Caribbean Banking Watch: DR, Bahamas, Cayman Islands

DR remittances increase

Remittances to the Dominican Republic in the first nine months of 2018 totaled US$4.87bn - up 10.2% from the same period 2017, according to the central bank.

Remittances in September alone came to US$516mn, up 10.3% from September 2017. The transfers to the nation are well on pace to beat the record-breaking US$5.91bn in all of 2017.

The trend follows the strong growth in remittances seen this year in nations that receive large flows of remittances from the US, as that country experiences a strong labor market.

Guatemala, for example, saw a 13% year-on-year increase in remittances in the first nine months of 2018; Nicaragua remittances were up 8% in the same comparison, and flows to Mexico through September grew 10.8%.

CDB aid program targets Bahamas

The Caribbean Development Bank (CDB) announced a US$107mn program of assistance for The Bahamas during 2018-2022, built around a strategy of improving environmental protection, social development and governance.

"This strategy has been designed in collaboration with the government of the commonwealth of The Bahamas, and aims to help the country achieve its medium-term development objectives," said CDB economics director Justin Ram, in a CDB statement. "As such, we focus on areas that are considered critical to inclusive growth, such as the provision of quality climate resilient infrastructure, energy efficiency and renewable energy, as well as governance and human capital improvement."

Cayman governor talks beneficial ownership register

New Cayman Islands Governor Martyn Roper said he hopes the Cayman Islands will not be going it alone when it introduces a public register identifying the beneficial owners of companies and financial entities, as the UK will be promoting this as a global standard.

"The UK's role is to promote and push that so everybody can move together," Caribbean News Now reported Roper as saying.

"It is important that the Cayman Islands is able to compete and compete fairly and has the right to set its own rates of taxation," he added.

Roper took office last month.