Central Bank of Barbados Publishes Guidance on New 2% Foreign Exchange Fee

The Central Bank of Barbados has published guidance on the new foreign exchange fee (FXF) that was included in the Barbados Financial Statement and Budgetary Proposals for 2017 ({News-2017-06-13/P/2-previous coverage}). Key points as provided by the Central Bank include:

• The FXF is introduced in two phases: from 17 July 2017 for purchases of foreign cash, wire transfers, and bank drafts and from 1 September 2017 for foreign credit, debit, and prepaid travel card transactions.
• The FXF is 2% a…