NASSAU, BAHAMAS- The country’s external reserves declined by $30 million in January according to the Central Bank, with outflows increasing by just over 21 percent.
The regulator in its monthly economic and financial developments report for January noted that during the review month external reserves reduced by $30 million to $2,564.7 million, although this was still lower than the previous year’s decline of $44.1 million.
“Contributing this outturn, the Central Bank’s net purchases from commercial banks moderated to $7.1 million from $48.2 million in the preceding year. Further, commercial banks’ transactions with customers shifted to a net sale of $0.7 million from a net intake of $73.7 million a year earlier. Meanwhile, the Central Bank’s net sales to the public sector narrowed to $47.8 million from $91.5 million in 2022,” the regulator noted.