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OK for bank to step in

rhondathompson, [email protected]

OK for bank to step in

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THE CENTRAL BANK OF BARBADOS has set up “administrative arrangements” to support Government’s revenue raising measures, says Governor Dr Delisle Worrell.
Responding to a question on whether the bank had raised the overdraft limit in a move to buy Treasury Bills, given the reluctance of commercial banks to invest in the most recent issue, Worrell said the move was one of the functions of the bank.
“There’s a limit on the Central Bank’s borrowing from Government by way of overdraft, which is ten per cent on revenue. No change has been made on that,” he stressed.
“We have certain administrative arrangements which we have in terms of the bank’s purchases of Treasury Bills and we have made some changes to those administrative arrangements.”
He said these changes were under ongoing review.
Read the full story in today’s DAILY NATION.