Forex scheme ‘delayed to August 2’

Barbadians will have to wait another four weeks before they can open foreign currency bank accounts under a new regime after the Central Bank of Barbados announced a delay today.

Responding to a report in the Daily Nation that said the new regime went into effect from Monday, July 1, Central Bank Governor Cleviston Haynes, revealed that the implementation date has been deferred until August 2.

The July date had been set by Prime Minister Mottley, the Minister of Finance, in the March Budget.

Govenor Haynes explained that the Central Bank, the Bankers’ Association and the Minister of Finance agreed to the delay to “facilitate a smooth implementation of the new regime”.

While expressing regret at any inconvenience caused by the delay, Haynes announced that other currency liberalisation measures promised in the Budget were in effect.

The annual foreign exchange limit for personal travel has been raised from $7,500 to $20,000 and the cap on the foreign exchange fee at $100,000 went into effect from July 1.

Government had announced the measures in a bid to boost international competitiveness, support economic growth by channelling savings to productive enterprises, bolster investor confidence in Barbados, and remove some of the bureaucracy and impediments that stymie business.