Central Bank of the Bahamas

The primary activity of the Central Bank of The Bahamas is the management of monetary policy and the regulation of the financial sector in the Bahamas. It provides services such as the issuance of the national currency, the supervision of financial institutions, the management of international reserves and the promotion of financial stability. The Central Bank primarily serves the national financial market, including commercial banks, financial institutions, the government and, indirectly, the general public through the country's economic and monetary stability.

The Central Bank of The Bahamas was established on June 1, 1974, shortly after the country’s political independence from the United Kingdom in 1973. Its main mission is to implement an independent monetary policy and ensure the supervision of the national financial sector.

Key milestones in its development:

• 1974: Official creation of the Central Bank of The Bahamas, marking the newly independent Bahamian state’s assumption of monetary policy and financial supervision.
• 1970s-1980s: Gradual implementation of banking regulation functions, issuance of the national currency, and exchange control.
• Development of monetary products: The Central Bank issues Bahamian banknotes and coins, whose range has evolved over the decades, notably with the introduction of new secure banknotes and numismatic coins.
• Numismatics: The numismatic coin program began in 1966, even before the creation of the Central Bank, with series designed by Arnold Machin and minted by the Royal Mint in London. This program continued under the Central Bank’s authority.
• Modernization and digitalization: The Central Bank has launched modernization initiatives, particularly in the field of digital payments and banking supervision, to adapt to technological developments and strengthen financial stability.
• Monetary innovation: The Central Bank of The Bahamas was a pioneer in launching a national digital currency, the “Sand Dollar,” aimed at promoting financial inclusion and modernizing payments.
• Partnerships and supervision: It collaborates with other national and international financial institutions to strengthen the fight against money laundering, banking supervision, and the stability of the financial system.
• Strategic changes: The Central Bank regularly adapts its strategy to respond to global economic challenges, the digitalization of financial services, and the need to strengthen the resilience of the Bahamian banking sector.

Today, the Central Bank of The Bahamas plays a central role in monetary stability, regulation of the financial sector, and monetary innovation, while pursuing objectives of transparency, integrity, and economic development for the country.

The founder of the Central Bank of the Bahamas is not a single individual, as it is an institution established by the government of the Bahamas in 1974. The current leadership team includes:

Governor: John A. Rolle
Deputy Governor: Chévon Cambridge
Secretary and Legal Counsel: Janine Moss
Director of Banking Supervision: Ian Rolle
Director of Monetary Policy: Wendy Craigg

These members are the main officials of the central bank, overseeing monetary policy, banking regulation, and financial stability in the Bahamas.