Business

Rolle: Bahamians invested $40 million via investment currency market

Last year, Bahamians invested more than $40 million through the investment currency market, Governor of The Central Bank of The Bahamas (CBOB) John Rolle said last week, explaining that the number of companies offering investment activities abroad to Bahamians is growing.

Rolle, who was a guest on the Guardian Radio talk show “The Hit Back with Nahaja Black”, said in the past two and a half years, there has been an increasing number of Bahamians who have sought to invest in stocks, mutual funds and other investment options in the United States, since the CBOB made it easier to carry out such transactions from The Bahamas.

“We have a growing number of trust companies that are setting up that type of business and it seems as if there is increasing interest in it; that has been the case now for two years,” Rolle said.

“It’s a recent access that we have provided, so that people can do a lot more of that type of activity from here with the institutions they are familiar with.

“Last year, Bahamians invested more than $40 million abroad through the investment currency market.”

Rolle said most of those investors were individuals and sophisticated investors.

According to him, there is a five percent premium on investment currency on the amount that is initially invested. He explained that when that invested money is returned to The Bahamas, there is a 2.5 percent rebate on that initial premium.

He said Bahamians are now investing on a regular basis.

Cornèr Bank (Overseas) Limited’s Cornèrtrader platform was one of the first to open up the service to Bahamians after the Central Bank liberalized exchange control features.

Cornèr Bank launched its product in September 2018, calling it a “major milestone” in local financial services history.

The platform allows Bahamians to trade and buy stocks on global financial markets, including the New York Stock Exchange and Nasdaq.

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Chester Robards

Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian. Education: Florida International University, BS in Journalism

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