Central Bank Reminder On Foreign Currency Transactions

The Central Bank of Barbados reminds the public that all transactions involving the purchase, sale or transfer of foreign currency must be conducted through authorised foreign exchange dealers in accordance with the Exchange Control Act and related Circulars.

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.

These requirements are longstanding and remain in effect. They are designed to support orderly market functioning and ensure transparency in foreign exchange transactions.

Barbados’ external position remains strong. International reserves currently stand at approximately US$3 billion, representing more than 27 weeks of import cover. There is no foreign exchange shortage.

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.

Members of the public are encouraged to consult their authorised dealer for guidance on compliance requirements. (PR)