He said the country’s foreign reserves are managed by the capable Bahamian professionals at the Central Bank of the Bahamas, which has “an exemplary record that should instill confidence in every Bahamian”.

The finance minister said that since the coronavirus (COVID-19) pandemic, the Central Bank has taken several “pre-emptive steps to shore up our reserves, and they will continue to take the necessary action as needed.

“I echo the Central Bank’s statement today, indicating that monetary policies have already taken into consideration vital local needs, and any reports of devaluation threats are entirely misleading and without merit.

“The Government will continue to take the necessary steps to stabilize the economy and support the Central Bank in its mandate to preserve the integrity of the Bahamian dollar,” Turnquest added.

The Central Bank had earlier this month announced several measures to shore up foreign reserves, including the suspension of resident access to exchange for international capital market investments through Bahamas depository receipts and the Investment Currency Market.