Effective January 15, 2004, all investments in corporate securities in the form of equities cross-listed and cross-traded on the stock exchanges in CARICOM may, without limit, be approved by the Barbados Stock Exchange without reference to the Central Bank of Barbados. However, this authority does not include any government securities cross-listed and cross-traded on these stock exchanges.
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.
Also effective January 15, 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 the following:
- Prepayment for imports into Barbados from CARICOM countries; and
- Management services rendered to residents of Barbados by non-residents from CARICOM countries.
Transactions must be supported by adequate documentation, authenticating payment. The Central Bank reserves the right to call for and/or inspect any such support documentation from time to time.