The Guide to Exchange Control in Barbados has been prepared by The Central Bank of Barbados.
The guide discusses the Exchange Control practices and procedures currently in force in Barbados. The guide is not intended to give exhaustive coverage of every aspect of Exchange Control. Citizens are reminded not to hesitate to consult their commercial bankers or officials in the Exchange Control Department. You are also reminded that some regulations are liable to change as the economic situation demands.
The purpose of the “Guide” is to improve the administration of Exchange Control. It indicates the steps that should be taken to meet Exchange Control requirements in the vast majority of cases. In this way, the time previously spent by Central Bank and commercial bank staff in explaining simple procedures could be used to speed up the processing of your applications.
It is hoped that users of the Central Bank’s website will come to realize that Exchange Control is not a Government invention for the inconvenience of the general public, but a set of effective measures for the protection of the economic interest of all Barbadians.
You will observe that several functions have been delegated to commercial banks. This is calculated to reduce red tape and to minimize the time taken in obtaining Exchange Control approval for your applications. The Exchange Control Department will continue to do its best to expedite your business.
Finally, in spite of our best efforts you may still suffer some minor inconveniences. Always remember, they are a small cost for protection of the nation’s foreign exchange position which these Exchange Control regulations are intended to provide.
The process of exchange control liberalization began in the mid-nineteen-nineties when commercial banks were granted delegated authority to approve payment for several trade transactions which hitherto required the prior approval of the Central Bank. The pace of liberalization was accelerated over the last five years so as to enable Barbados to meet its obligation under the Caribbean Single Market and Economy CSME).