The Central Bank of Barbados, CBB, has introduced a foreign exchange platform that allows a person to apply for funds to be remitted abroad.

The new system, CBB Forex Online, is designed to “create a more efficient exchange controls platform that allows the bank to better monitor trends and minimise irregularities across the system”, said CBB Director of Foreign Exchange & Export Credits Ian Collymore. It’s available daily on a 24-hour basis.

The platform makes it easier to complete applications and speeds up transactions.

“The system aligns with both the bank and national push towards becoming more globally competitive through the digital space and generally facilitates doing business in Barbados,” said Collymore.