Understanding Exchange Controls – Foreign Currency Accounts

Author(s): Central Bank Of Barbados

Created 02 Aug, 2019
Tags Exchange Controls
Categories General Press Release
Views: 5024

Barbadians can now open foreign currency accounts more easily, the result of recent changes to Barbados’ exchange control regime.

The new rules not only significantly expand the range of people who qualify to hold these accounts, but also eliminate the requirement that accountholders surrender 70 percent of the funds in their accounts.

Central Bank of Barbados Chief of Corporate Communications, Novaline Brewster sat down with Ian Collymore, Director (Ag.) of Foreign Exchange and Export Credits at the Bank to discuss the new rules, including:

  • The new requirements for opening a foreign currency account
  • Whether persons with foreign currency accounts will be allowed to purchase foreign currency for holiday travel from commercial banks and other authorised dealers
  • Whether persons with foreign currency accounts will need to pay the Foreign Exchange Fee when they use the money on their accounts

Prime Minister Mia Mottley first announced the relaxation of exchange controls during her March 2019 budget. The changes to foreign accounts went into effect on August 2.

Copyright 2021 by Central Bank of Barbados