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Barbados Central Bank governor against currency devaluation

Published:Friday | February 28, 2014 | 4:19 PM

(CMC):

Governor of the Central Bank of Barbados, Dr Delisle Worrell, is urging Caribbean countries with fixed currencies, not to entertain the thought of any devaluation as a means of restoring stability to their economies.




Worrell told the Caribbean Media Corporation that his recommendation does not only apply to Barbados, where the local dollar is fixed at US50¢, but also to those of the Eastern Caribbean, the Bahamas, Belize, and other stable currencies in the region.



Worrell said that those countries should not be entertaining monetary policy which funds government operations resulting in a decline in reserves and threaten the value of the dollar.



He suggested that currencies should be operated by currency boards, whose policies would promote confidence which is a direct link to a reserve currency.



The Central Bank Governor said that in his view there should be one currency for the entire world, as all currency values were artificial.



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