BARBADOS MAY BE LOSING a substantial amount in foreign exchange because some hotels could be keeping much of their earnings from bookings paid for overseas, outside of the country.
This suggestion from regional economist Marla Dukharan came in her assessment of why Barbados earned less from tourism despite an increase in arrivals.
She attributed this phenomenon to a lack of confidence in the exchange rate and the foreign exchange restrictions.
However, her perspective is being challenged by Barbados Hotel and Tourism Association chief executive officer, Senator Rudy Grant. He contends that local hoteliers do bring home the money earned overseas to pay for the day-to-day operation of their properties.
For him, the growing impact of the sharing economy like Airbnb could be responsible for reduced tourism earnings as those visitors stayed in less expensive accommodation for shorter times and spent less.
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