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The Bahamas

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  • International Monetary Fund. Western Hemisphere Dept.
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    Abstract

    This article is an overview of the structure of the Bahamian financial system. After the financial crisis in the United States, the Bahamian financial structure showed fragile growth. Tourism, the main source of income for the domestic economy, weakened owing to the U.S. crisis. The increase in oil prices was the key reason for the destroyed infrastructure. However, amidst the vulnerabilities, the banking sector showed stability with high capital and liquidity and sustained challenges; the insurance sector also showed significant improvement. The current financial framework needs to be strengthened, and the mission recommends several reforms to handle financial shocks.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=40475
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Staff Country Reports with number 13/101.

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    Length: 88
    Date of creation: 11 Apr 2013
    Date of revision:
    Handle: RePEc:imf:imfscr:13/101

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    Related research

    Keywords: Financial sector; Banks; Bank supervision; Basel Core Principles; Financial safety nets; Deposit insurance; Risk management; Insurance; Capital markets; Pension funds; Payment systems; Financial system stability assessment; Bahamas; The; offshore banks; banking supervision; financial soundness; money laundering; international standards; organized crime; iosco principles; foreign banks; payment system; securities industry; supervisory process; settlement systems; criminal liability; financial sector standards; regulatory authorities; foreign branches; due diligence; customer identification; securities regulation; customer identification requirements; financial standards; supervisory approach; foreign jurisdictions; regulatory requirements; foreign counterparts; terrorism financing; international accounting standards; supervisory framework; licensing process; market infrastructure; supervisory regime; enforcement powers; good faith; reputational risk; legal assistance; international cooperation; financial supervision; financial sector supervision; accounting standards; financial intelligence unit; supervisory authorities; international conventions; prudential supervision; insurance supervisors; criminal matters; legal frameworks;

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