The Barbados Government has slapped a commission on all foreign exchange transactions to safeguard the country’s foreign reserves.
Effective July 1, a broad based foreign exchange commission will be charged on all sales of foreign currency at a rate of two per cent.
This will affect all wire transfers, credit card transactions, and over the counter sale of foreign currencies.
In announcing the move, Minister of Finance Chris Sinckler said this measure was expected to raise an estimated $52.5 million over the remainder of the current financial year and $140 million over a full financial year.
Barbados’ foreign reserves stood at $749 million or 11 weeks of import cover at the end of last week.