Stopping The Banks From Sending Back Profits

The Central Bank of The Bahamas to the chagrin of many business people announced last week that it will stop allowing for the foreseeable future the repatriation of profits from local banks owned by foreign companies to their home countries.  This is a measure to protect the dwindling foreign currency reserves while the pandemic Covid 19 rages.  The Prime Minister earlier told the country that we have 2 billion in reserves and this will be cut in half by the end of the  year.  The Bank said this was a protective measure.  Many people were shocked and thought this sends out a  bad signal to the international community.  However, this is not the first time this has happened.  In the Pindling era bank profits had to be retained in The Bahamas  until the reserve situation at the Central Bank improved.