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Bahamian Politics Last Updated: Apr 20, 2017 - 12:58:56 AM

Kemp: The DNA will open the doors for Financial Flows
By Youri Kemp, DNA Spokesperson for the Economy and Finance
Apr 19, 2017 - 9:15:25 PM

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The Democratic National Alliance has committed itself vigorously to opening our financial floodgates and allowing capital to flow freely in and out of our jurisdiction. As a country that boasts itself as being a financial jurisdiction, we feel as if we must act like it and move away from the false pretences and do what is right!

What we have not had under the last 40 years is progress made under the PLPFNM co-management of our financial services. What we have had from the PLPFNM co-management is stories and further losses of our second pillar, all the while Bahamians are being shut out and left out of the global market-share for services. We can do better! Under a DNA government, we will do better!

The DNA notes with keen interest the moves made by the Central Bank with regard to relaxing exchange controls. A DNA government will accelerate those plans to 21st Century levels and allow more business to be done under a new capital flow regime.

The DNA has pledged to relax exchange controls over the course of the next ten years, at the same time allowing for Bahamians to not only have dollar accounts, but other currency accounts as well. We will of course segment the local economy from our international finance endeavours to mitigate shocks and volatility in the global market place for capital and currency, but we will also ensure that we increase the amount of business we allow in foreign change trading and Special Purpose Vehicle facilitation.

The DNA has also committed to advancing the move towards establishing a Currency Trading Hub for European, Asian and North-American currencies. This is a commitment in the Vision 2017 and Beyond document and we stand by that.

The DNA also stands by our efforts with regard to increasing the amount of business we do in financial services. We have committed to spending more on business exploration trips, but we have pledged to invite top financial institutions to assist with making this Bahamian market suitable for their business needs and trends within the market.

More importantly, the DNA has committed to more Research and Development in the financial services by pledging to create a Research and Development Desk for Financial Services, thereby allowing our industry to stay abreast of international trends, best practices and staying on the cutting edge of what our industry needs best.

Without question after the 2000 Financial Services Blacklist fears we have lost a considerable amount of ground in the financial services industry. We must get our industry back, and we must first begin to allow for more business to take place.

A DNA government will no doubt get our industry back, but will also make our industry grow again.

Youri Kemp
DNA Candidate for Garden Hills
DNA Spokesperson for the Economy

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