John A Rolle: Bahamian financial resilience post-natural disasters

Remarks by Mr John A Rolle, Governor of the Central Bank of The Bahamas, at the Exuma Business Outlook, Exuma, 24 October 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction

It is always a pleasure to speak at the Exuma Business Outlook. This is happening at a time of incredible change within our economy. We are paying more attention to the immediate and long-term needs for planning and development around financial and economic resiliency; and on leveling the playing field of access for commercial goods and services. Post-Hurricane Dorian we are now more focused on strategies for financial resiliency for households, businesses and the public sector; and we are preoccupied with business continuity and recovery at the national level for critical financial services.

The take away from my presentation is that alongside the interventions which the Central Bank intends to make to increase the preparedness of the banking and payments system, serious interventions will also be needed from a policy and cultural perspective to tackle the household sector's financial vulnerability. Critical evolution is also required in our tourism product model to make this leading foreign exchange earner more resilient.