The Central Bank of Barbados issued a statement reminding the public that purchases, sales and transfers of foreign currency must be conducted through authorised foreign exchange dealers under the Exchange Control Act and related circulars. It also emphasised that holders of foreign currency accounts with authorised dealers must use available balances in those accounts before submitting new requests to purchase additional foreign exchange. The Bank noted these are longstanding requirements intended to support orderly market functioning and transparency in foreign exchange transactions. It reported international reserves of approximately USD 3 billion, representing more than 27 weeks of import cover, and stated there is no foreign exchange shortage. The Central Bank will continue working with authorised dealers to ensure legitimate foreign exchange transactions are processed efficiently within the established regulatory framework and encouraged the public to consult their authorised dealer on compliance.
Central Bank of Barbados 2026-03-03
Central Bank of Barbados reiterates authorised-dealer requirements for foreign exchange transactions and use of existing foreign currency account balances
The Central Bank of Barbados reiterated that foreign currency transactions must occur through authorised dealers as per the Exchange Control Act. It stressed the need for account holders to use existing foreign currency balances before requesting additional purchases. The Bank confirmed international reserves of approximately USD 3 billion, ensuring no foreign exchange shortage, and committed to efficient processing of legitimate transactions.