$68m drop in reserves in 3 months
Barbados has suffered its fastest decline in foreign reserves in a year – US$16 million a month – regional economist Marla Dukharan warned yesterday.
This was also the lowest level of foreign reserves in the last 17 years, she said, adding it was due in part to Government’s continued reliance on the Central Bank to finance its operations.
Based on data the Central Bank of Barbados released at the end of October, and Dukharan’s latest assessment, Barbados’ international reserves reportedly fell by about $68 million between September and November alone.
Dukharan said the information released showed that the “Central Bank’s financing of the Government continues unabated” and this was partly to blame for the “precipitous drop in reserves”. (SC)
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