Minister of Finance Chris Sinckler declares the Government’s homegrown 19-month fiscal consolidation and economic revitalization programme has delivered sound results.
As the 2015/2016 budget got underway in Parliament just after 4p.m., Sinckler was quick to announce that the Barbados dollar was under no threat as he reported that “foreign exchange reserves have been restored and are stable at levels adequate to protect the fixed exchange rate.
“At the end of the March 2015, reserves were $1,135 million or 16.1 weeks of imports of goods and services, up from the 14.7 weeks of imports at the end of December 2014 and further up from the 12. 5 per cent they had fallen to by the end of 2013.
“This 16. 1 weeks is well above the international benchmark of 12 weeks of import cover. The normal daily pattern of changes in foreign exchange reserves has now been restored, and the foreign exchange market is stable.”