OVERVIEW
REAL SECTOR
1
2
3
FISCAL OPERATIONS
4
5
6
7
MONEY, CREDIT AND INTEREST RATES
8
9
10
11
12
13
CAPITAL MARKETS DEVELOPMENTS
INTERNATIONAL TRADE AND PAYMENTS
14
INTERNATIONAL ECONOMIC DEVELOPMENTS
15
16
17
18
TABLE 1 FINANCIAL SURVEY Period
2012
2013
2015
2014
Mar.
Jun.
2016 Sept.
Dec.
Mar.
Jun.
(B$ Millions) Net foreign assets Central Bank Domestic Banks Net domestic assets Domestic credit Public sector Government (net) Rest of public sector Private sector Other items (net) Monetary liabilities Money Currency Demand deposits Quasi-money Fixed deposits Savings deposits Foreign currency
209.2 810.2 (600.9)
46.7 741.6 (694.9)
286.4 787.7 (501.2)
364.5 829.1 (464.6)
482.1 953.1 (471.1)
300.9 826.8 (525.8)
280.2 811.9 (531.7)
482.6 994.9 (512.4)
656.2 1,052.1 (395.9)
6,094.6 8,691.3 2,062.9 1,594.8 468.2 6,628.4 (2,596.7)
6,270.6 8,957.1 2,406.0 1,946.6 459.4 6,551.1 (2,686.5)
6,103.7 8,870.5 2,503.6 2,024.0 479.7 6,366.9 (2,766.8)
6,087.1 8,840.9 2,512.1 2,017.7 494.5 6,328.8 (2,753.9)
5,988.1 8,808.9 2,500.9 2,007.6 493.3 6,308.0 (2,820.8)
6,152.4 8,987.6 2,673.6 2,172.6 500.9 6,314.1 (2,835.2)
6,093.7 8,966.2 2,666.4 2,198.0 468.4 6,299.7 (2,872.4)
6,016.4 8,903.0 2,617.1 2,153.5 463.5 6,285.9 (2,886.6)
5,921.1 8,810.8 2,574.4 2,100.9 473.5 6,236.4 (2,889.6)
6,303.7 1,574.9 216.5 1,358.4 4,728.8 3,444.1 1,069.0 215.7
6,317.2 1,641.2 214.4 1,426.8 4,676.0 3,288.0 1,114.0 274.0
6,390.0 1,995.7 232.8 1,762.9 4,394.3 3,101.9 1,067.5 224.8
6,451.4 2,054.5 232.9 1,821.5 4,397.0 3,026.5 1,099.3 271.2
6,470.0 2,109.9 232.3 1,877.6 4,360.2 3,006.0 1,128.4 225.8
6,453.2 2,087.3 225.8 1,861.5 4,365.8 3,006.7 1,144.8 214.3
6,373.8 2,071.2 246.6 1,824.7 4,302.6 2,966.5 1,148.3 187.8
6,498.8 2,143.1 246.9 1,896.1 4,355.8 2,970.9 1,178.5 206.4
6,577.2 2,198.0 247.6 1,950.4 4,379.2 2,931.2 1,217.3 230.7
(percentage changes) Total domestic credit Public sector Government (net) Rest of public sector Private sector
1.7 8.8 10.6 2.9 (0.3)
3.1 16.6 22.1 (1.9) (1.2)
(1.0) 4.1 4.0 4.4 (2.8)
(0.3) 0.3 (0.3) 3.1 (0.6)
(0.4) (0.4) (0.5) (0.2) (0.3)
2.0 6.9 8.2 1.6 0.1
(0.2) (0.3) 1.2 (6.5) (0.2)
(0.7) (1.9) (2.0) (1.0) (0.2)
(1.0) (1.6) (2.4) 2.2 (0.8)
Monetary liabilities Money Currency Demand deposits Quasi-money
(0.1) 9.7 9.8 9.7 (3.0)
0.2 4.2 (0.9) 5.0 (1.1)
1.2 21.6 8.6 23.6 (6.0)
1.0 2.9 0.0 3.3 0.1
0.3 2.7 (0.3) 3.1 (0.8)
(0.3) (1.1) (2.8) (0.9) 0.1
(1.2) (0.8) 9.2 (2.0) (1.4)
2.0 3.5 0.1 3.9 1.2
1.2 2.6 0.3 2.9 0.5
Source: The Central Bank of The Bahamas
19
TABLE 2 MONETARY SURVEY Period
2012
2013
2015
2014
Mar.
Jun.
2016 Sept.
Dec.
Mar.
Jun.
(B$ Millions) Net foreign assets Central Bank Commercial banks Net domestic assets Domestic credit Public sector Government (net) Rest of public sector Private sector Other items (net) Monetary liabilities Money Currency Demand deposits Quasi-money Savings deposits Fixed deposits Foreign currency deposits
215.1 810.2 (595.1)
76.4 741.6 (665.2)
334.2 787.7 (453.5)
414.6 829.1 (414.5)
538.3 953.1 (414.9)
376.7 826.8 (450.0)
360.1 811.9 (451.8)
571.6 994.9 (423.4)
750.1 1,052.1 (302.0)
6,034.1 8,661.9 2,050.1 1,582.4 467.7 6,611.8 (2,627.8)
6,189.3 8,929.8 2,396.6 1,937.7 458.9 6,533.2 (2,740.5)
6,002.0 8,837.0 2,492.5 2,013.2 479.3 6,344.5 (2,834.9)
5,973.3 8,795.6 2,500.9 2,006.8 494.1 6,294.7 (2,822.3)
5,863.7 8,766.4 2,480.5 1,987.6 492.9 6,285.9 (2,902.7)
6,014.2 8,954.7 2,662.9 2,162.3 500.6 6,291.8 (2,940.5)
5,956.8 8,926.2 2,653.2 2,187.2 466.0 6,273.0 (2,969.4)
5,874.7 8,858.2 2,607.2 2,146.0 461.2 6,251.0 (2,983.5)
5,769.9 8,767.1 2,563.5 2,092.4 471.2 6,203.5 (2,997.2)
6,249.0 1,541.9 216.5 1,325.4 4,707.1 1,069.0 3,428.4 209.7
6,265.6 1,610.9 214.4 1,396.5 4,654.7 1,114.0 3,266.7 274.0
6,336.1 1,955.0 232.8 1,722.2 4,381.1 1,067.5 3,088.8 224.8
6,387.7 2,014.8 232.9 1,781.8 4,372.9 1,099.3 3,013.7 259.9
6,401.9 2,053.7 232.3 1,821.5 4,348.1 1,128.4 2,994.0 225.8
6,390.8 2,037.4 225.8 1,811.6 4,353.5 1,144.8 2,994.3 214.3
6,316.8 2,024.9 246.6 1,778.3 4,291.9 1,148.3 2,955.9 187.8
6,446.1 2,101.0 246.9 1,854.0 4,345.1 1,178.5 2,960.2 206.4
6,519.9 2,155.6 247.6 1,908.0 4,364.3 1,216.5 2,917.1 230.7
(percentage change) Total domestic credit Public sector Government (net) Rest of public sector Private sector
1.7 8.6 10.5 2.9 (0.3)
3.1 16.9 22.5 (1.9) (1.2)
(1.0) 4.0 3.9 4.4 (2.9)
(0.5) 0.3 (0.3) 3.1 (0.8)
(0.3) (0.8) (1.0) (0.2) (0.1)
2.1 7.4 8.8 1.6 0.1
(0.3) (0.4) 1.2 (6.9) (0.3)
(0.8) (1.7) (1.9) (1.0) (0.4)
(1.0) (1.7) (2.5) 2.2 (0.8)
Monetary liabilities Money Currency Demand deposits Quasi-money
(0.3) 9.5 9.9 9.4 (3.1)
0.3 4.5 (0.9) 5.4 (1.1)
1.1 21.4 8.6 23.3 (5.9)
0.8 3.1 0.0 3.5 (0.2)
0.2 1.9 (0.3) 2.2 (0.6)
(0.2) (0.8) (2.8) (0.5) 0.1
(1.2) (0.6) 9.2 (1.8) (1.4)
2.0 3.8 0.1 4.3 1.2
1.1 2.6 0.3 2.9 0.4
Source: The Central Bank of The Bahamas
20
TABLE 3 CENTRAL BANK BALANCE SHEET Period Net foreign assets Balances with banks abroad Foreign securities Reserve position in the Fund SDR holdings Net domestic assets Net claims on Government Claims Treasury bills Bahamas registered stock Loans and advances Deposits In local currency In foreign currency Deposits of rest of public sector Credit to commercial banks Official capital and surplus Net unclassified assets Loans to rest of public sector Public Corp Bonds/Securities Liabilities To Domestic Banks Notes and coins Deposits SDR allocation Currency held by the private sector
2012 810.2 216.5 555.6 9.6 28.4 280.1 397.3 407.4 129.7 171.3 106.3 (10.1) (10.1) (14.8) (135.7) 23.0 4.8 5.6 (682.6) (127.4) (555.2) (191.2) (216.5)
2013 741.6 122.4 551.0 9.6 58.6 374.7 493.1 545.3 186.6 223.5 135.2 (52.1) (52.1) (11.7) (140.0) 23.0 4.6 5.7 (710.3) (138.1) (572.2) (191.6) (214.4)
2014 787.7 155.2 544.9 9.1 78.5 375.6 523.4 571.4 119.7 316.5 135.2 (48.0) (48.0) (26.0) (152.3) 21.1 4.2 5.2 (750.2) (142.5) (607.7) (180.3) (232.8)
2015 Mar. 829.1 186.1 559.6 8.6 74.7 304.8 458.7 485.3 76.7 273.1 135.4 (26.6) (26.6) (14.5) (156.7) 7.9 4.2 5.2 (729.3) (112.5) (616.9) (171.6) (232.9)
Source: The Central Bank of The Bahamas
21
Jun. 953.1 308.1 560.1 8.8 76.1 245.3 402.7 429.0 22.9 270.5 135.6 (26.3) (26.3) (17.6) (155.0) 5.9 4.1 5.2 (791.2) (109.8) (681.4) (175.0) (232.3)
Sept. 826.8 212.3 529.7 8.8 76.0 277.8 436.0 457.2 54.7 266.7 135.8 (21.2) (21.2) (20.8) (155.4) 8.9 3.9 5.2 (704.1) (108.5) (595.6) (174.7) (225.8)
Dec. 811.9 206.6 521.7 8.7 75.0 340.6 493.7 523.1 126.6 261.1 135.4 (29.4) (29.4) (17.3) (163.7) 19.0 3.7 5.2 (733.5) (142.4) (591.1) (172.4) (246.6)
(B$ Millions) 2016 Mar. Jun. 994.9 380.1 511.5 27.2 76.2 333.1 490.1 511.3 114.2 261.5 135.5 (21.2) (21.2) (13.6) (162.4) 10.2 3.7 5.2 (905.8) (113.9) (791.9) (175.3) (246.9)
1,052.1 389.6 559.9 27.0 75.7 387.3 546.4 568.9 171.7 261.5 135.7 (22.5) (22.5) (17.8) (162.9) 12.9 3.6 5.2 (1,017.8) (96.9) (920.9) (174.0) (247.6)
TABLE 4 DOMESTIC BANKS BALANCE SHEET Period Net foreign assets Net claims on Central Bank Notes and Coins Balances Less Central Bank credit Net domestic assets Net claims on Government Treasury bills Other securities Loans and advances Less: deposits Net claims on rest of public sector Securities Loans and advances Less: deposits Other net claims Credit to the private sector Securities Mortgages Loans and advances Private capital and surplus Net unclassified assets Liabilities to private sector Demand deposits Savings deposits Fixed deposits
2012
2013
2014
2015 Mar.
Jun.
Sept.
Dec.
(B$ Millions) 2016 Mar. Jun.
(600.9)
(694.9)
(501.2)
(464.6)
(471.1)
(525.8)
(531.7)
(512.4)
690.7 127.4 563.3 -
651.7 138.1 513.6 -
749.2 142.5 606.7 -
729.9 112.5 617.4 -
792.1 109.8 682.3 -
704.8 108.5 596.2 -
730.0 142.4 587.5 -
906.5 113.9 792.6 -
(395.9) 1,018.7 96.9 921.8 -
5,586.1 1,197.5 219.3 961.1 152.4 135.3 61.2 119.4 338.5 396.6 14.7 6,628.4 14.1 3,275.4 3,338.9 (2,523.4) 207.7
5,803.7 1,453.5 392.4 962.2 253.6 154.7 118.6 119.4 329.8 330.6 56.4 6,551.1 16.6 3,310.3 3,224.2 (2,586.4) 210.6
5,537.6 1,500.5 454.5 907.0 352.1 213.1 124.6 219.0 251.3 345.7 24.8 6,366.9 16.8 3,211.4 3,138.7 (2,499.2) 20.0
5,564.0 1,559.0 502.5 923.4 356.5 223.5 110.3 219.0 266.0 374.7 50.7 6,328.8 16.7 3,187.9 3,124.2 (2,509.0) 24.1
5,543.1 1,604.9 556.3 940.0 362.2 253.6 128.0 219.0 264.9 356.0 11.0 6,308.0 16.8 3,179.9 3,111.3 (2,551.6) 42.8
5,670.9 1,736.6 699.6 922.4 371.4 256.7 135.1 219.0 272.8 356.7 15.8 6,314.1 18.1 3,171.2 3,124.8 (2,556.6) 25.9
5,569.8 1,704.4 662.6 895.4 416.8 270.5 117.6 221.0 238.4 341.8 43.9 6,299.7 24.4 3,164.7 3,110.7 (2,651.2) 55.5
5,499.6 1,663.5 680.0 892.3 419.2 328.1 110.1 221.2 233.6 344.6 25.7 6,285.9 25.8 3,165.8 3,094.4 (2,600.8) 15.2
5,325.1 1,554.5 627.8 889.6 404.9 367.8 100.9 218.9 245.8 363.9 18.6 6,236.4 26.7 3,139.8 3,069.9 (2,601.5) 16.3
5,675.8 1,442.7 1,074.2 3,159.0
5,760.6 1,593.5 1,119.9 3,047.1
5,785.5 1,830.6 1,074.1 2,880.8
5,829.3 1,932.4 1,106.2 2,790.6
5,864.2 1,957.7 1,136.5 2,770.0
5,849.9 1,922.4 1,158.5 2,768.9
5,768.1 1,868.3 1,162.0 2,737.8
5,893.7 1,949.9 1,195.6 2,748.3
5,948.0 1,998.5 1,234.7 2,714.8
Source: The Central Bank of The Bahamas
22
TABLE 5 PROFIT AND LOSS ACCOUNTS OF BANKS IN THE BAHAMAS* (B$'000s)
Period
2012
2013
2014
2014 Qtr. I
Qtr. II
2015
Qtr. III
Qtr. IV
Qtr. I
Qtr. II
Qtr. III
Qtr. IV
Qtr. I
1. Interest Income
667,055
646,083
617,808
153,222
154,951
154,028
155,607
148,510
156,468
160,233
161,209
158,211
2. Interest Expense
144,897
117,811
98,321
25,101
24,729
24,845
23,646
21,307
21,850
21,273
20,984
20,807
3. Interest Margin (1-2)
522,158
528,272
519,487
128,121
130,222
129,183
131,961
127,203
134,618
138,960
140,225
137,404
23,005
23,278
22,484
3,445
6,267
6,291
6,481
5,657
11,373
5,590
6,910
5,756
5. Gross Earnings Margin (3+4)
545,163
551,550
541,971
131,566
136,489
135,474
138,442
132,860
145,991
144,550
147,135
143,160
6. 7. 8. 9.
162,348 29,744 111,914 304,006
181,910 30,120 132,475 344,505
171,579 27,797 279,278 478,654
43,140 6,341 41,325 90,806
43,367 6,836 155,190 205,393
42,484 6,714 40,715 89,913
42,588 7,906 42,048 92,542
42,852 7,043 38,156 88,051
45,619 7,235 39,715 92,569
41,628 6,944 34,005 82,577
40,297 5,796 38,753 84,846
40,906
10. Net Earnings Margin (5-9)
241,157
207,045
63,317
40,760
(68,904)
45,561
45,900
44,809
53,422
61,973
62,289
56,135
11. Depreciation Costs 12. Provisions for Bad Debt 13. Other Income
13,364 168,098 88,284
16,969 149,114 98,023
14,637 266,624 103,893
3,677 27,392 23,592
3,556 149,450 25,032
3,633 32,720 27,297
3,771 57,062 27,972
4,005 42,791 27,284
4,021 36,705 24,456
4,231 25,659 27,866
3,512 27,419 31,657
20,347
14. Other Income (Net) (13-11-12)
(93,178) (68,060)
(177,368)
(7,477)
(127,974)
(9,056)
(32,861)
(19,512)
(16,270)
(2,024)
726
8,780
15. Net Income (10+14)
147,979
(114,051)
33,283
(196,878)
36,505
13,039
25,297
37,152
59,949
63,015
64,915
6.83
6.80
6.96
6.68
6.88
6.92
7.28
7.20
7.12
7.24
5.21 0.23 5.44 3.61 1.84 1.04
5.35 0.45 5.81 3.68 2.12 1.48
5.56 0.22 5.78 3.30 2.48 2.40
5.63 0.28 5.91 3.41 2.50 2.53
5.44 0.23 5.67 3.45 2.22 2.57
4. Commission & Forex Income
Staff Costs Occupancy Costs Other Operating Costs Operating Costs (6+7+8)
16. Effective Interest Rate Spread (%)
6.41
138,985 6.85
6,883 39,236
87,025
3,632 32,759
(Ratios To Average Assets) Interest Margin Commission & Forex Income Gross Earnings Margin Operating Costs Net Earnings Margin Net Income/Loss
5.41 0.24 5.65 3.15 2.50 1.53
5.42 0.22 5.64 3.68 1.96 1.43
5.31 0.23 5.54 4.89 0.65 -1.16
5.24 0.14 5.39 3.72 1.67 1.36
*Commercial Banks and OLFIs with domestic operations
Source: The Central Bank of The Bahamas
23
5.32 0.26 5.58 8.39 (2.81) (8.04)
5.27 0.26 5.53 3.67 1.86 1.49
5.40 0.27 5.67 3.79 1.88 0.53
TABLE 6 MONEY SUPPLY (B$ Millions) End of Period
2012
2013
2014
1,574.9
1,641.2
216.5
2015
2016
Mar.
Jun.
Sept.
Dec.
Mar.
Jun.
1,995.7
2,054.5
2,109.9
2,087.3
2,071.2
2,143.1
2,198.0
214.4
232.8
232.9
232.3
225.8
246.6
246.9
247.6
1,358.4 14.8 1,343.6
1,426.8 11.7 1,415.1
1,762.9 26.0 1,736.9
1,821.5 14.5 1,807.0
1,877.6 17.6 1,860.0
1,861.5 20.8 1,840.8
1,824.7 17.3 1,807.3
1,896.1 13.6 1,882.6
1,950.4 17.8 1,932.7
1) Net credit to Government Central Bank Domestic banks
1,594.8 397.3 1,197.5
1,946.6 493.1 1,453.5
2,024.0 523.4 1,500.5
2,017.7 458.7 1,559.0
2,007.6 402.7 1,604.9
2,172.6 436.0 1,736.6
2,198.0 493.7 1,704.4
2,153.5 490.1 1,663.5
2,100.9 546.4 1,554.5
2) Other credit Rest of public sector Private sector
7,096.6 468.2 6,628.4
7,010.5 459.4 6,551.1
6,846.5 479.7 6,366.9
6,823.3 494.5 6,328.8
6,801.3 493.3 6,308.0
6,815.0 500.9 6,314.1
6,768.1 468.4 6,299.7
6,749.5 463.5 6,285.9
6,709.9 473.5 6,236.4
810.2
741.6
787.7
829.1
953.1
826.8
811.9
994.9
1,052.1
(600.9)
(694.9)
(501.2)
(464.6)
(471.1)
(525.8)
(531.7)
(512.4)
Money Supply (M1) 1) Currency in active circulation 2) Demand deposits Central Bank Domestic Banks Factors affecting money (M1)
3) External reserves 4) Other external liabilities (net) 5) Quasi money 6) Other items (net)
(395.9)
4,728.8
4,676.0
4,394.3
4,397.0
4,360.2
4,365.8
4,302.6
4,355.8
4,379.2
(2,596.7)
(2,686.5)
(2,766.8)
(2,753.9)
(2,820.8)
(2,835.2)
(2,872.4)
(2,886.6)
(2,889.6)
Source: The Central Bank of The Bahamas
24
TABLE 7 CONSUMER INSTALMENT CREDIT*
End of Period
* Includes both demand and add-on loans
25
TABLE 8 SELECTED AVERAGE INTEREST RATES (%) Period DOMESTIC BANKS Deposit rates Savings deposits Fixed deposits Up to 3 months Up to 6 months Up to 12 months Over 12 months Weighted average rate Lending rates Residential mortgages Commercial mortgages Consumer loans Overdrafts Weighted average rate Other rates Prime rate Treasury bill (90 days) Treasury bill re-discount rate Bank rate (discount rate)
2012
2013
2014
2015 Qtr. I
Qtr. II
2016 Qtr. III
Qtr. IV
Qtr. I
Qtr. II
1.53
0.97
0.89
0.96
0.82
0.83
0.72
0.80
0.87
1.60 1.95 2.54 2.65 2.02
1.37 1.35 2.15 2.20 1.68
1.16 1.22 1.76 1.64 1.42
1.07 1.02 1.90 1.55 1.46
1.20 1.03 1.71 1.42 1.40
1.17 1.09 1.69 1.72 1.49
1.10 1.20 1.53 1.57 1.27
1.05 1.05 1.87 1.64 1.36
0.98 1.03 1.44 1.66 1.25
7.50 8.29 13.43 9.81 10.88
7.27 8.21 13.65 9.32 11.10
7.16 8.02 13.91 9.76 11.81
6.89 7.61 14.05 10.48 11.94
6.45 7.68 14.08 10.20 12.35
6.36 7.40 14.43 10.17 12.55
6.20 9.09 14.49 10.60 12.32
6.32 7.42 13.65 10.78 11.83
6.21 7.00 14.14 11.04 12.54
4.75 0.20 0.70 4.50
4.75 0.30 0.80 4.50
4.75 0.53 1.03 4.50
4.75 0.58 1.08 4.50
4.75 0.69 1.19 4.50
4.75 0.68 1.18 4.50
4.75 0.76 1.26 4.50
4.75 1.03 1.53 4.50
4.75 1.48 1.98 4.50
Source: The Central Bank of The Bahamas
26
TABLE 9 SELECTED CREDIT QUALITY INDICATORS OF DOMESTIC BANKS (%) Period Loan Portfolio Current Loans (as a % of total loans) Arrears (% by loan type) Consumer Mortgage Commercial Public Total Arrears Total B$ Loan Portfolio
2012
2013
2014
2015 Qtr. I
Qtr. II
2016 Qtr. III
Qtr. IV
Qtr. I
Qtr. II
80.3
78.4
79.7
80.9
81.2
81.5
80.9
81.1
82.6
4.4 11.0 4.3 0.1 19.7 100.0
5.0 11.0 5.5 0.1 21.6 100.0
5.2 11.0 4.1 0.0 20.3 100.0
4.8 10.3 4.0 19.1 100.0
4.6 10.4 3.8 18.8 100.0
4.9 10.4 3.2 0.0 18.5 100.0
4.7 10.9 3.5 19.1 100.0
4.5 10.8 3.6 18.9 100.0
4.3 9.6 3.6 17.4 100.0
Loan Portfolio Current Loans (as a % of total loans) Arrears (% by days outstanding) 30 - 60 days 61 - 90 days 90 - 179 days over 180 days Total Arrears Total B$ Loan Portfolio
80.3
78.4
79.7
80.9
81.2
81.5
80.9
81.1
82.6
3.7 2.3 2.5 11.3 19.7 100.0
3.6 2.5 2.1 13.3 21.6 100.0
2.9 2.0 2.0 13.3 20.3 100.0
2.7 1.6 1.6 13.2 19.1 100.0
2.6 1.8 1.7 12.7 18.8 100.0
2.8 1.7 1.6 12.4 18.5 100.0
3.1 1.8 1.6 12.6 19.1 100.0
3.0 1.6 1.7 12.6 18.9 100.0
2.5 1.7 1.6 11.7 17.4 100.0
Non Accrual Loans (% by loan type) Consumer Mortgage Other Private Public Total Non Accrual Loans
20.5 57.0 21.9 0.6 100.0
21.5 50.7 27.2 0.6 100.0
23.6 53.8 22.6 100.0
23.6 54.0 22.4 100.0
22.8 55.7 21.6 100.0
23.3 56.0 20.7 0.0 100.0
22.2 57.4 20.4 100.0
21.7 56.3 22.0 100.0
22.8 54.0 23.2 100.0
5.4 5.5 8.3 -
6.1 5.6 7.9 -
6.5 8.9 11.4 -
7.1 8.9 9.8 -
7.2 9.2 10.0 -
7.2 9.8 9.8 -
7.1 9.9 10.2 -
7.4 10.0 10.6 -
7.3 10.1 11.9 -
5.9 42.7 13.7
6.0 39.0 15.4
7.9 51.2 15.3
7.9 53.2 14.8
8.1 55.9 14.4
8.3 59.3 14.0
8.3 58.5 14.2
8.6 60.0 14.3
8.6 65.1 13.2
Provisions to Loan Portfolio Consumer Mortgage Other Private Public Total Provisions to Total Loans Total Provisions to Non-performing Loans Total Non-performing Loans to Total Loans Source: The Central Bank of The Bahamas Figures may not sum to total due to rounding.
27
TABLE 10 SUMMARY OF BANK LIQUIDITY Period I. Statutory Reserves Required reserves Average Till Cash Average balance with central bank Free cash reserves (period ended)
2012
2013
2014
2015 Mar.
Jun.
Sept.
Dec.
(B$ Millions) 2016 Mar. Jun.
301.9 108.9 515.8 322.8
303.3 117.4 593.3 407.4
311.2 122.7 676.6 488.0
313.6 109.9 688.6 484.8
318.5 110.0 696.2 487.6
319.7 108.7 639.4 428.4
316.9 123.0 598.7 404.9
319.0 115.3 782.8 579.2
324.3 96.9 895.5 668.1
971.1
988.3
1,025.5
1,038.1
1,052.2
1,054.8
1,044.6
1,078.4
1,085.5
1,938.2 563.3 127.9 219.3 957.6 56.9 13.2 -
2,126.1 513.6 138.6 392.4 962.2 56.6 62.7 -
2,182.2 606.7 143.0 454.5 907.0 56.0 15.1 -
2,250.3 617.4 113.0 502.5 923.4 55.9 38.1 -
2,367.9 682.3 110.3 556.3 940.0 55.9 23.1 -
2,389.8 596.2 109.0 699.6 922.4 55.7 6.9 -
2,361.6 587.5 142.9 662.6 895.4 55.6 17.4 -
2,547.7 792.6 114.4 680.0 892.3 55.6 12.8 -
2,603.4 921.8 97.4 627.8 889.6 53.5 13.3 -
967.1
1,137.7
1,156.8
1,212.2
1,315.8
1,334.9
1,316.9
1,469.3
1,518.0
II. Liquid Assets (period) A. Minimum Required Liquid Assets B. Net Eligible Liquid Assets i) Balance with Central Bank ii) Notes and Coins iii) Treasury Bills iv) Government registered stocks v) Specified assets vi) Net Inter-bank dem/call deposits vii) Less: borrowings from central bank C. Surplus/(Deficit) Source: The Central Bank of The Bahamas Figures may not sum to total due to rounding.
28
TABLE 11 GOVERNMENT OPERATIONS AND FINANCING (B$ Millions) Period Total Revenue & Grants Current expenditure Capital expenditure Net lending Overall balance
2013/14p
2014/15p
Budget 2015/16 2016/17
1,450.8 1,596.8 252.4 81.7 (480.0)
1,701.5 1,711.3 280.3 92.0 (382.0)
2,039.8 1,935.7 243.2 (0.1) (139.1)
FINANCING (I+II-III+IV+V)
480.0
382.0
139.1
I. Foreign currency borrowing External Domestic
633.2 442.2 191.0
148.2 148.2 -
II. Bahamian dollar borrowing i)Treasury bills ii)Long-term securities iii)Loans and Advances
340.0 81.0 115.0 144.0
III. Debt repayment Domestic Bahamian dollars Internal foreign currency External IV.Net Sale of Shares & Other Equity V.Cash balance change VI.Other Financing
2014/15p Qtr. II Qtr. III
Qtr. I 316.5 388.0 60.3 20.1 (151.9)
369.5 424.0 33.5 20.3 (108.3)
97.6
151.9
108.3
103.6 103.6 -
85.1 85.1 -
0.4 0.4 -
580.0 30.0 275.0 275.0
182.4 -
299.5 -
505.7 491.8 366.8 125.0 13.9
221.4 206.0 140.0 66.0 15.4
145.7 125.0 125.0 20.7
-
-
(50.8)
(76.8)
63.2
(47.9)
488.5 413.0 46.6 20.3 8.6
Qtr. I
Qtr. IV*
527.1 486.3 139.8 31.4 (130.4)
437.6 460.9 39.7 (0.0) (62.9)
458.6 488.3 49.7 2.4 (81.7)
488.3 521.1 49.0 0.8 (82.6)
356.2 319.8 26.3 (3.1) 13.3
(8.6)
130.4
62.9
81.7
82.6
(13.3)
118.6 118.6 -
10.7 10.7 -
18.5 18.5 -
28.1 14.9 13.3
95.4 72.1 23.4
126.3 112.9 13.4
4.6 4.6 -
239.0 30.0 209.0
216.0 150.0 66.0
70.0 70.0 -
55.0 55.0 -
222.8 212.8 10.0 -
127.1 47.3 77.3 2.5
38.4 28.3 10.1
10.8 0.8 10.0
287.1 258.9 258.9 28.2
51.5 50.0 50.0 1.5
71.5 66.0 66.0 5.5
82.2 80.0 80.0 2.2
16.2 10.0 10.0 6.2
104.2 97.9 97.9 6.3
76.8 70.0 70.0 6.8
34.4 26.2 26.2 8.2
94.9 90.1 40.1 50.0 4.8
-
-
-
-
-
-
-
-
-
-
-
-
18.5
(74.8)
9.3
(29.9)
2.0
(22.0)
(49.4)
8.4
-
(54.4)
(80.1)
(16.4)
103.0
(85.9)
(42.0)
1.7
57.8
(1.3)
2,168.8 2,024.4 242.1 (0.1) (97.6)
Qtr. IV
2015/16p Qtr. II Qtr. III
Source: Treasury Monthly Printouts. Data compiled according to the International Monetary Fund's Government Finance Statistics format. *Quarter IV includes April & May only
29
TABLE 12 NATIONAL DEBT Period
2013
2014
2015
TOTAL EXTERNAL DEBT By Instrument Government Securities Loans By Holder Commercial Banks Offshore Financial Institutions Multilateral Institutions Bilateral Institutions Private Capital Markets Other Financial Institutions
1,190,109
1,572,394
600,000 590,109
2015
(B$ '000s) 2016 Mar. Jun.
Mar.
Jun.
Sept.
Dec.
1,634,853
1,580,921
1,593,203
1,601,847
1,634,853
1,739,582
1,741,452
900,000 672,394
900,000 734,853
900,000 680,921
900,000 693,203
900,000 701,847
900,000 734,853
900,000 839,582
900,000 841,452
239,927 67,103 600,000 283,079
237,002 70,731 900,000 364,661
221,339 68,371 900,000 445,143
234,323 70,561 900,000 376,037
228,162 70,561 900,000 394,480
227,875 70,395 900,000 403,577
221,339 68,371 900,000 445,143
220,252 67,511 900,000 551,820
214,889 67,511 900,000 559,052
TOTAL INTERNAL DEBT By Instrument Foreign Currency Government Securities Loans Bahamian Dollars Advances Treasury Bills Government Securities Loans By Holder Foreign Currency Commercial Banks Other Local Financial Institutions Bahamian Dollars The Central Bank Commercial Banks Other Local Financial Iinstitutions Public Corporations Other
3,795,658
4,009,658
4,263,352
3,999,658
4,044,658
4,182,841
4,263,352
4,288,905
4,211,490
125,000 125,000 3,670,658 134,657 579,282 2,956,473 246
4,009,658 134,657 579,282 3,025,473 270,246
36,615 36,615 4,226,737 134,657 816,513 3,072,783 202,784
3,999,658 134,657 579,282 3,040,473 245,246
4,044,658 134,657 579,282 3,085,473 245,246
13,250 13,250 4,169,591 134,657 769,215 3,065,473 200,246
36,615 36,615 4,226,737 134,657 816,513 3,072,783 202,784
50,000 50,000 4,238,905 134,657 843,606 3,057,783 202,859
4,211,490 134,657 856,336 3,047,783 172,714
125,000 125,000 3,670,658 542,419 1,345,740 9,357 684,911 1,088,231
4,009,658 567,399 1,585,768 10,217 665,267 1,181,007
36,615 36,615 4,226,737 519,533 1,708,532 26,395 650,289 1,321,988
3,999,658 481,154 1,619,069 12,174 661,167 1,226,094
4,044,658 424,900 1,680,410 21,084 655,034 1,263,230
13,250 13,250 4,169,591 452,711 1,770,711 11,402 650,269 1,284,498
36,615 36,615 4,226,737 519,533 1,708,532 26,395 650,289 1,321,988
50,000 50,000 4,238,905 507,299 1,727,174 9,857 637,789 1,356,786
4,211,490 565,484 1,641,247 9,857 632,020 1,362,882
TOTAL FOREIGN CURRENCY DEBT TOTAL DIRECT CHARGE TOTAL CONTINGENT LIABILITIES TOTAL NATIONAL DEBT
1,315,109 4,985,767 604,385 5,590,152
1,572,394 5,582,052 702,454 6,284,506
1,671,468 5,898,205 755,183 6,653,388
1,580,921 5,580,579 719,962 6,300,541
1,593,203 5,637,861 726,890 6,364,751
1,615,097 5,784,688 729,334 6,514,022
1,671,468 5,898,205 755,183 6,653,388
1,789,582 6,028,487 751,287 6,779,774
1,741,452 5,952,942 742,497 6,695,439
Source: Treasury Accounts & Treasury Statistical Summary Printouts Public Corporation Reports Creditor Statements, Central Bank of The Bahamas
30
TABLE 13 PUBLIC SECTOR FOREIGN CURRENCY DEBT OPERATIONS (B$ '000s) Period
2013
2014
2015
1,894,039 1,042,746 851,293
2,139,513 1,315,109 824,404
Plus: New Drawings Government Public corporations
309,225 282,868 26,357
Less: Amortization Government Public corporations
Outstanding Debt at Beginning of Period Government Public Corporations
Other Changes in Debt Stock Government Public corporations Outstanding Debt at End of Period Government Public corporations
2015
2016
Mar.
Jun.
Sept.
Dec.
Mar.
Jun.
2,452,857 1,572,394 880,463
2,452,857 1,572,394 880,463
2,477,876 1,580,921 896,955
2,491,904 1,593,203 898,701
2,517,600 1,615,097 902,503
2,567,517 1,671,468 896,049
2,677,031 1,789,582 887,449
787,151 491,378 295,773
198,339 152,729 45,610
31,788 10,698 21,090
28,892 18,463 10,429
36,489 28,149 8,340
101,170 95,419 5,751
129,232 126,316 2,916
110,721 9,035 101,686
66,970 13,724 53,246
444,774 205,060 239,714
51,472 21,448 30,024
6,769 2,171 4,598
14,864 6,181 8,683
10,793 6,255 4,538
19,046 6,841 12,205
19,718 8,202 11,516
77,226 57,165 20,061
3,219 3,219 -
(29,033) (29,033) -
(32,207) (32,207) -
-
-
-
-
-
(32,207) (32,207) -
2,139,513 1,315,109 824,404
2,452,857 1,572,394 880,463
2,567,517 1,671,468 896,049
2,477,876 1,580,921 896,955
2,491,904 1,593,203 898,701
2,517,600 1,615,097 902,503
2,567,517 1,671,468 896,049
2,677,031 1,789,582 887,449
2,710,526 1,741,452 969,074
Interest Charges Government Public corporations
109,931 57,758 52,173
125,009 75,372 49,637
133,152 79,998 53,154
29,767 17,835 11,932
35,879 21,495 14,384
26,661 14,513 12,148
40,845 26,155 14,690
27,926 15,038 12,888
43,182 28,354 14,828
Debt Service Government Public corporations
176,901 71,482 105,419
569,783 280,432 289,351
184,624 101,446 83,178
36,536 20,006 16,530
50,743 27,676 23,067
37,454 20,768 16,686
59,891 32,996 26,895
47,644 23,240 24,404
120,408 85,519 34,889
Debt Service ratio
4.9
16.0
5.6
4.2
5.3
5.0
8.5
5.6
13.7
Government debt Service/ Government revenue (%)
5.3
19.0
5.3
4.1
5.3
4.7
7.2
4.8
-
451.9 273.2 67.1 747.3 600.0
276.8 288.7 70.7 916.6 900.0
319.1 281.8 68.4 998.2 900.0
292.3 285.6 70.6 929.4 900.0
288.9 286.5 70.6 945.9 900.0
304.9 286.0 70.4 956.3 900.0
319.1 281.8 68.4 998.2 900.0
326.7 280.5 67.5 1,102.3 900.0
357.0 278.9 67.5 1,107.1 900.0
MEMORANDUM Holder distribution (B$ Mil): Commercial banks Offshore Financial Institutions Multilateral Institutions Bilateral Institutions Other Private Capital Markets
Source: Treasury Accounts, Treasury Statistical Printouts and Quarterly Reports from Public Corporations, Central Bank of The Bahamas.
31
TABLE 14 BALANCE OF PAYMENTS SUMMARY* (B$ Millions) 2013p
2014p
2015p
2014 Qtr.IVp
Qtr.Ip
2015 Qtr.IIp Qtr.IIIp
Qtr.IVp
2016 Qtr.Ip Qtr.IIp
A. Current Account Balance (I+II+III+IV)
(1,493.9)
(1,959.5)
(2,000.3)
(664.6)
(445.9)
(298.9)
(245.1)
(431.5)
(263.5)
(157.7)
I. Merchandise (Net) Exports Imports II. Services (Net) Transportation Travel Insurance Services Offshore Companies Local Expenses Other Government Other Services III. Income (Net) 1. Compensation of Employees 2. Investment Income IV. Current Transfers (Net) 1. General Government 2. Private Sector
(2,211.0)
(2,510.3)
(3,793.0)
(697.0)
(666.8)
(668.5)
(536.7)
(560.0)
(504.4)
(428.3)
B. Capital and Financial Account (I+II)
954.9
833.9
904.6
197.6
125.9
156.1
117.7
120.9
95.8
144.2
3,165.9
3,344.2
4,697.7
894.7
792.7
824.6
654.4
680.9
600.2
572.5
1,043.0
988.9
2,628.1
154.4
368.6
494.8
348.0
248.1
355.5
406.5
(73.9)
(62.1)
(70.3)
(59.7)
(65.5)
(60.7)
(69.0)
447.1
613.4
649.1
454.7
423.3
620.0
639.7 (44.7)
(244.8) 2,022.2
(288.0) 2,096.7
(456.3) 4,039.9
(158.0)
(143.8)
(263.7)
(27.1)
(30.7)
(37.6)
(39.7)
(33.8)
(32.4)
180.3
200.9
309.5
45.3
22.5
57.0
46.8
39.4
35.2
54.3
27.6
33.1
(131.0)
7.1
8.6
5.9
9.3
6.1
(75.6)
(42.6)
(784.3)
(910.0)
(870.4)
(244.1)
(183.1)
(109.1)
(63.4)
(121.5)
(131.0)
(131.1)
(329.1)
(438.1)
(708.1)
(134.8)
(142.2)
(115.4)
(53.8)
(91.2)
(70.0)
(117.7)
(35.8)
(64.4)
(94.1)
(15.0)
(20.5)
(11.9)
(15.2)
(18.9)
(11.1)
(8.2)
(293.3)
(373.8)
(614.0)
(119.8)
(121.7)
(103.5)
(38.6)
(72.3)
(58.9)
(109.5) (18.1)
3.2
0.0
(127.2)
12.8
(5.4)
(9.9)
(2.7)
(28.5)
(44.6)
122.5
118.3
231.5
29.9
41.1
33.2
29.0
26.7
29.4
36.0
(119.3)
(118.3)
(358.7)
(17.1)
(46.5)
(43.1)
(31.6)
(55.2)
(74.0)
(54.1)
429.2
453.3
113.7
56.6
81.4
96.8
(21.7)
51.2
996.0
1,509.9
(excl. Reserves)
I. Capital Account (Net Transfers) II. Financial Account (Net) 1. Direct Investment 2. Portfolio Investment 3. Other Investments Central Gov't Long Term Capital Other Public Sector Capital Banks Other
(9.6)
(8.9)
(29.1)
(0.8)
(7.4)
(1.6)
(3.5)
(6.4)
(4.4)
(2.9)
1,005.6 382.3 (34.0)
1,518.8 251.3 (26.9)
458.2 114.7 (27.0)
454.1 (0.7) (5.2)
121.0 9.7 (4.2)
58.2 43.6 (3.4)
84.8 9.9 (3.1)
103.2 13.0 (1.8)
(17.3) (16.3) (4.2)
54.1 27.4 (5.2)
657.4
1,294.4
370.6
460.0
115.5
18.0
78.1
92.0
3.2
31.9
139.7
411.3
202.0
113.1
8.5
12.3
8.6
65.2
103.6
4.1
93.8
195.4
83.1
(0.2)
5.7
(0.3)
1.3
(2.6)
95.7 (116.5)
1.9
62.2
(161.9)
(222.8)
(124.3)
(33.4)
2.4
54.8
5.9
(19.3)
451.4 0.0
951.2 0.0
195.9 0.0
388.1
140.6
(2.4)
15.0
19.6
(78.5)
50.8
C. Net Errors and Omissions
429.4
495.7
1,097.3
196.4
373.6
366.4
37.4
319.9
468.1
163.6
D. Overall Balance (A+B+C) E. Financing (Net) Change in SDR holdings Change in Reserve Position with the IMF Change in Ext. Foreign Assets ( ) = Increase
(68.5) 0.0
46.0 0.0
321.6 0.0
(14.9)
41.4
124.0
(126.4)
(14.8)
183.0
57.2
(321.6)
(57.2)
68.5
(46.0)
14.9
(41.4)
(124.0)
126.4
14.8
(183.0)
(30.1)
(19.9)
3.3
1.8
3.8
(1.4)
0.2
1.0
(1.2)
(0.0)
0.6
(17.7)
0.2
0.4
(0.2)
0.0
0.1
(18.5)
0.2
98.7
(26.7)
(307.2)
12.8
(45.6)
(122.4)
126.2
13.7
(163.3)
(57.9)
Source: The Central Bank of the Bahamas * Figures may not sum to total due to rounding
32
0.6
TABLE 15 EXTERNAL TRADE (B$ '000s) Period
2013
2014
2015
I. OIL TRADE i) Exports ii) Imports
237,808 726,901
165,337 868,460
70,350 535,306
2014 Qtr. III
Qtr. II
2015 Qtr. IV
Qtr. I
Qtr. II
Qtr. III
Qtr. IV
48,123 205,244
32,626 263,155
34,070 201,724
22,530 67,629
27,073 106,870
12,511 243,845
8,236 116,962
74,368 53,070 127,438 692,436 639,366 (564,999)
90,826 48,970 139,796 756,416 707,446 (616,619)
97,863 36,224 134,087 818,691 782,467 (684,604)
57,503 27,116 84,619 674,050 646,934 (589,431)
44,702 68,078 112,780 694,289 626,211 (581,509)
58,931 24,518 83,449 575,844 551,326 (492,395)
68,938 28,904 97,842 682,553 653,649 (584,711)
II. OTHER MERCHANDISE Domestic Exports Crawfish Fish Conch & other Crustacea Other cordials &Similar Materials/Sponge Fruits & Vegs. Aragonite Other Natural Sands Rum/Beverages/Spirits & Vinegar Crude Salt Polystrene Products Other i) Total Domestic Exports ii) Re-Exports iii) Total Exports (i+ii) iv) Imports v) Retained Imports (iv-ii) vi) Trade Balance (i-v)
19,902 3,079 157 805 70 9,084 85,288 33,436 364,424 209,479 573,902 2,639,003 2,429,524 (2,065,100)
353,216 170,627 523,843 2,921,525 2,750,898 (2,397,682)
230,074 148,616 378,690 2,626,736 2,478,120 (2,248,046)
Source: Department of Statistics Quarterly Statistical Summaries
33
TABLE 16 SELECTED TOURISM STATISTICS Period
Visitor Arrivals
2013
2014
2014
2015
2015
2016
Qtr. III
Qtr. IV
Qtr. I
Qtr. II
Qtr. III
Qtr. IV
Qtr. I
Qtr. II
6,150,784
6,320,188
6,114,337
1,385,359
1,619,786
1,772,202
1,506,445
1,334,600
1,501,090
1,764,730
1,571,231
Air
1,280,736
1,343,093
1,391,782
318,083
300,005
375,962
385,016
330,722
300,082
384,324
397,446
Sea
4,870,048
4,977,095
4,722,555
1,067,276
1,319,781
1,396,240
1,121,429
1,003,878
1,201,008
1,380,406
1,173,785
Stopover
1,363,496
1,305,402
1,471,808
343,485
301,826
391,033
418,156
365,014
297,605
-
-
Cruise
4,709,236
4,804,701
4,513,456
1,014,353
1,293,971
1,358,623
1,051,437
939,688
1,163,708
1,338,961
1,112,983
-
-
-
-
-
-
-
-
-
-
-
2,285
-
-
-
-
-
-
-
-
-
-
1,884
-
-
-
-
-
-
-
-
-
-
398
-
-
-
-
-
-
-
-
-
-
3
-
-
-
-
-
-
-
-
-
-
Number of Hotel Nights
-
-
-
-
-
-
-
-
-
-
-
Average Length of Stay
-
-
-
-
-
-
-
-
-
-
-
New Providence
58.1
60.6
-
39.3
58.1
-
-
-
-
-
-
Grand Bahama
42.1
48.1
-
39.3
40.8
-
-
-
-
-
-
Other Family Islands
39.8
42.8
-
26.2
41.6
-
-
-
-
-
-
226.7
230.6
-
143.1
292.9
-
-
-
-
-
-
82.9
100.3
-
143.1
60.2
-
-
-
-
-
-
161.5
202.3
-
184.1
225.3
-
-
-
-
-
-
Visitor Type
Day/Transit
Tourist Expenditure(B$ 000's) Stopover Cruise Day
Average Hotel Occupancy Rates (%)
Average Nightly Room Rates ($) New Providence Grand Bahama Other Family Islands
Source: The Ministry of Tourism: Average Hotel Occupancy and Nightly Room Rates were amended for Quarter II, 2014
34