The Central Bank of Barbados, CBB, has introduced a foreign exchange platform that allows a person to apply for funds to be remitted abroad.
The new system, CBB Forex Online, is designed to “create a more efficient exchange controls platform that allows the bank to better monitor trends and minimise irregularities across the system”, said CBB Director of Foreign Exchange & Export Credits Ian Collymore. It’s available daily on a 24-hour basis.
The platform makes it easier to complete applications and speeds up transactions.
“The system aligns with both the bank and national push towards becoming more globally competitive through the digital space and generally facilitates doing business in Barbados,” said Collymore.
He said users of the system, including commercial banks, money or value transfer services, such as Western Union, lawyers, agencies, businesses and the general public, will find it easy to navigate.
“Forex Online serves as a key pillar to greater efficiency within the financial services sector. The system will roll out with the application form, FC, used to facilitate most foreign currency transactions, apart from those for imports,” the central bank said.
CMC