Exchange Controls Too Controlling

Saturday 28th, August 2010 / 00:54 Published by

Bahamians should be permitted to borrow in US dollars against assets that generate significant amounts of this currency, a senior accountant urged yesterday, warning that current restrictions placed them at a major disadvantage when it came to ownership of key businesses in this nation.

Raymond Winder, managing partner at Deloitte & Touche (Bahamas), said removing current exchange control restrictions on foreign currency borrowing would enable Bahamian entrepreneurs and individuals to participate in major investment projects, such as resorts, as owners.

They would be able to raise financing on the same terms as foreigners, whose ability to obtain US dollar and other foreign currency financing frequently left them with lower capital costs in comparison to Bahamians.

By NEIL HARTNELL
Tribune Business Editor

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