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Citizen’s Dictionary of Exchange Control Terms

Latest Citizen’s Dictionary of Exchange Control Terms

Search Citizen’s Dictionary of Exchange Control Terms

Search Citizen’s Dictionary of Exchange Control Terms using the form below. Leave the keyword field empty for a list of all entries in the selected category.


A Bond

A certificate issued by a Government, statutory authority, or company as a promise to repay money borrowed over a long period of time. Interest is paid at a fixed rate annually, semi annually, or quarterly and the face value repaid at the end of the period of the loan. BONDS are easily transferable from one owner to another.

Authorised Dealer

A commercial bank, trust company, any institution or individual licensed by the Exchange Control Authority to buy and sell foreign currency and gold bullion under specified conditions.
N.B. A person or company, who is not an AUTHORISED DEALER, may accept a foreign currency in exchange for goods and services in Barbados, but he may not dispose of such foreign currency except through an AUTHORISED DEALER.


Gold and silver, in bars or in mass.

Central Bank

An institution established by Government to issue currency, manage the nation’s foreign exchange reserves, regulate the commercial banking system, maintain orderly credit conditions, act as banker to the Government and advise Government on monetary and economic affairs.

Commercial Bank

An institution which accepts deposits from the public and makes loans to Business, Government and individuals. By honouring cheques drawn upon demand deposits, the commercial banking system is a creator of the most important component of the money supply in Barbados and in countries with a reasonably well developed financial system. COMMERCIAL BANKS in Barbados act as both Authorised Dealers and Authorised Depositaries.


Notes and coins accepted as payment in settlement of transactions and debts.


A certificate of indebtedness given by borrower and usually secured by a charge on the property of the borrower, i.e. if the borrower fails to repay the debt under the terms of the DEBENTURE, the holder of the DEBENTURE may take legal steps to acquire the property pledged under the DEBENTURE.
Government DEBENTURES are normally secured by a charge on the revenue of the Government and repayment always assured.


Sale abroad of a country’s goods and services. EXPORTS may be either “visible” or “invisible’ ; e.g. sugar “visible” export of Barbados but when taximan sells a ride from the airport to Bridgetown to a visitor, he is making an “invisible” EXPORT to the country of the visitor’s origin.

Foreign Borrowing

A loan from a foreign creditor to an individual or company resident in Barbados.


All goods and services purchased from abroad. IMPORTS may be either “visible” or “invisible”, e.g. a motor-car is a “visible” IMPORT, but if a Barbadian visits New York and pays for a taxi ride from the airport to downtown, Manhattan, he is making an “invisible” IMPORT into Barbados.


The means by which risks are shared among a large number of people or institutions which are exposed to them. In the event of a misfortune befalling an individual or institution so insured, compensation is paid out of the premium provided by all those who are insured against that misfortune.


The expenditure of funds by a person, institution or Government in the expectation that benefits will accrue from the same expenditure sometime in the future.


Personal property, including sum of money, bequeathed by will to a beneficiary.


Referring to the collection of coins as a hobby.


A sum of money sent from one place to another.