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…