WORRY ABOUT REMITTANCES VERY STRANGE

Jeffery Beckles is the head of a company called Island Pay. Their business is to transfer money abroad.  Their customer base is the large expatriate community here that sends money back home.  Mr. Beckles was in the press (Tribune 24 March 2023) calling his own fish stink so to speak.  He said that the country should be concerned about the 136 million dollars in remittances that foreign workers sent last year back to their home places. He said The Bahamas was losing that money and we should be concerned.  But hang on a second, we thought that the more remittances that went through, the more profits for your company.  And in any event, the money going out, is replaced by money coming in and each time there is a transaction or activity, there is money to be made.  So the situation is dynamic.  It is not as negative as it appears on the surface.  There is too much doom and gloom being preached in this society which makes our economists sound like amateurs.  The Bahamas made 100 million off work permit fees over the past year. Not bad.