{"id":30159,"date":"2019-05-11T15:00:31","date_gmt":"2019-05-11T19:00:31","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=30159"},"modified":"2019-05-11T15:00:31","modified_gmt":"2019-05-11T19:00:31","slug":"barbados-former-central-bank-governor-makes-case-for-adopting-us-currency","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/","title":{"rendered":"BARBADOS-Former Central Bank governor makes case for adopting US currency"},"content":{"rendered":"
\"\"<\/a><\/div>
\"\"<\/a><\/div>

A former central bank governor is calling for Caribbean countries to give up their individual currencies and adopt the United States dollar.<\/p>

\"\"<\/a><\/div>\n

Dr. DeLeslie Worrell, the former governor of the Central bank of Barbados, told a conference organised by the Sir Arthur Lewis Institute of Social and Economic Studies (SALISES) earlier this week that switching to the US currency would essentially eliminate the threat of domestic currency depreciation and with it, the resulting possible disruptions to economic stability.<\/p>\n

\"\"<\/a>
Dr. DeLeslie Worrell (File Photo)<\/figcaption><\/figure>\n

He said there was no time like the present to switch to US currency, noting that the process is not as difficult as some people may imagine.<\/p>

\"\"<\/a><\/div>
\"\"<\/div>\n

Worrell suggested a two-prong process, which involves physically purchasing US notes and coins as well as digital frameworks.<\/p>

\"\"<\/a><\/div>\n

\u201cThe local currencies can be entirely redeemed by the Central Bank by purchasing and importing US currency notes and coins using their existing foreign reserve balances. Central banks and monetary authorities in the Caribbean all have foreign reserves sufficient to purchase US notes and coins to replace the full issue of local currency at the prevailing exchange rate,\u201d he said, adding that most Caribbean Community (CARICOM) countries \u00a0have the requisite foreign reserves to facilitate the recommended dollarisation process.<\/p>\n

\u201cAll deposits and other liabilities of the banking system are held in digital record and that an equal amount of credit and other assets would also be held in digital record. All that would be required for these balances, is to convert both sides of the balance sheet from local currency to US currency at the prevailing exchange rate.\u201d<\/p>

\"\"<\/a><\/div>\n

There has been widespread speculation here that the Barbados dollar could be devalued and in his presentation, Worrell addressed the situation.<\/p>\n

\u201cDomestic currency depreciation brings challenges that inhibit the country\u2019s economic development prospects. It undermines investor confidence. It undermines investor confidence because prospective investors know that devaluation would be inflationary and would trigger increases in import cost as well as unease and unrest in the labour force.<\/p>

\"\"<\/a><\/div>\n

\u201cThe threat of devaluation also leads to capital flight as businesses and wealthy individuals switch to the US dollar value system,\u201d said Worrell, arguing that the recurring threat of domestic currency depreciation also widens the disparity in income distribution.<\/p>

\"\"<\/a><\/div>\n
\"\"<\/a><\/div>","protected":false},"excerpt":{"rendered":"

A former central bank governor is calling for Caribbean countries to give up their individual currencies and adopt the United States dollar. Dr. DeLeslie Worrell, the former governor of the Central bank of Barbados, told a conference organised by the Sir Arthur Lewis Institute of Social and Economic Studies (SALISES) earlier this week that switching […]<\/p>\n","protected":false},"author":3,"featured_media":16588,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-30159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regional"],"yoast_head":"\nBARBADOS-Former Central Bank governor makes case for adopting US currency - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BARBADOS-Former Central Bank governor makes case for adopting US currency\" \/>\n<meta property=\"og:description\" content=\"A former central bank governor is calling for Caribbean countries to give up their individual currencies and adopt the United States dollar. Dr. DeLeslie Worrell, the former governor of the Central bank of Barbados, told a conference organised by the Sir Arthur Lewis Institute of Social and Economic Studies (SALISES) earlier this week that switching […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/\" \/>\n<meta property=\"og:site_name\" content=\"Antigua News Room\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/antiguanewsroom\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-11T19:00:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mlavawteztbj.i.optimole.com\/w:auto\/h:auto\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2018\/06\/Mia.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1319\" \/>\n\t<meta property=\"og:image:height\" content=\"741\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@AntiguaNewsRoom\" \/>\n<meta name=\"twitter:site\" content=\"@AntiguaNewsRoom\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/\"},\"author\":{\"name\":\"Editor\",\"@id\":\"https:\/\/antiguanewsroom.com\/#\/schema\/person\/36cac05ef6398fe56ae3e6317f8535c5\"},\"headline\":\"BARBADOS-Former Central Bank governor makes case for adopting US currency\",\"datePublished\":\"2019-05-11T19:00:31+00:00\",\"dateModified\":\"2019-05-11T19:00:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/\"},\"wordCount\":382,\"commentCount\":2,\"publisher\":{\"@id\":\"https:\/\/antiguanewsroom.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/mlavawteztbj.i.optimole.com\/w:1319\/h:741\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2018\/06\/Mia.jpg\",\"articleSection\":[\"Regional\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/\",\"url\":\"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/\",\"name\":\"BARBADOS-Former Central Bank governor makes case for adopting US currency - Antigua News Room\",\"isPartOf\":{\"@id\":\"https:\/\/antiguanewsroom.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/mlavawteztbj.i.optimole.com\/w:1319\/h:741\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2018\/06\/Mia.jpg\",\"datePublished\":\"2019-05-11T19:00:31+00:00\",\"dateModified\":\"2019-05-11T19:00:31+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/#primaryimage\",\"url\":\"https:\/\/mlavawteztbj.i.optimole.com\/w:1319\/h:741\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2018\/06\/Mia.jpg\",\"contentUrl\":\"https:\/\/mlavawteztbj.i.optimole.com\/w:1319\/h:741\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2018\/06\/Mia.jpg\",\"width\":\"1319\",\"height\":\"741\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/antiguanewsroom.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"BARBADOS-Former Central Bank governor makes case for adopting US currency\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/antiguanewsroom.com\/#website\",\"url\":\"https:\/\/antiguanewsroom.com\/\",\"name\":\"Antigua News Room\",\"description\":\"News As It Happens\",\"publisher\":{\"@id\":\"https:\/\/antiguanewsroom.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/antiguanewsroom.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/antiguanewsroom.com\/#organization\",\"name\":\"Antigua Newsroom\",\"url\":\"https:\/\/antiguanewsroom.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/antiguanewsroom.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/mlavawteztbj.i.optimole.com\/w:1080\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/08\/IMG_1584.jpeg\",\"contentUrl\":\"https:\/\/mlavawteztbj.i.optimole.com\/w:1080\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/08\/IMG_1584.jpeg\",\"width\":1260,\"height\":1260,\"caption\":\"Antigua Newsroom\"},\"image\":{\"@id\":\"https:\/\/antiguanewsroom.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/antiguanewsroom\",\"https:\/\/x.com\/AntiguaNewsRoom\",\"https:\/\/www.instagram.com\/antiguanewsroom\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/antiguanewsroom.com\/#\/schema\/person\/36cac05ef6398fe56ae3e6317f8535c5\",\"name\":\"Editor\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/antiguanewsroom.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ad516503a11cd5ca435acc9bb6523536?s=96\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ad516503a11cd5ca435acc9bb6523536?s=96\",\"caption\":\"Editor\"},\"url\":\"https:\/\/antiguanewsroom.com\/author\/editor\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"BARBADOS-Former Central Bank governor makes case for adopting US currency - Antigua News Room","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/","og_locale":"en_US","og_type":"article","og_title":"BARBADOS-Former Central Bank governor makes case for adopting US currency","og_description":"A former central bank governor is calling for Caribbean countries to give up their individual currencies and adopt the United States dollar. Dr. DeLeslie Worrell, the former governor of the Central bank of Barbados, told a conference organised by the Sir Arthur Lewis Institute of Social and Economic Studies (SALISES) earlier this week that switching […]","og_url":"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/","og_site_name":"Antigua News Room","article_publisher":"https:\/\/www.facebook.com\/antiguanewsroom","article_published_time":"2019-05-11T19:00:31+00:00","og_image":[{"width":1319,"height":741,"url":"https:\/\/mlavawteztbj.i.optimole.com\/w:auto\/h:auto\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2018\/06\/Mia.jpg","type":"image\/jpeg"}],"author":"Editor","twitter_card":"summary_large_image","twitter_creator":"@AntiguaNewsRoom","twitter_site":"@AntiguaNewsRoom","twitter_misc":{"Written by":"Editor","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/#article","isPartOf":{"@id":"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/"},"author":{"name":"Editor","@id":"https:\/\/antiguanewsroom.com\/#\/schema\/person\/36cac05ef6398fe56ae3e6317f8535c5"},"headline":"BARBADOS-Former Central Bank governor makes case for adopting US currency","datePublished":"2019-05-11T19:00:31+00:00","dateModified":"2019-05-11T19:00:31+00:00","mainEntityOfPage":{"@id":"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/"},"wordCount":382,"commentCount":2,"publisher":{"@id":"https:\/\/antiguanewsroom.com\/#organization"},"image":{"@id":"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/#primaryimage"},"thumbnailUrl":"https:\/\/mlavawteztbj.i.optimole.com\/w:1319\/h:741\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2018\/06\/Mia.jpg","articleSection":["Regional"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/","url":"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/","name":"BARBADOS-Former Central Bank governor makes case for adopting US currency - Antigua News Room","isPartOf":{"@id":"https:\/\/antiguanewsroom.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/#primaryimage"},"image":{"@id":"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/#primaryimage"},"thumbnailUrl":"https:\/\/mlavawteztbj.i.optimole.com\/w:1319\/h:741\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2018\/06\/Mia.jpg","datePublished":"2019-05-11T19:00:31+00:00","dateModified":"2019-05-11T19:00:31+00:00","breadcrumb":{"@id":"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/#primaryimage","url":"https:\/\/mlavawteztbj.i.optimole.com\/w:1319\/h:741\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2018\/06\/Mia.jpg","contentUrl":"https:\/\/mlavawteztbj.i.optimole.com\/w:1319\/h:741\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2018\/06\/Mia.jpg","width":"1319","height":"741"},{"@type":"BreadcrumbList","@id":"https:\/\/antiguanewsroom.com\/barbados-former-central-bank-governor-makes-case-for-adopting-us-currency\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/antiguanewsroom.com\/"},{"@type":"ListItem","position":2,"name":"BARBADOS-Former Central Bank governor makes case for adopting US currency"}]},{"@type":"WebSite","@id":"https:\/\/antiguanewsroom.com\/#website","url":"https:\/\/antiguanewsroom.com\/","name":"Antigua News Room","description":"News As It Happens","publisher":{"@id":"https:\/\/antiguanewsroom.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/antiguanewsroom.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/antiguanewsroom.com\/#organization","name":"Antigua Newsroom","url":"https:\/\/antiguanewsroom.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/antiguanewsroom.com\/#\/schema\/logo\/image\/","url":"https:\/\/mlavawteztbj.i.optimole.com\/w:1080\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/08\/IMG_1584.jpeg","contentUrl":"https:\/\/mlavawteztbj.i.optimole.com\/w:1080\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/08\/IMG_1584.jpeg","width":1260,"height":1260,"caption":"Antigua Newsroom"},"image":{"@id":"https:\/\/antiguanewsroom.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/antiguanewsroom","https:\/\/x.com\/AntiguaNewsRoom","https:\/\/www.instagram.com\/antiguanewsroom\/"]},{"@type":"Person","@id":"https:\/\/antiguanewsroom.com\/#\/schema\/person\/36cac05ef6398fe56ae3e6317f8535c5","name":"Editor","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/antiguanewsroom.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/ad516503a11cd5ca435acc9bb6523536?s=96","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ad516503a11cd5ca435acc9bb6523536?s=96","caption":"Editor"},"url":"https:\/\/antiguanewsroom.com\/author\/editor\/"}]}},"_links":{"self":[{"href":"https:\/\/antiguanewsroom.com\/anr-api\/wp\/v2\/posts\/30159","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/antiguanewsroom.com\/anr-api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/antiguanewsroom.com\/anr-api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/antiguanewsroom.com\/anr-api\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/antiguanewsroom.com\/anr-api\/wp\/v2\/comments?post=30159"}],"version-history":[{"count":0,"href":"https:\/\/antiguanewsroom.com\/anr-api\/wp\/v2\/posts\/30159\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/antiguanewsroom.com\/anr-api\/wp\/v2\/media\/16588"}],"wp:attachment":[{"href":"https:\/\/antiguanewsroom.com\/anr-api\/wp\/v2\/media?parent=30159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/antiguanewsroom.com\/anr-api\/wp\/v2\/categories?post=30159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/antiguanewsroom.com\/anr-api\/wp\/v2\/tags?post=30159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}