Source: The Nation Newspaper - Bridgetown,St. Michael,Barbados
Published : October 15, 2007
THE AMERICAN DOLLAR'S slide against major currencies has serious implications for Barbados.
The caution has come from Barbados Private Sector Association (BPSA) chairman Ben Arrindell, who said although mergers and acquisitions may be the issues most talked about, the United States dollar's performance was just as important.
He told Barbados Business Authority that as the US dollar depreciates in relation to the pound sterling and the euro, prices continue to rise for local businesses that import goods from countries outside the US.
Speaking during a break in the opening session of the Public/Private Sector Consultation on Economic and Related Issues on Friday, Arrindell noted that even when companies purchased goods directly from the US, costs might still be high because American suppliers may buy their raw materials from other countries.
He said that these challenges were not impossible to face since the CARICOM Single Market and Economy (CSME) would be the ideal platform from which to fight these challenges.
"There is strength in moving forward as a region," he said, noting that CSME would enhance member territories' economies of scale.
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