The Central Bank of Barbados advises the public that the new regime for the foreign currency accounts will now take effect from August 2, 2019 and not July 1.
Commenting on an article in the July 3 Midweek Nation that stated the new regulation went into effect from Monday, July 1, Governor of the Central Bank of Barbados, Cleviston Haynes, confirmed that the implementation date for the accounts was deferred.
He explained that the Bank and The Barbados Bankers’ Association, in consultation with the Minister of Finance, agreed to the delay to facilitate a smooth implementation of the new regime. Haynes commented further that the Bank regrets any inconvenience caused.
Meanwhile, the Governor confirmed that the increase in foreign exchange limits for personal travel from $7, 500 to $20, 000 and the cap on the foreign exchange fee at $100,000 went into effect from July 1.
In the March budgetary proposals, government announced several initiatives to relax exchange controls as part of the strategy to boost the country’s international competitiveness, support economic growth by channeling savings to productive enterprises, bolster investor confidence in Barbados, and remove some of the bureaucracy and impediments that stymie business.