OPPOSITION member Denis Kellman yesterday supported a bill to amend the Central Bank of Barbados Act.

Kellman, the representative for St Lucy, said he was confident the governor of the Central Bank and the board would not be intimidated but would make decisions on behalf of the country.

However, Kellman stated
that more needed to be done
to boost Barbados' foreign
exchange reserves.

One area which he said Government was failing to tap into was that of Barbadians living overseas.

He told the House of Assembly the 125 000 Barbadians living in different countries could be significant contributors to Barbados.

"I have asked the House to introduce an instrument to encourage these persons to send their money back home but they could not understand the wisdom
of it," Kellman charged.

He said that while returning nationals had been criticised for buying lots and leaving them unattended, Government should create a climate which would help them to develop their land.

In addition, Kellman pointed out that high interest rates were creating an anti-investment climate especially for small business people.

"It is creating fodder for investors with large pockets to come in and take over the commercial side of Barbados from small business people. The biggest problem facing small business people is getting working capital from banks,"
he said.

He charged there was the threat of foreign investors along with the banks which he said were all foreign owned dictating the economic pace of the country.

Kellman also pointed out that a survey needed to be done on the impact of gambling, cellular phones and the drug trade on the economy.

In terms of the drug trade he stated "we will have to calculate the foreign exchange costs because these goods have to be paid for."

He added that the gambling operations as well as the cellular phone companies were also all foreign owned. (MB)