The Central Bank of the Bahamas issued a public notice clarifying exchange control rules after observing more attempts by resident individuals and resident companies to make domestic payments in foreign currency into local foreign currency accounts. It reiterated that, unless exceptionally approved by the Central Bank, payments between resident parties in foreign currency are not permitted. Resident foreign currency accounts are only authorised to receive deposits of foreign currency revenue or approved loan proceeds denominated in foreign currency, and they may only be used to finance obligations outside The Bahamas that are denominated in foreign currency. The notice confirms that “resident foreign currency accounts” include foreign currency accounts held by residents in The Bahamas or abroad, and that accounts maintained outside The Bahamas require specific prior approval of the Central Bank. Foreign currency accounts in The Bahamas may be approved by the Central Bank or, for business trade-related accounts with balances up to the equivalent of BSD 100,000, by commercial banks acting as authorised dealers under delegated authority. The Central Bank also reiterated that residents who receive foreign currency revenue are ordinarily required to deposit it with their commercial bank for conversion into Bahamian dollars unless they have been permitted to maintain a foreign currency account, and that all domestic bank payments between residents, including salaries, must be made in Bahamian dollars and credited to the recipient’s Bahamian dollar account. Delegated authority for banks to process invoiced payments applies only to invoices issued by foreign entities for bona fide external transactions where payment is made outside The Bahamas, and any conversion of Bahamian dollars to make payments to local foreign currency accounts requires prior Central Bank approval.
Central Bank of the Bahamas 2026-03-31
Central Bank of the Bahamas reiterates exchange control limits on resident foreign currency accounts and bans resident-to-resident foreign currency payments without approval
The Central Bank of the Bahamas issued a public notice clarifying that, unless exceptionally approved, payments between resident parties in foreign currency are not permitted and all domestic bank payments between residents, including salaries, must be made in Bahamian dollars. It reiterated that resident foreign currency accounts, whether held in The Bahamas or abroad, may only receive foreign currency revenue or approved foreign currency loan proceeds and be used to meet foreign currency obligations outside The Bahamas, with accounts abroad requiring prior Central Bank approval and certain trade-related accounts in The Bahamas approvable by authorised dealers.