Regulatory Alerts2020-02-14
Exchange Control Circular No. 05 - Foreign Currency Accounts
The Central Bank of Barbados issued Exchange Control Circular No. 5 to regulate the maintenance of foreign currency accounts by authorized dealers for both residents and non-residents. Residents are required to utilize existing foreign currency holdings before accessing the local market and must obtain prior approval to hold accounts abroad, while non-residents enjoy unrestricted access to open accounts and repatriate funds. The circular further specifies that foreign currency held in trust for non-residents and proceeds from asset sales are treated under specific guidelines to facilitate compliance.
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