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Aug 5, 2016

Impact of Earl on Central Bank Reserves

Dean Barrow

Waight isn’t generally a politician and so, most times, can be trusted to tell it as it is. The Prime Minister, a consummate politician, sings a more pleasant tune. But still, there’s no doubt that the economy is unstable, and Earl, certainly, did not help. At his press conference, PM Barrow spoke about the impact of Earl in the context of the reality check sent via letter from the Governor of the Central Bank.

 

Prime Minister Dean Barrow

“His point was that if there were to be the kind of shock that would be represented by giving Ashcroft seventy million dollars in foreign exchange that would have catastrophic consequences for the economy. Absent that he was saying we need to be careful, we need to be judicious but there was no suggestion, as I read it, that the sky was in any imminent danger of falling. Now, if, as Jose told you, we have been dealt this body blow in respect to bananas, in respect to corn, with respect to various other productive sector activities…if in terms of bananas as he said it’s not just that there in any event will be a huge reduction in production but that even those that can still produce might not be able to market because it doesn’t make sense – like derisking why would the marketers come for half a load. So that’s the sort of thing we’re looking at. Whatever care we had to exercise, or the need to exercise tremendous prudence and restraint is incredibly more pronounced now as a consequence of the natural disaster and that is basically what it is.”

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