The Central Bank of Barbados issued a statement responding to public concerns that some businesses are refusing to accept USD 1 notes, clarifying that it has no legal jurisdiction over whether the public accepts foreign currency and therefore cannot intervene in local businesses’ decisions. In Barbados, the Barbadian dollar (BBD) is the sole legal tender, and while businesses may choose to accept foreign currencies such as the U.S. dollar, they are not legally required to do so, which can result in inconsistent acceptance of smaller denominations. The Bank confirmed it continues to accept USD 1 notes from commercial banks, and noted that commercial banks have indicated they regularly accept USD 1 notes from the public; holders of USD 1 notes are advised to exchange them at local commercial banks to convert them into BBD for domestic transactions.
Central Bank of Barbados 2025-01-16
Central Bank of Barbados clarifies it cannot require businesses to accept USD 1 notes and advises exchanging them at commercial banks
The Central Bank of Barbados clarified it has no legal authority to mandate the acceptance of foreign currency, including USD 1 notes, by local businesses. While the Barbadian dollar is the sole legal tender, businesses may choose to accept foreign currencies at their discretion. The Bank continues to accept USD 1 notes from commercial banks, and advises holders to exchange them at local banks for domestic use.