Only ‘small gains’ from devaluation
DON’T EVEN CONSIDER IT.
That’s the message which Winston Cox, a former governor of Barbados’ Central Bank who once sat on the executive boards of the Inter-American Development Bank and the World Bank in Washington, is sending to the Barbados government as economic analysts in Washington and across the Caribbean raise the issue of a possible devaluation of the Barbados dollar, one of the Caribbean’s strongest and most stable currencies.
“If I were asked I wouldn’t advise the Barbados government to devalue the dollar,” Cox, a former director of finance and planning in the Ministry of Finance told the WEEKEND NATION in an interview from his home in Quebec, Canada.
“Instead, I would advise that the government should pursue policies that seek to improve productivity as a way of achieving long-term and more lasting gains” than simply being competitive. (TB)
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