The Central Bank of The Bahamas has published its 2024 Annual Report and audited Statement of Accounts, covering monetary policy decisions, regulatory and payments-system developments, and the Bank’s financial results for the year ended 31 December 2024. It reports that the Monetary Policy Committee maintained an accommodative stance to support private-sector lending, alongside continued exchange control liberalisation and further work to modernise domestic payments and expand SandDollar adoption. The report notes that external reserves increased by BSD 115.5 million (4.6%) to BSD 2.633 billion in 2024, while domestic credit growth accelerated to 5.2% and banking system liquidity declined as credit outpaced deposit growth. Exchange control measures included increasing commercial banks’ delegated authority to approve up to BSD 100,000 per individual per year in Investment Currency Market purchases for outward portfolio investments and removing the three-year residency requirement for temporary residents to access Bahamian dollar mortgages. Payments initiatives included continued work on ISO 20022 readiness, a cheque-reduction strategy refocused on lowering cheque and cash reliance, and SandDollar Wallet 2.0 enhancements (including self-activation and improved KYC workflows), with consumer wallet activations rising 12.2% to about 133,481 and the merchant base increasing 3.2% to 2,034. The financial statements show total assets rising 5.4% to BSD 3.725 billion and total comprehensive income increasing to BSD 81.1 million (from BSD 61.9 million in 2023), driven by higher revenue that exceeded expense growth. Forward-looking items set out in the report include an ISO 20022 project plan targeting an April 2025 launch of an ISO 20022-compliant real-time gross settlement system for domestic transfers and a May 2025 cross-border phase, implementation of an activity-based fee structure for the Bahamas Government Securities Depository during 2025, and further 2025 consultations on Basel III liquidity and large exposure frameworks. It also outlines planned 2025 work to expand SandDollar use cases (including payroll) and extend automated clearing house interoperability for wallet redemptions, and notes a hybrid “green” BSD 1 banknote scheduled for release in the first quarter of 2025.

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