This Financial Sector Stability Assessment on The Bahamas was prepared by staff of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on January 18, 2013.

The key points are as follows:

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The ZNS broadcast network has reported that although several Bahamians were participating in the Boston Marathon yesterday none are believed to have been hurt.
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More than 80 financial and corporate service providers (FCSPs) last week attended a special collaborative training effort hosted by two of the industry’s key regulators and a major stakeholder.

In its capacity as the Inspector of Financial and Corporate Services, the Securities Commission of The Bahamas (SCB) hosted the industry briefing at the British Colonial Hilton, Nassau April 8, 2013.

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Nassau, 13 Abr (Prensa Latina) — There is a 25 percent to 30 percent chance the Bahamas Petroleum Company will discover oil in The Bahamas, according to Paul Gucwa, BPC”s chief operating officer.

“What we’re about to do is explore to find out whether there’s oil there or not,” said Gucwa.

“And as explorationists, I can tell you that our perception is there is a one in three or one in four chance that there is oil. So it’s not certain that we are going to find oil.”

The government has approved exploratory drilling to determine if the country has commercially viable oil reserves before it holds a referendum on the issue at the end of 2014 or early 2015.

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Daouda Diabaté, Ambassador-Designate of the Republic Côte d’Ivoire, presented Letters of Credence to Sir Arthur Foulkes, Governor General of he Commonwealth of The Bahamas, during a ceremony at Government House April 11, 2013.

“The Republic of Côte d’Ivoire and the Commonwealth of The Bahamas have enjoyed friendly and cordial ties since our establishment of diplomatic relations June 27, 1988,” said Sir Arthur.

He noted that while the history of both countries may vary considerably, both share common membership in a number of organizations, including the United Nations (UN) and the African, Caribbean and Pacific Group of States (ACP).

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Officials from the Ministry of the Environment and Housing will inspect the premises and operations of the BORCO storage facility in Freeport, Grand Bahama today.

The inspection team comprises technical persons from the Ministry of the Environment and Housing, the BEST Commission, the Department of Environmental Health Services, the Ministry of Transport and Aviation and the Port Department, the Royal Bahamas Police Force, the Ministry of Works and the Ministry of Health.

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April 15, 2013 (Proactive Investors) – Bahamas Petroleum (LON:BPC), which searches for oil off the group of Caribbean islands, cut its losses in 2012, with an exciting year on the agenda thanks to new government sanctions.

A new government elected in the Bahamas last year recently confirmed that the company can drill off its shores ahead of a referendum process, which will only be held once commercial oil is found.

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NEW YORK, April 12, 2013 /PRNewswire/ — A United Nations-type “general assembly” of ministers from over a dozen governments from the English, French, Dutch and Spanish-speaking Latin America and Caribbean regions, as well as several investors will convene in June in New York City.

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Pictured: (click to enlarge) Beth Dean-Pope (left), regional director, Baha Mar Ltd, shows the High Commissioner around the new Baha Mar offices in London March 27. (Photo Credit: Baha Mar Ltd)

Eldred Bethel, High Commissioner, toured the newly opened Baha Mar offices in central London at the end of last month.

Beth Dean-Pope, regional director, Baha Mar Ltd, showed the High Commissioner and his wife Dawne Bethel around the new offices located at 170-173 Piccadilly, London.

Baha Mar Ltd established an office in central London in order to raise awareness in Europe and the Middle East of the Baha Mar resort currently being constructed on Cable Beach in The Bahamas.

The offices will act as its European headquarters for the sales of the Baha Mar residences.

Palm Cay, the upscale waterfront development on Nassau’s eastern shore, will host the 2nd Annual Bahamas Sports Fishing Network (BSFN) Boat Show April 27.

“We were proud to have been selected to host the first BSFN Boat Show last year when we had more than 30 boats for exhibit and sale,” says Palm Cay marina consultant Brooks Russell.

“This year, given the interest already expressed and with our marina completely built out with 194 slips, we expect the number of boats to be more than double last year’s. The timing is also perfect. The boat show that is set for the end of April is an excellent opportunity for both boat owners and those who are interested in seeing what is available just in time for the start of the summer boating season.”

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