Jul 2016 Financial News

Collision course (Barbados)

Jul 20, 2016

GOVERNMENT SEEMS HEADED for a showdown with the local business community over the imminent but unexpected squeeze on foreign exchange leaving Barbados.

In the wake of a $43 million fall in the island’s international reserves between January and June, and projected reduced inflows for the rest of the year, Central Bank Governor Dr DeLisle Worrell revealed yesterday that “foreign exchange outflows will be tightened by the measures to be announced in the forthcoming Budget”.

But Worrell’s surprise announcement has left Barbados Chamber of Commerce & Industry (BCCI) president Eddie Abed “absolutely outraged” that the private sector was neither notified nor consulted about such a major policy change.

Abed said any move to restrict foreign exchange now was “extremely worrisome”. (SC)

Source:
SHAWN CUMBERBATCH
shawncumberbatch@nationnews.com
Nation News
Wednesday July 20, 2016

http://www.nationnews.com/nationnews/news/83426/collision-course