EXIM bank reopens FOREX window with US $25 million monthly allocation.
Finance Minister Colm Imbert announced on November 3rd that EximBank’s foreign exchange window has reopened with a monthly allocation of US$25 million. This is aimed at assisting the business sector with accessing FOREX to purchase goods. The Cabinet’s decision to resume the facility, effective November 1st, followed a review by the Finance Ministry. Initially launched in 2020 during the COVID-19 pandemic, the forex window provided access to essential items not manufactured locally, including cleaning supplies, pharmaceuticals, and select foods. The allocation has been reduced by US$5 million compared to previous funding. The revised list will no longer consider some pandemic-related items, like hand sanitizers and face masks, as essential. Imbert noted that local manufacturing’s role is under review, with potential changes to forex access for inputs supporting domestic production. Further details will be shared after consultations with stakeholders.
