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Bank upbeat

Geralyn Edward, Business Editor

Bank upbeat

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Two downgrades, zero growth in the economy last year and prospects of little economic growth this year are not enough to dampen Republic Bank’s confidence in the Barbados economy.
Managing director of Republic Bank Limited in Trinidad, David Dulal-Whiteway, told the DAILY NATION in an interview that the regional bank had factored in the island’s economic conditions when it made its substantial investments here.
Last month, the bank moved more than $167.35 million into the Barbados economy to complete the buyout of the former Barbados National Bank.
That money bumped up Barbados’ vital foreign reserves at a time when the main foreign exchange earner – tourism – has been hit by falling tourist arrivals and spending.