CAPSS: A game changer for Caricom trade | Business
THE Central Banks of Barbados and the Bahamas have successfully processed a cross-border payment using their respective currencies without the need for an intermediary currency.Speaking to Express Business, key stakeholders hailed this as a significant breakthrough, emphasising its potential to help Caribbean Community (Caricom) nations trade with less reliance on the US dollar and other third-party currencies.They noted that this development paves the way for greater financial independence in regional trade.A representative from Trinidad and Tobago’s Central Bank was present to witness the real-time transactions in local currencies within Caricom,...