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The Exchange Control Act, Laws of Barbados CAP 71, was amended to provide for full Exchange Control System between Barbados and the rest of the world. (Previously, transactions between Barbados and other Sterling Area countries were not controlled). Payments to or on behalf of individuals and companies resident outside Barbados now required exchange control permission.
For exchange control purposes, non-resident refers to all persons, firms or companies resident outside Barbados. Their accounts were re-designated external accounts. All currencies other than the Barbadian dollar were considered foreign currency.
Residents holding securities in foreign currencies were required to deposit the certificate of title with the authorised depositories.
Purchase of Barbadian real estate by non-residents required exchange control permission; such purchases for private use could no longer be financed with local