Understanding Exchange Controls – Foreign Currency Accounts

Author(s): Central Bank Of Barbados
Created Date:02 Aug,2019
Views:27
Category: General Press Release,
Exchange Controls
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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

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Understanding Exchange Controls – Foreign Currency Accounts

Understanding Exchange Controls – Foreign Currency Accounts

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Central Bank of Barbados