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Central Bank of Barbados approval is required before residents of Barbados or any Authorised Dealer gives or renew any guarantee, indemnity or any undertaking which would involve payment to a non-resident, payment in foreign currency or payment to a resident of Barbados on behalf of, or for the account of a non-resident.
Central Bank of Barbados permission is not needed for Authorised Dealers to give or renew guarantees on behalf of customers in the normal course of business. However with respect to commitments on behalf of customers, resident or non-resident under Bail Bonds and salvage full cover is held in foreign currency or in external account balance.
Authorised Dealers are also allowed to make payments under a guarantee or indemnity, which has been previously approved by the Central Bank of Barbados, unless prior approval had a condition that required Central Bank of Barbados approval.