Finance
TCI Finance Minister comments on Bank Closures
By Dana Malcolm
Staff Writer
#TurksandCaicos, April 6, 2023 – Without a significantly larger financial services sector to strengthen their negotiating power, there is precious little the Government can do to stop banks closing locations according to E Jay Saunders in a recent interview with Magnetic Media.
“The banks don’t come and present their plans to us and say will I be able to close this branch down,” he explained. “We don’t work with the banks on downsizing– we don’t get months and months or weeks and weeks of heads up where we can then sit down and discuss it with them,” he added.
That doesn’t mean they’re not concerned, the Government’s position on the closures was this: 
“It is troubling for me when banks close branches and every time it happens, we have an eye on them”
He said bank changes that would affect staffing usually warranted a few weeks of heads-up and for branch notices barely any at all, which left little room for compromise.
“If we get a reverse, it would almost have to be the Government taking a very strong position to get them to reverse but more often than not we are hearing about it when it’s a decision that has already been made.”
That was unlikely to change given the size of the country’s finance industry, on the global scale TCI is, if you will, a small fry.
“It comes down to the size of the financial services sector. If we had a sector the size of Cayman or Bermuda, we’d have a lot more power with the banks because they would want to be in the jurisdiction and wouldn’t be treating it as one of their smaller markets,” he explained.
He also noted that these decisions were sometimes a regional policy, not just TCI. He said the banks had been in conversation with the Finance Ministry though and while they were moving towards digitization for efficiency’s sake, they were still committed to the Turks and Caicos.
CIBC FirstCaribbean, ScotiaBank, and RBC, all Canadian based, have locations in TCI. Recent changes at CIBC however, gave rise again to concerns among residents with its closure of two branches – Grand Turk and Grace Bay – within the last three months.
“All three banks have assured us that they’re not pulling out of the Turks and Caicos, they are heavily invested, they want to grow.”
Saunders plans to grow the finance industry to around 25 million dollars a year in the upcoming years.
Turks and Caicos, May 12, 2026 – A new era of digital finance regulation could be on the horizon for the Turks and Caicos Islands, as
the Financial Services Commission moves to establish a legal framework for virtual assets and cryptocurrency-related businesses.
The TCI Financial Services Commission on Friday launched a public consultation on its proposed Virtual Assets Business Bill, 2026, legislation designed to regulate virtual asset service providers, stablecoin issuers and other digital asset activities operating in or from the territory.
Globally, governments and regulators have been racing to catch up with the rapid growth of digital currencies, blockchain technology and online financial platforms. Concerns over money laundering, cybercrime, fraud and the collapse of poorly regulated crypto exchanges have pushed jurisdictions to tighten oversight while still trying to attract financial innovation and investment.
The proposed TCI bill appears aimed at positioning the territory within that evolving international framework.
According to the FSC, the legislation is aligned with international standards and guidance from bodies including the Financial Action Task Force, International Organization of Securities Commissions and the Financial Stability Board.
The Commission said the bill would introduce a “comprehensive licensing, supervisory, prudential and enforcement framework” for the
sector. The proposed law includes anti-money laundering and counter-terrorism financing obligations, cyber resilience requirements, enforcement measures and even a regulatory sandbox intended to support innovation.
Among the notable features are proposed reserve and governance rules for stablecoins, which are digital currencies typically tied to traditional assets like the US dollar. The draft legislation also outlines exemptions for certain technology providers and closed-loop token systems.
The FSC said the consultation period is intended to gather public and industry feedback before the bill is submitted to Cabinet next month. Written submissions must be received by June 8, 2026.
The consultation paper and draft bill have been published on the FSC website for public review.
Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.
The Bahamas, May 4, 2026 – With elections days away, The Bahamas has picked up a headline-friendly win: a credit rating upgrade.
Here’s the one-liner that matters most:
A higher rating can mean cheaper borrowing for the government—over time.
That’s the upside. When lenders see less risk, they demand lower interest. That can ease the cost of financing big projects and managing national debt.
But that’s only part of the story.
Moody’s Ratings has upgraded The Bahamas to Ba3 from B1, citing stronger fiscal discipline, improved liquidity and a more stable funding strategy. It also points to better tax collection, controlled spending and continued strength in tourism as key drivers.
Moody’s expects the government to maintain solid primary surpluses—essentially bringing in more than it spends before debt payments—and projects national debt to decline from 72.5% of GDP to around 68% by 2027.
That’s progress.
But here’s the reality check.
The Bahamas is still below investment grade. In plain terms, the country remains in speculative territory, meaning investors still see a higher level of risk compared to more stable economies.
Debt, while improving, is still elevated. And the economy remains heavily dependent on tourism—a sector that can shift quickly with global
conditions, weather events or geopolitical shocks.
Even Moody’s signals that more work is needed. Further upgrades depend on:
- sustained reductions in debt
- improved debt affordability
- and continued access to favourable financing
So while the upgrade reflects real gains, it is not a finish line.
It is a signal that the country is moving in the right direction—but must stay disciplined to keep that momentum.
For voters heading to the polls, the takeaway is simple:
The Bahamas has strengthened its financial position—but the fundamentals still need work.
The progress is real.
The challenge now is to make it last.
Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.
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