bank of the bahamas


		`Bahama Islands Website Partners Site Map`	bank of the bahamas Bahama Islands News, Articles and Information The contentious question of unemployment figures I would be grateful if you would publish these views on the current unemployment rate in The Bahamas. I was surprised to read in the newspapers recently that there are those who are questioning in principle the unemployment statistics produced by the Department of Statistics estimated, as I understand it, at 6.6 percent in New Providence 8.0 percent in Grand Bahama and 7.3 percent overall. This is particularly surprising since lower unemployment is entirely consistent with other reports on the economy produced by such objective organizations as the International Monetary Fund and the Central Bank of The Bahamas. In addition Elcott Coleby in today's Nassau Guardian (Nov 7th) had a well-written analysis highlighting numerous other objective economic indicators which correlate highly with a lowering unemployment rate. Bahamas one cent gets makeover This month the Central Bank of The Bahamas releases into circulation the first denomination in its new family of Bahamas circulation one-cent coins. According to a press release from the bank, "The new family of coins will introduce modified designs of traditional images in an effort to give them a more modern and sleek look." The Central Bank said in its release, however, that certain specifications, such as metallic composition, weight, diameter, and thickness, of the new one-cent coins will remain unchanged. The new coins will also circulate alongside the existing one-cent coin. According to information on the bank's web, the current one-cent coin is round, measuring 19.05 mm in diameter with a smooth edge, bearing on the reverse the Coat-of-Arms of The Bahamas together with the words 'Commonwealth of The Bahamas,' which forms a crown around the Coat-of-Arms. Management of risks Non-management of operational risk can lead to business failure, said a panel of financial professionals on Wednes-day during a conference. Operational risks, according to Central Bank Governor Wendy Craig, has joined the long list of financial risks that institutions in the financial sector must manage. One member of the panel identified several types of operational risks and ex-plained the types of mechanisms that were effective in mitigating those risks. "Operational risk is defined as the potential for adverse fluctuations in the profit and loss statement, or in the cash flow of the firms [with effects that are attributable to customers], inadequately defined controls, systems or control failures and non-manageable events," said Tameka Burrows-Forbes, Senior Manager of Risk at Bank of The Bahamas. Financial Services Boosting Economy People working in the Bahamian financial services sector last year earned more than $209 million, and according to the Central Bank of The Bahamas that sector made up 15 to 20 percent of The Bahamas' gross domestic product (GDP). In other words, that sector – which includes banks and trust companies – was responsible for up to one fifth of the market value of all goods and services produced in The Bahamas in 2005. The average salary for the 4,405 workers in financial services – the industry that follows tourism as the leading economic engine of The Bahamas – was $47,469.00. Last year, the financial sector's capital expenditure – the money spent to acquire or upgrade physical assets like buildings and machinery – totaled $16.3 million, and the sector paid the government $17 million plus in fees.