BRIDGETOWN, Barbados, CMC – The Central Bank of Barbados (CBB) said on Tuesday that all transactions involving the purchase, sale, or transfer of foreign currency must be conducted through authorised foreign exchange dealers.
In a statement, the CBB said that while “there is no foreign exchange shortage,” the activities involving foreign exchange must be in accordance with the Exchange Control Act and related measures.
“Foreign currency accounts held with authorised dealers form part of the regulated foreign exchange framework. Account holders are required to utilise available balances in their foreign currency accounts before submitting new requests to purchase additional foreign exchange,” the CBB said.
It said that these requirements are longstanding and remain in effect and that they are designed to support orderly market functioning and ensure transparency in foreign exchange transactions.
But it said that Barbados’ external position remains strong with international reserves currently standing at approximately three billion US dollars, representing more than 27 weeks of import cover.
“The Central Bank will continue to work closely with authorised dealers to ensure that legitimate foreign exchange transactions are processed efficiently and in accordance with the established regulatory framework,” it said, encouraging members of the public “to consult their authorised dealer for guidance on compliance requirements”.
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