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Prime Minister’s Liberalization Plan to Promote Greater Opportunities for Bahamian Investment

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#Bahamas, December 22, 2017 – Nassau – Prime Minister, Dr. the Hon. Hubert A. Minnis’ plans for the liberalization of the administration of the country’s exchange control regime is expected to promote greater opportunities for Bahamian investors and small and medium-sized businesses/enterprises (SMEs).

The Prime Minister announced (Wednesday, December 20, 217) that Bahamians and residents will be given approval to repatriate foreign currency deposits or investment assets currently held outside of The Bahamas, or repatriate the out-of-country facilities to The Bahamas, at the same foreign currency value upon application to the Central Bank of The Bahamas.   No penalties will be imposed on regularized accounts and investments.

Prime Minister Minnis said the owners of deposit facilities will be allowed to use those resources to finance domestic transactions without restriction.  (Prohibitions, Prime Minister Minnis said, will exist against either funding or augmenting these facilities with proceeds converted from Bahamian dollars.)

This reform accommodates Bahamian residents who have amassed deposits or investment assets abroad for which they should have obtained prior Exchange Control approval.   Administration officials say what this means is that, by example, Bahamian small and medium-sized businesses and Bahamian investors who currently have U.S. Dollar accounts, will be able to maintain those U.S. Dollar accounts in The Bahamas.   The same goes for accounts held in other jurisdictions.

Prime Minister Minnis also announced that the buying and selling rates for the Investment Currency Market (ICM) will be “significantly reduced” from 12.5 per cent and 10 per cent respectively, to 5 per cent and 2.5 per cent.   The Prime Minister further said Bahamians will be able to fund investments at the lower rate of B$1.050 (US$1.00) and to repatriate investment currency proceeds to The Bahamas at the rate of B$1.025 (US$1.00).

The two above-mentioned reforms are designed to reduce the costs of funding for capital market and related investments made outside of The Bahamas, with investment currency that is available at a premium.

The Prime Minister said as part of the relaxation protocol, Bahamian-owned businesses will be allowed to maintain operating deposit accounts of up to $100,000 in foreign currency at domestic, commercial banks, without prior reference to the Central Bank.  These accounts will have to be exclusively funded from revenues earned in foreign currency.   This reform provides access to foreign currency accounts for local businesses to cover international expenses in their operations.   Central Bank approval will continue to be required for accounts with balances of more than $100,000 in foreign currency.

The Minnis Administration will also relax Exchange Controls on capital transactions, namely on capital (investment) and current account (trade) transactions for small and medium-sized Bahamian businesses/enterprises (SMEs).   Central Bank officials also propose to delegate the operation of the ICM to Commercial Banks at a date to be arranged in 2018.

The changes, which will come into effect as of February 1, 2018, are expected to not only assist domestic, small, and medium sized Bahamian businesses and Bahamian investors by improving the ease of doing business for Bahamians and residents, but can also be considered part of the Minnis Administration’s new economic strategy to attract investments from the global Bahamian Diaspora in order to help create a global network of Bahamians and to help boost national development, on the road to creating a 21st Century Bahamas.

They follow the Prime Minister’s recent announcements in Washington, D.C., U.S.A. where Dr. Minnis addressed members of the Bahamian Diaspora residing in the Washington D.C., Maryland and Virginia areas, that his Administration has embarked upon a programme of reform and transformation that includes innovative thinking about the role of government in order to create new and innovative partnerships for national development.

Prime Minister Minnis encouraged the gathering to not only consider the new investment opportunities that will become available in The Bahamas as a result of his Administration’s new economic strategy, but to also “consider lending your talents and resources in areas such as youth development, volunteerism and community service.”

“The global Bahamian Diaspora is a major talent and investment pool the country must tap into.   Like other countries that have successfully done so, my Government will cultivate and utilize the energy of the Bahamian Diaspora,” Prime Minister Minnis added.

Prime Minister Minnis said the reforms were “long overdue” and comprise part of his Administration’s commitment to assisting small and medium-sized Bahamian businesses/enterprises, which the Prime Minister said, are a “critical part” of the Bahamian economic structure, employing thousands of Bahamians.

“It is a modernization reform that Bahamian businesspersons have been asking for, for a long time,” Prime Minister Minnis said during a press conference held to announce the liberalization of Exchange Control.

“The Government is committed to targeted, ambitious and sustainable liberalization of the capital account.   I note that the Government will continue to review further, gradual adjustments in the Exchange Control Regime,” Prime Minister Minnis said.

By: Matt Maura (BIS)

 

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Agriculture Ministry Providing Two Water Trucks to Serve St. Elizabeth and St. Catherine

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#Kingston, Jamaica, April 24, 2024 – The Ministry of Agriculture, Fisheries and Mining is to unveil two more water trucks this week, which will be used to service communities in St. Elizabeth and St. Catherine.

Portfolio Minister, Hon. Floyd Green, made the disclosure during Wednesday’s (April 24) post-Cabinet press briefing at Jamaica House.

He also informed that of the $90 million earmarked to support farmers being impacted by the current drought, the Ministry will be providing additional support for storage and drip-irrigation systems.

“So, we have targeted about 600 water tanks and about 400 12-millimetre drip irrigation hoses, and that distribution has already started. Additionally, we have earmarked about $8 million to really help with our livestock farmers,” Mr. Green said.

“We know the difficulty that you’re facing now in this time; [it’s] very hard to get the right nutritional support for your animals. As such, we will be providing some hay, and we will [also] provide some trucking of water to you. Again, our livestock farmers, if you are in need, please contact the Rural Agricultural Development Authority (RADA) and let us see how we can help in these times,” he further stated.

Mr. Green also encouraged farmers to download the RADA App, so that the Agency can “help guide you, not only in relation to what is happening on the rainfall side, but also in relation to your integrated pest management”.

“We do see some increases of certain types of pests during this time, and it’s important that our farmers are paying attention to that. It’s also important that you’re taking drought management seriously [by undertaking] soil mulching, looking at planting drought-tolerant crops, timely harvesting, implementing land husbandry treatments and contour ditches,” he stated.

Contact: Latonya Linton

Release: JIS

 

Photo Caption: Minister of Agriculture, Fisheries and Mining, Hon. Floyd Green, speaking during Wednesday’s (April 24) post-Cabinet press briefing at Jamaica House.

 

Donald De La Haye Photo

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“Mad Max” Convicted of Murder

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MEDIA RELEASE

 

#TurksandCaicos, April 23, 2024 – Blue Hills resident KENDALL RONDRE DEAN has been convicted of murdering JOSHUA SWANN.

Mr. Dean, also called “Maddie”, “Mad Max”, and “Dre”, was found guilty by a nine-member jury yesterday (April 22nd) in the Grand Turk Supreme Court.

Following the verdict, Mr. Dean was remanded to Her Majesty’s Prison, pending sentencing on 10th June 2024.

Based on the evidence presented, Mr. SWANN of Five Cays was shot multiple times about the body on Sunday, August 8th, 2021, while at North West Point, Providenciales.

Mr. Swann was transported to the Cheshire Hall Medical Center, where he succumbed to his injuries.

Detectives of the Serious Crimes Unit received a report, and following intensive investigations and interviews, Mr. Dean was arrested and subsequently charged.

Shortly after the verdict, Deputy Commissioner of Police Rodney Adams said, “This conviction demonstrates the RTCIPF’s commitment to bringing to justice those who cause the most harm throughout our communities using illegal firearms.

“This is an example of the effective coordination of the various units across the Force in supporting the lead detective in bringing about this conviction. The RTCIPF is grateful for the information provided by witnesses who came forward.

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Airports Authority aims for 24-hour airport and announces Scholarship programme

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Dana Malcolm 

Staff Writer

 

 

#TurksandCaicos, April 19, 2024 – In an attempt to move to 24-hour-a-day operations Turks and Caicos Islands Airports Authority (TCIAA) is steadily recruiting Air Traffic Controllers to work at the Providenciales/Howard Hamilton International Airport, according to Godfrey Smith, TCIAA CEO, reporting to the Appropriations Committee.

Speaking on April 8th Smith said a cabinet paper would be sent soon requesting six more Air Traffic Controllers to make round the clock operation at the Provo International possible and to open the airport in Grand Turk till 12 a.m.

Currently, 17 posts are filled and seven are vacant.

Smith was candid with his responses to recent industrial action from ATCs which led to resignations and firings.

“What we have to do is find systems to mitigate such actions and that has to start with filling these jobs, putting people in that want to work and doing right by people – and we always try to do right by our staff. Persons may not think that we are but we always do – we ain’t pick no fight,” he said in the meetings held at the NJS Francis building ahead of the National Budget Communication.

Smith indicated that recruitment was an issue across the board, ‘we need to find ways to recruit a little bit better’ he told the committee. Also in need of a push was capital spending or projects according to the CEO, who said the agency had ‘not been very good’ at meeting that mark but insisted they had recognized the issue and could do better.

A very important key performance indicator drawn up by the TCIAA is increasing passenger satisfaction at the Howard Hamilton International Airport. For the TCIAA part of this means a 30 percent increase in seating by Q2 of this year.

When queried on if they could even handle this increase the CEO said,

“The fact of the matter is we already have the capacity there. What we need is to make the service a bit better.”

Staff shortages have become such a frustrating issue that the TCIAA is instituting a scholarship program created by Authority Chairman, Selvyn Hawkins

“What the board wants to do is basically allocate $25,000 annually for a scholarship and they’ve approved it already.”

This process would cover tuition and all other costs for one student.

The student would return as a summer intern and other breaks to work at the TCIAA and upon graduation, assume a role at the company.

“We identify a particular skill we need, we go after it and we build capacity that is in a nutshell the nexus of the program,” Smith said.

The Turks and Caicos Islands Airports Authority (TCIAA) is allocated $49 million this financial year; over $20 million goes to salaries.

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