THE BANKS DON’T LIKE THE CENTRAL BANK ON MORTGAGES

There is no secret that in this space we do not have any regard for the Central Bank and its management of the monetary system in our country.  They do not do a good job at regulating the banking sector and protecting the Bahamian consumer.  Services have deteriorated and prices have gone up and they have done nothing.  They are trying to force everyone to go digital in a world where nothing digital works in The Bahamas. But it was a breath of fresh air then and to our surprise when last week the Central Bank announced that they were scrapping the deposit requirements for mortgages in The Bahamas.  They had put them artificially high and the mortgage market had dried up as a result of it.  You would have thought that the banks would welcome it.  No can do. The banker’s immediate response was bah humbug, that it is was not going to make a difference, that we shouldn’t start celebrating. There is something wrong with this crabby commercial sector that we have.