Cobham: No shortage

horacecobhamThere is no shortage of Canadian currency in Barbados.

Barbados Bankers Association President Horace Cobham made that clear this on Friday.

It follows reports that in recent days some Barbadians traveling to that North American country have been told by some commercial banks that they did not have Canadian money to provide them with, and instead offer United States notes. One reader reported this to be the case at the currency exchange desk at the Grantley Adams International Airport on Friday afternoon. Cobham, who is head of RBC Royal Bank’s Barbados operations, said he was unaware of such a shortage here, and that his bank had Canadian currency.

“The reality is that I am not aware that we have a shortage of Canadian currency in Barbados. I have not heard it, but it may be that there may be individual banks that have that challenge,” he told Barbados TODAY.

“There is a certain amount that we can sell anyhow in cash, there is a certain amount of US currency that you can sell and there is a certain amount of pounds Sterling that you can sell, and Euros that you can sell.

“You can only sell up to a certain amount in currency and the rest has to be sold in travelers cheques or a bank draft and we can service several customers with the currency that we have holding. So that should not have been an issue at all,” he added. Cobham said the solution to bank customers who could not get a particular service at their financial institution was to seek it at another bank.

“What Barbadians need to learn to do is if they go to their bank and they can’t get the service go to another one because if they had come to us (RBC) they wouldn’t have had that problem,” he said. (SC)

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