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News : Bahamas Information Services Updates Last Updated: May 25, 2020 - 3:53:30 PM

Ministry of Finance cautions on fake news reports regarding foreign reserves
By Central Communications Unit, Ministry of Finance
May 25, 2020 - 3:45:33 PM

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K. Peter Turnquest, Deputy Prime Minister and Minister of Finance

The Ministry of Finance wishes to advise the public that reports of the Government “running out of money” are false. Further, the Bahamian dollar is not facing devaluation threat.

Our economy has not survived and thrived for so long because of good fortune. As a country, we have historically taken a very prudent approach to fiscal and monetary policy to protect ourselves in situations like the emergency we face today.  The Country’s foreign reserves are managed by the capable hands of the Bahamian professionals at the Central Bank of the Bahamas. The Central Bank has an exemplary record that should instill confidence in every Bahamian.

Since the COVID-19 crisis, the Central Bank has taken several preemptive steps to shore up our reserves, and they will continue to take necessary action as needed. I echo the Central Bank’s statement today, indicating that monetary policies have already taken into consideration vital local needs, and any reports of devaluation threats are entirely misleading and without merit.

The Government will continue to take the necessary steps to stabilize the economy and support the Central Bank in its mandate to preserve the integrity of the Bahamian dollar.


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