Another View on Foreign Currency Leakages

Peter Harris Barbados Foreign Currency Leakages

I have had some positive feedback on my recent blog, in which I suggested a few Solutions to Barbados’ foreign Exchange Problem. Having only recently joined the retail business myself through Honda, I received feedback that the larger buying agencies can leak foreign currency abroad by inflating the cost of imports. Unlike cars that have rigid price controls, other consumables are left to the purchaser’s discretion for the most part to declare prices. If the purchaser is technically purchasing from himself in a foreign country then it is possible to put any price on the invoice.

If prices are artificially inflated then companies have seemingly valid reasons to send more than needed sums of money abroad. This is one area then that needs to be considered urgently if this is indeed being practiced because not only the economy suffers but the consumer as well.

Why should our consumers pay up to 500% or more for an artificially inflated item? Inflated pricing practices not only drains our foreign reserves but further inflates our already high cost of living.

I had the recent experience of looking for a 5-gallon container of a wood sealant. The local Barbados price was $375.00. The US retail price with taxes was BDS$110.00. I am sure cost of shipping, local import taxes and the retailer’s markup cannot add up to almost 300% above the US retail price.

I am not advocating price control of any type. I am merely suggesting that, in the same way that under-invoicing is policed by customs, over invoicing should also be monitored.

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Why Philanthropy Matters

Why Philanthropy matters by Peter Harris Chairman of the PVH Group of companies in Barbados

Achieving success is a wonderful thing, especially given all the obstacles and challenges that you usually have overcome to get there. However, I have always held the belief that to whom much is given, much is expected.

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Focusing On Customer Service Will Bring Success

Focusing on customer service will bring success by Peter Harris chairman of the PVH Group of companies. Business Barbados

Customer service is forever being discussed around the world and in Barbados it’s no exception. As employers and employees we sometimes forget that the customer has the power of choice.

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Managing Change For Your Business

Managing Change For Your Business by Peter Harris Chairman of PVH Group Barbados

Change is just about the only constant in life and we fear it, not only in our private life but also in business.

The transportation industry continues to evolve both at the micro and macro level.  From Virgin’s race to take civilians into space, to the taxi industry’s struggle to compete with the new taxi model put forward by businesses such as Uber and Lyft. Facing a reality such as this head on, rather than putting your head in the sand, is always the best thing to do.

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Time Is Your Single Most Valuable Asset

Time Is Your Single Most Valuable Asset by Peter Harris chairman of the PVH Group in Barbados

What are the most important assets in life and business? Hard work, dedication and passion are usually very high on the list, but for me you cannot achieve anything without time.   

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