National

Central Bank Amendment Bill Debated

NASSAU, BAHAMAS – Opposition accusing government of non-transparency. Both sides went head to head in Parliament, to debate the Central Bank of The Bahamas Amendment Bill 2023.

Published

3 years ago

April 24, 2023

Jameelha Missick

NASSAU, BAHAMAS – Opposition accusing government of non-transparency. Both sides went head to head in Parliament, to debate the Central Bank of The Bahamas Amendment Bill 2023.

Prime Minister Philip Davis kicking off debate, seeking to dispel Opposition Leader Michael Pintard’s comments regarding government’s access to $232 million of the International Monetary Fund’s (IMF) special drawing rights allocation and the subsequent amendment to the Central Bank Act.

Special drawing rights are the units by which a country’s IMF share is measured.

On Monday, Davis stressing it is not a loan as he said the opposition mistakenly assumed.

Davis noted that weeks ago an amendment to the Central Bank Act was tabled to limit the amount government can borrow from the Central Bank by 50 percent, from 30 percent to 15.5 percent of asset values…

However, Pintard asserts government is breaking the law.

Pintard also accusing the Davis Administration of non-transparency, as he says government never indicated any intention to borrow or add a liability from the Central Bank.