May 1972 marked the founding of the Central Bank of Barbados (CBB) and the
creation of the Barbadian dollar. Before 1972 Barbados and many other Caribbean
countries fell under the Eastern Caribbean Currency Authority (ECCA). Prior to
the Barbadian dollar, the island used the West Indies dollar as the national
currency. Barbadians take pride in the fact that we now have our own currency.
It is known as the Barbadian dollar, characterized by the symbol BDS$. The
Barbadian dollar is pegged to the United States dollar at an exchange rate of
US$1 to BDS$1.98.
Foreign Exchange
As of October 2nd 2006, the approximate exchange rates (from the Central Bank of
Barbados) are as follows:
| |
Buying |
Selling |
| Canadian Dollar |
1.76519 |
1.82891 |
| East Caribbean Dollar |
0.73704 |
0.74445 |
| Euro |
2.48430 |
2.59050 |
| Pound Sterling |
3.66425 |
3.82091 |
| United States Dollar |
1.98000 |
2.04000 |
Please note that these rates are subject to change. To check current exchange
rates on a specific day, please go to our currency converter compliments of "xe.com
Universal Currency Converter ®."
Locals may buy foreign exchange when they are travelling. There is an individual
yearly allowance for foreign exchange which is limited to the equivalent of
BDS$7,500. For business persons, this limit is $50,000 per year. If you require
more foreign exchange than is permitted, an application must be made to the
Central Bank for permission to acquire these extra funds. Speak to your bank
representative for more details. Application forms are available from the
Central Bank of Barbados website.
For visitors who would like to exchange money, this can be done in any local
bank. You will, however, need to bring your passport and ticket with you. At
most locations, US$ cash is accepted. Coins, however, will not be taken.
Coins and Notes
Barbadian currency, like our people, our history and our culture, is vibrant
and colourful. Each note is a different colour, making it easily identifiable.
The coins we currently have in circulation are one cents, five cents, ten cents,
twenty-five cents, and silver dollar coins. The bank notes in circulation are
two dollars, five dollars, ten dollars, twenty dollars, fifty dollars and one
hundred dollars. Each of the bills features the face of a prominent Barbadian.
On the two dollar bill is John Redman Bovell. Sir Frank Worrell is on the five
dollar bill, Charles Duncan O'Neal is on the ten dollar bill, and the twenty
dollar bill features Samuel Jackman Prescod. Errol Walton Barrow, who was our
first Prime Minister, is on the fifty-dollar bill, and the honour of the one
hundred dollar bill goes to Sir Grantley Herbert Adams, after whom our airport
is also named.
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