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CENTRAL BANK OF BARBADOS REDUCES THE FOREIGN EXCHANGE RESERVE REQUIREMENT
The Central Bank of Barbados today announced a modification to its monetary policy.
With effect from October 15, 2009, the foreign exchange reserve requirement on deposit-taking financial institutions will be reduced from 4% to 2%. This is the second reduction since the foreign exchange reserve requirement was introduced in December 2005 in order to give the Bank access to a higher proportion of the foreign exchange held by the commercial banks at that time.
The foreign exchange requirement was previously reduced in June this year from 6% to 4%.
October 13, 2009