Bank Loss in the Bahamas Leaves Family Islands ‘Out Of Economy’
Bank Loss in the Bahamas Leaves Family Islands ‘Out Of Economy’
Exuma’s Chamber of Commerce yesterday said it is aiming to engage the Government over the “devastating” impact the island has suffered from losing “two-thirds” of its bank branches.
Pedro Rolle, the Chamber’s president, told Tribune Business it was impossible for Exuma to present itself to Bahamian and international investors as a modern, open economy unless there was sufficient access to “basic, functional commercial banking”.
With both Scotiabank and Bank of The Bahamas exiting Exuma within two years, he added that the island is now down to just one remaining commercial bank branch - Royal Bank of Canada (RBC).
Speaking after John Rolle, the Central Bank’s governor, revealed last week that bank branches in Grand Bahama and the Family Islands have shrunk by almost 40% in the seven years to 2021, the Exuma Chamber chief voiced doubts over whether electronic payments providers or the Sand Dollar digital currency will be able to adequately fill the void.
