Prime Minister Freundel Stuart (left) makes a point while Barbados Chamber of Commerce and Industry President Tracey Shuffler (centre) and Senior Vice President Eddie Abed listen attentively, during the organization’s meeting at the Hilton Barbados Resort yesterday.
PRIME Minister Freundel Stuart has given the assurance that Government, through its policy choices, will continue to make the preservation of the exchange rate a matter of priority.
He was speaking yesterday afternoon at the Barbados Chamber of Commerce and Industry’s business meeting held at the Hilton Barbados Resort.
“I give this assurance, well aware that this will serve neither as a deterrent nor a discouragement to that small coterie of alarmists who continue to believe in economic witchcraft and are therefore preoccupied with and intrigued by this brand of necromancy,” he mused.
The Prime Minister said it is his understanding that devaluation is supposed to be a policy response to a “chronic disequilibrium in a country’s balance of payments position”. Its rationale is to correct a chronic imbalance by making imports more expensive and exports cheaper.