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    October 21

  • 07:10 AM

Foreign exchange outflows to be tightened

SHAWN CUMBERBATCH, shawncumberbatch@nationnews.com

Added 19 July 2016

centralbankbuilding

Central Bank of Barbados.

GOVERNMENT IS PREPARING to restrict the amount of foreign exchange leaving Barbados.

Central Bank Governor Dr DeLisle Worrell made the revelation this afternoon when the bank released its half year economic review.

While Minister of Finance and Economic Affairs Chris Sinckler is yet to announced the date of his next Financial Statement and Budgetary proposals, Worrell announced, “Foreign exchange outflows will be tightened by the measures to be announced in the forthcoming budget.”

At the same time, he said “Private foreign inflows for known investment projects for the remainder of this year are about $55 million, and net foreign financing for the public sector is expected to be about $99 million.”

Worrell said these combined factors “should result in foreign reserves of $938 million at year-end, an increase of about $54 million over the course of 2016”.

In his review, he also said that Barbados' foreign exchange reserves fell by $43 million during the review period to end at $884 million, about 13.6 weeks of imports of goods and services. (SC)

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