BARBADOS IS NOT in any danger of a currency devaluation but it has to be careful of all the talk about the dollar being depreciated.
Political scientist Dr Don Marshall made these comments today, while addressing the monthly Barbados Chamber of Commerce & Industry luncheon at Hilton Barbados.
Marshall, who is acting director of the Sir Arthur Lewis Institute of Social and Economic Studies, told the gathering of business leaders a “whisper campaign” about devaluation could cause major problems such as a flight of capital and a black market for the hoarding of foreign exchange.
President of the Chamber of Commerce & Industry Tracey Shuffler also told the gathering that “while we are having serious economic difficulties in this country, there is no indication that devaluation is an imminent threat to Barbados”.
From the floor of the meeting, prominent economist Sir Frank Alleyne urged Barbadians to “stop the speculation” about a currency devaluation and work to save the country. (TY)
