Saturday 5 December, 2020

The Bahamas foreign reserve remains robust despite COVID-19 pandemic

[iStock.com/sezer ozger]

[iStock.com/sezer ozger]

Despite a five-month shutdown of the tourism industry, The Bahamas' foreign reserves are still wholesome and healthy.

That's according to Deputy Prime Minister and Minister of Finance K Peter Turnquest.

He said despite the challenges wrought by the COVID-19 pandemic, with approximately $2.1 billion the territory's foreign reserve is still fairly robust.

"The position of the public treasury is secure and the viability of the Bahamian dollar and the exchange regime remains robust," Minister Turnquest said.

He said the government has a plan, which despite the challenges, is working.

Although the situation is fluid, the Minister said they are confident that the existing reserve is enough to sustain The Bahamas until the tourism sector is open and fully functional again.

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