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Forex challenge

NATASHA BECKLES, [email protected]

Forex challenge

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A LOCAL CHARTERED accountant is suggesting that there is indeed a restriction on foreign exchange in Barbados.
David Simpson, immediate past president of the Institute of Chartered Accountants of Barbados, said despite denials from Government, he had personally experienced such difficulties, as had some of his clients.
On Tuesday in the House of Assembly both Minister of Finance Chris Sinckler and Minister of International Business Donville Inniss denied such a problem existed.
But speaking last night at First Citizens Investment Services market outlook seminar at Frank Collymore Hall, Simpson said “I know the Government has denied that this week, but I can tell you it is the case”.
“I have experienced it and one or two of my clients have as well. It is I am told the enforcement of an old policy that has been there in terms of getting tax clearances and so on before foreign exchange can be released from the country, especially in terms of remittances and paying certain external payments, whether to suppliers or otherwise,” he said. (SC)