A member of the BU family messaged the blogmaster’s inbox to inform that Scotiabank and FCIB are placing hurdles for persons wanting to open USD Accounts. You will recall the government declared that effective August 2, 2019 Barbadians can open foreign currency accounts without restrictions.
Barbadians Can Hold Foreign Currency Accounts Without Restriction
The government is obviously trying to create an environment for Barbadians to bring hard currency into the island. Feedback indicates the two banks mentioned have decided to make it difficult to open a USD account. They are saying unless you are earning USD or receiving USD dividends they will not open a USD ACCOUNT for a Bajan.
There is speculation banks do not want to increase the expense line by paying additional insurance on a growing USD deposit portfolio. It is unfathomable Barbados is struggling to earn USD and there are entities generating distasteful profits in times of austerity inclined to put up hurdles to an initiative that would assist the country.
Is this payback for the haircut on bonds banks have had to suffer as part of the BERT program?