CENTRAL BANK GOVERNOR Dr DeLisle Worrell has painted a sobering picture about the situation facing the Barbados dollar amid talk of devaluation.
During an economic forum Thursday night hosted by the bank, he assured Barbadians that the dollar continued to be safe but warned that there was a real possibility this could change sometime in the future if Government did not implement necessary fiscal changes.
“We are a long way from the possibility of devaluation. But the [issue] is if we don’t stop eroding the foreign exchange we will get there,” he said in response to a question.
“The foreign reserves is what protects us from devaluation,” he said, assuring that the Central Bank remains in a position to “sell foreign exchange” at the two-to-one rate. He later brushed aside talk of currency substitution. (WILLCOMM)
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