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General
Press Releases
Press
Release May
28, 2004
Further
Exchange Control Liberalisation
Effective June
01, 2004, commercial banks in Barbados may, without the prior
approval of the Central Bank, approve all investment
transactions in private unlisted equities in CARICOM countries
without reference to the Central Bank.
Commercial banks must ask for and examine the relevant
supporting documentation to ensure authenticity (e.g.
sale/purchase agreements, proforma of the investment
transactions, confirmation slips, etc.) and to document details
of the parties to the investment.
The Central Bank reserves the right to call for and/or
inspect any such support documentation from time to time.
Also, effective June 01, 2004, commercial banks in Barbados may,
without the prior approval of the Central Bank, approve
applications to transfer funds from Barbados to CARICOM
countries in respect of personal loans, maintenance and
financial assistance.
Where Authorised Dealers are not satisfied with the authenticity
of the transactions, such transactions must be referred to the
Central Bank of Barbados.
The abovementioned measure is designed to continue the process
of exchange control liberalization so as to facilitate the
execution of foreign exchange transactions in the CARICOM
region.
May
28, 2004
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