Protecting Barbados’ $1.3 billion in foreign reserves is the major focus going forward in the face of a $63 million drop in foreign currency and lacklustre performances from key economic sectors.
That was the main message from Governor of the Central Bank of Barbados, Dr DeLisle Worrell, as he put the country on guard that even though construction was expected to expand from tourism and commercial activity and visitors’ length of stay increase, “foreign exchange sectors are not projected to grow significantly in 2012”.
Delivering his report card yesterday on the performance of Barbados’ economy for the six months – January to June 2012 – Worrell stressed that the planned response to this situation was containing demand for foreign exchange and keeping to the Medium Term Fiscal Strategy targets.
The Central Bank boss revealed that the non-tradable sectors – which generated employment but not foreign currency – were not projected to grow significantly this year as a result of efforts to dampen demand for foreign exchange.
