Caribbean News Now!

About Us Contact Us

Countries/Territories

Jump to your country or territory of interest

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.

Contribute

Submit news and opinion for publication

Subscribe

Click here to receive our daily regional news headlines by email.

Archives

Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin
Instagram



News from the Caribbean:




Back To Today's News

Barbados dollar in no danger of devaluation, says finance minister
Published on March 2, 2017 Email To Friend    Print Version

chris-sinckler5.jpg
Minister of Finance and Economic Affairs, Christopher Sinckler

By Sharon Austin

BRIDGETOWN, Barbados (BGIS) -- The Barbados dollar is not in any “danger of a devaluation” vis-à-vis its standing against the US dollar, asserted minister of finance, Christopher Sinckler, on Monday, as he addressed a press conference to discuss the Barbados economy.

He told the media: “It [devaluation] is not going to happen next week, next pay day, next three months, next year or at any other time in the foreseeable future. That is simply not going to happen!”

He noted that though the foreign exchange reserve levels had temporarily fallen below the 12 weeks standard threshold, this was not the first time it had happened in the history of Barbados’ economy.

“We previously operated this economy successfully with lower levels of reserves in 1998 (9.1 weeks) and in 1999 (9.9 weeks). In neither of those instances there was ever a question that any government of the day would countenance any decision to adjust the value of our currency. Similarly, it is not a scenario that this administration will permit to happen under its watch,” he insisted.

Sinckler pointed out that the fiscal challenges revolved around the major declines in corporation tax revenue, driven in part by the difficulties in the international business and financial services sector and the economic slowdown. He stressed that the challenges had not been driven by any “orgy of spending”.

He said that in order to maintain the level of social services and jobs, government introduced new taxes in an attempt to make up for the revenue loss.

“The shortfall in revenue from these new taxes relative to the funds needed to pay for healthcare, education, garbage collection and the range of social services, were made up by domestic borrowing. This has led to rising debt service costs,” he explained.

The finance minister announced that he was in the process of assembling a team of key, experienced Barbadians to constitute a reformed National Council of Economic Advisors to assist government with the development of a national fiscal sustainability and growth plan.

He said the persons invited to serve had all responded in the affirmative, and promised that their names would be shared with the public shortly. Sinckler expressed hope that the national fiscal sustainability and growth plan would be ready for national discussion and implementation before the end of summer.
 
Reads: 4259





Click here to receive daily news headlines from Caribbean News Now!




Back...

Comments:

No comments on this topic yet. Be the first one to submit a comment.

Back...

As a result of our comments feature being overtaken in recent weeks by spammers using fake email addresses, producing a large number of bounced verification emails each day, we have reluctantly decided to suspend the comments section until further notice.

Disclaimer
User comments posted on this website are the sole views and opinions of the comment author and are not representative of Caribbean News Now or its staff. Caribbean News Now accepts no liability and will not be held accountable for user comments.
Caribbean News Now reserves the right to remove, edit or censor any comments. Any content that is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will not be approved.
Before posting, please refer to our Terms of Use and Privacy Policy.






Other Headlines:



Regional Sports: