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May 14, 2020

Foreign Reserve Below Three-Month Import Cover

The tourism industry is practically on life support.  It accounts for about forty percent of the gross domestic product and is a huge foreign exchange earner. And while domestic tourism is back in play, it can never meet the millions of dollars in revenue from international tourists. There has been talk in the private sector that with the economic fallout, foreign exchange will be hard to come by. The Prime Minister says that it is below the three-month importation mark.

 

Dean Barrow

Prime Minister Dean Barrow

“I don’t know exactly where we are now. It changes from moment to moment. We are certainly below, I would hazard and I think the last report that the Central Bank confirmed that, were certainly below the three months import cover that ought to be the benchmark. We are nt yet though at a point where the Central Bank has to step in and ration the foreign exchange disbursements. The commercial banks are still in fact serving their customers who need foreign exchange to continue importing. I believe though that between the commercial banks and the Central Bank there is a kind of priority list that has been developed but the short answer to your question is while we are not where we would want to be or ought to be in the middle of a pandemic we are still managing up to this point in time.”


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