Bahamas News

Central Bank Governor says Bahamians unaware of DIC

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Bahamas, April 18, 2017 – Nassau – According to Central Bank Governor, John Rolle, most Bahamians are unaware of the insurance guaranteed to local money in the banking system. Rolle made the statement while announcing the Deposit Insurance Corporation (DIC)’s 2017 Public Awareness Campaign.

Rolle is also DIC Chairman. “We have realized that many, if not most, Bahamians did not fully appreciate that their Bahamian dollar deposits in any local bank are insured up to $50,000.The Deposit Insurance Fund has assets of more than $40 million against a deposit base of around $6 billion,” said Rolle.

The DIC awareness campaign aims to strengthen public confidence in the financial system and educate the public on the role of the DIC in protecting the interest of Bahamian dollar depositors added Rolle. The April campaign will include public service announcements and visual aids. DIC is a statutory corporation managed by the staff of the Central Bank.

Story by: Zahra Gordon

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