GUIDANCE NOTE – Implementation of the Foreign Exchange Fee

GUIDANCE NOTE – Implementation of the Foreign Exchange Fee

June 30, 2017

The Minister of Finance and Economic Affairs has authorised the Central Bank of Barbados, under the Exchange Control Act, Cap.71, to implement a foreign exchange fee. This guidance note outlines key details regarding the imposition of the foreign exchange fee (FXF), particularly as it relates to the applicable entities, exempt transactions, the required mode and timing of submission of the FXF, the currency of settlement of the same, and the appropriate calculation of the FXF.
This note is applicable to the following entities regarding any foreign exchange sold to their customers:
 Central Bank of Barbados (the Bank).

 Authorised foreign exchange dealers.

 Credit card providers issuing foreign currency cards and/or local cards with international purchasing capability.

 Money service providers engaged in the provision of foreign currency denominated remittances or loans.

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