Business Monday: Minister: Accessing foreign exchange should not be a problem for locals

BARBADIANS who want to shop in the proposed Duty Free Centres, assuming they are established, should not have a problem securing foreign exchange to do so.

That’s according to Minister of Housing and Lands, Denis Kellman, who said that getting there, one stipulation is for Barbadians to use foreign exchange to do their shopping, should the Duty Free Zones become a reality.

However, Kellman said that there are more foreign exchange reserves out there than what the Central Bank of Barbados and commercial banks have in the system. He has said that not every Barbadian who goes abroad on a vacation get their US dollars from the banks.    

Kellman said that Bridgetown is the ideal location for one of the Duty Free Zones, because it already has the infrastructure.

“So all we are trying to do now is to try to get some of that. Instead of people keeping the reserves at home, we are giving them.

“The Minister of Finance, in presenting the proposals on Duty Free Zones, proposes to create a special committee to review the initiative and to report its findings, and recommendations to Sinckler within three months.

“His hope is that with a concentrated effort by all involved, at least the City of Bridgetown will be ready for the proposal.”

Kellman said that because of its location, Barbados is one of the most attractive places in the world to visit.

“So when we go Free Zone, there is a possibility we will be able attract people from all over the world to shop,” he added.

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