Deputy Prime Minister and Minister of Finance the Hon. Peter Turnquest
stated that the projected contraction in tourism activity will
inevitably have an adverse impact on The Bahamas’ foreign exchange
reserves position, which stood at a healthy $2,030 million at mid-March
2020.

“Based on preliminary projections, external reserves could
decline by some $900 million by end-2020, DPM Turnquest explained as he
presented the Statement on the Fiscal and Economic Impact of COVID-19 in
the House of Assembly, Wednesday, March 18, 2020

“Under this scenario, the country would still have a manageable level of foreign reserves. However, the Central Bank…