The Central Bank of Barbados
The Central Bank of Barbados was established in May 1972 by the Government of Barbados to advance the pace of economic development in the country. Prior to 1972, the East Caribbean Currency Authority (“ECCA”) was the institution responsible for the management of monetary matters for most of the smaller Eastern Caribbean countries, including Barbados.
At its inception the Central Bank of Barbados had certain objectives. These were:
- Promoting monetary stability
- Promoting a sound financial structure
- Fostering development of the money and capital markets
- Channelling commercial bank credit into productive activities
- Fostering credit and exchange conditions conducive to the orderly and sustained economic development of Barbados.
The Central Bank of Barbados has become the premier financial institution in the country and its main policy is to formulate, in association with Government, monetary and fiscal policies to assist with the country’s economic development programme.
The Exchange Control Authority
Authorised Dealers in gold and foreign currency are obliged to provide to the Exchange Control Authority of the Central Bank of Barbados (the “Exchange Control Authority”) any statistical returns or information that the Central Bank of Barbados requires.
There are no restrictions on direct investment in Barbados but a non-resident investor must register his foreign currency with the Exchange Control Authority if he wishes to repatriate it later.
No one, other than an Authorised Dealer, is permitted to hold foreign currency in Barbados without the permission of the Exchange Control Authority. Foreign currency introduced into Barbados should be offered for sale to an Authorised Dealer.
The exportation of any notes which are or have at any time been legal tender of Barbados or any other country is prohibited except with the permission of the Exchange Control Authority.
As a practical matter, passengers travelling with over BDS$10,000 in cash will have to declare the same to the Customs Department.