Tuesday, April 16, 2024

No devaluation, says Worrell


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DESPITE ITS ECONOMIC CHALLENGES, Barbados isn’t about to devalue its currency.

That assurance has come from Central Bank Governor Dr Delisle Worrell, who told scores of Bajans in New York that their birthplace had returned to an economic growth path and didn’t plan to change the rate of exchange of its currency, which has been in place for more than 40 years, dating back to 1975.

“We ensure there will never be a change in Barbados’ dollar,” Worrell said.

He insisted that the protection of the exchange rate and the availability of adequate levels of foreign exchange were central to the country’s financial policy and its stability.

Just as important, the Central Bank and the Ministry of Finance were always ready to spring into action at the first sign of trouble with the foreign reserves, which now stand at 14 weeks of imports.

Please read the full story in today’s Daily Nation, or in the eNATION edition.


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