Barbados 2% Foreign Exchange Fee | KPMG | BB

Barbados 2% Foreign Exchange Fee

Barbados 2% Foreign Exchange Fee

The Minister of Finance and Economic Affairs, the Honourable Christopher Sinckler, has authorised the Central Bank of Barbados, under the Exchange Control Act, Cap.71, to implement a 2% foreign exchange fee.

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Barbados 2% Foreign Exchange Fee

The Minister of Finance and Economic Affairs, the Honourable Christopher Sinckler, has authorised the Central Bank of Barbados, under the Exchange Control Act, Cap.71, to implement a 2% foreign exchange fee. The attached guidance note as issued by the Central Bank of Barbados (CBB) outlines key details regarding the imposition of the foreign exchange fee (FXF), particularly as it relates to the:

  • applicable entities
  • exempt transactions
  • required mode and timing of submission of the FXF
  • currency of settlement of the FXF; and
  • appropriate calculation of the FXF.

The FXF will commence on July 17, 2017.

The only exception will be for credit, debit and travel card transactions, which will commence effective September 1, 2017.

The FXF will remain in effect until further notice.

Please click here to access the CBB's guidance note or download the document below.

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