely reported in the Nassau Guardian and elsewhere and the Central Bank is digging in its heels.
In a follow up note on Friday 5 May 2023, Mr. Mitchell spoke again and said since the Central Bank does not get it, push must come to shove and Bahamians will have to petition the Government through the House of Assembly to change the law.
We agree.
(Editor’s Note: Al Dillette previously supplied the figures for those who access this site. Alas he has passed away. Rest in peace) These newest stats continue in his honor.
Al Dillette Weekly Website Report:
Number of hits for the week ending Saturday, 6th May , 2023 up to midnight: 404,128;
Number of hits for the month of May up to Saturday, 6th May, 2023 up to midnight; 404,128;
Number of hits for the year 2023 up to Saturday, 6th May, 2023 up to midnight: 7,331,122.