Caricom Launches Pilot to Cut Dollar Reliance

Caricom Central Banks Launch Local Currency Payment Platform

• Caricom central bank governors aim to reduce reliance on the U.S. dollar.
• A local currency-based, instant settlement payment platform is being advanced.
• A pilot program successfully completed a cross-border transaction.
• The transaction occurred between the Bahamas and Barbados.

The Caricom central banks have initiated a pilot project that successfully executed a cross-border transaction between the Bahamas and Barbados, aiming to decrease dependence on the U.S. dollar through a new local currency-based payment platform.