• Today
    August 17

  • 07:57 PM

Foreign currency accounts soon available for locals

SHERRYLYN TOPPIN, sherrylynclarke@nationnews.com

Added 25 July 2019

ryan-straughn

Minister in the Ministry of Finance Ryan Straughn. (GP)

Barbadians will soon be able to have local foreign currency accounts.

Minister in the Ministry of Finance, Ryan Straughn, said come August 2, this facility would be extended to all residents, but it could not be bolstered by purchasing currency from the local foreign exchange pool.

Instead, Straughn explained, the Barbados Labour Party Government was putting the regulatory framework in place to encourage investor confidence and attract new business.

He was addressing members of the media earlier today at the post-Cabinet press briefing at Government Headquarters, Bay Street, St Michael.

Similarly, those Barbadians who previously had their accounts overseas can safely have them at home for both personal and business purposes as they were currently moving to eliminate the 70 per cent surrender value on those accounts.

Previously, anyone with a foreign exchange account overseas who attempted to bring those funds home could only retain 30 per cent in foreign exchange while the rest had to be converted to local currency.

Personal allowances will also be increased and a cap put in place for businesses.

Residents were limited to $7 500 annually in currency for foreign exchange, but that will be increased to $20 000 or roughly US $10 000.

For businesses, the foreign exchange fee will be capped at $100 000 so it is not a disincentive to investors.

Straughn said they wanted to send the message to all investors that they could put their money in Barbados with confidence because the framework was in place and it also paved the way for lawyers and other professionals to go after a new set of business which could not previously be conducted in Barbados because of those foreign exchange restrictions. (SAT)

JOIN THE DISCUSSION

Dos and Donts


Welcome to our discussion forum here on nationnews.com. We encourage lively debate, but we also urge you to take note of the following:

  • Stay on topic – This helps keep the thread focused on the discussion at hand. If you would like to discuss another topic, look for a relevant article.
  • Be respectful – Meeting differences of opinion with civil discussion encourages multiple perspectives and a positive commenting environment.
  • Do not type in capitals – In addition to being considered “shouting” it is also difficult to read.
  • All comments will be moderated – Given the volume of comments each day, this may take some time. So please be patient.
  • We reserve the right to remove comments – Comments that we find to be abusive, spam, libellous, hateful, off-topic or harassing may be removed.
  • Reproduction of comments – Some of your comments may be reproduced on the website or in our daily newspapers. We will use the handle, not your email address.
  • Do not advertise – Please contact our Advertising Department.
  • Contact our Online Editor if you have questions or concerns.
  • Read our full Commenting Policy and Terms of Use.
comments powered by Disqus

POLL

Do you think that marijuana should be legalised only for medical and scientific purposes?

Yes
No

FRONT COVER OF TODAY'S NEWSPAPER

CARTOON

INSTAGRAM