Saturday, April 13, 2024

Dip in reserves cause for worry

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ACCOUNTANTS IN BARBADOS are worried the economy is going in two different directions.

Executive director of the Institute of Chartered Accountants of Barbados (ICAB), Reginald Farley, has lamented that while there was economic growth of 1.6 per cent last year, the country was still confronted with a significant decline in vital foreign reserves.

“Reserves have now fallen to 10.3 weeks, which is below the 12 weeks which is often touted as the standard and the target for Barbados . . . . The level of reserves is definitely a cause for concern,” he told the DAILY NATION.

Farley was responding to Tuesday’s Central Bank’s report card on the economy’s performance last year. He applauded Central Bank Governor Dr DeLisle Worrell for admitting the bank’s financing of Government’s deficit had to stop. (GE)

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

 

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