Going forward, the latter will only be able to borrow loans or advances from the regulator, with the Central Bank now prohibited from acquiring any central government debt securities - or those it has guaranteed or have been issued by a public corporation - at their initial public offering (IPO) stage.
The changes have also imposed tighter restrictions on the Central Bank’s ability to lend to the Government. Speaking as the reforms to that Act were passed by both houses of Parliament last week, he reiterated that the Davis administration “put the cart before the horse” by executing the transaction prior to the amendments that would make it lawful taking effect. Kwasi Thompson, former minister of state for finance in the Minnis administration, told Tribune Business in a recent interview that the Free National Movement (FNM) has not altered its view that the Government’s accessing of $232.3m in special drawing rights (SDRs) had no basis in law under the existing Central Bank of The Bahamas Act. Tribune Business Opposition’s finance spokesman has branded the tightened restrictions on Central Bank lending to the Government as “smoke and mirrors” designed to distract attention from the IMF SDRs controversy. OL679357W Page_number_confidence 93.81 Pages 390 Partner Innodata Pdf_module_version 0.0.17 Ppi 360 Rcs_key 24143 Republisher_date 20211026084625 Republisher_operator Republisher_time 477 Scandate 20211025113839 Scanner Scanningcenter cebu Tts_version 4.EAST Grand Bahama MP Kwasi Thompson. Access-restricted-item true Addeddate 04:07:37 Boxid IA40273801 Camera USB PTP Class Camera Collection_set printdisabled External-identifier
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