The Central Bank of Barbados announces that effective Friday, February 15, 2002 it will introduce a new application form for the purchase of foreign currency.
The new features of this Form FC (not for imports) are essentially the National Registration Number (for individuals), the Company Registration Number (for companies), and a coded Purpose of Payment section at the back of the form.
Director of Foreign Exchange and Export Credits Jefferson Reeves explained that the Purpose of Payment section is now categorised and coded in order to identify the specific nature of the payment. The section will also make it easier to record the foreign currency transactions by commercial banks.
The Bank also wishes to advise the public that individuals should present their Barbados National Identification Card to the commercial banks to verify their National Registration Number when requesting foreign exchange to make payments abroad. Companies are required to enter their registration number in the box provided at the front of the form.
Further information on the use of the form may be obtained from the commercial banks or the Foreign Exchange and Export Credits Department of the Central Bank of Barbados.