Central Bank of Barbados

The Central Bank of Barbados (CBB) is the national monetary authority responsible for providing advice to the Government of Barbados on banking and other financial and monetary matters. The Central Bank of Barbados, was established by Act of parliament on 2 May 1972.[2] Prior to the establishment of CBB, Barbados' monetary policies were governed through its membership in the Eastern Caribbean Currency Authority (ECCA). The Central Bank operates as the banknote issuing authority for Barbadian currency.

Central Bank of Barbados
CBB headquarters in Bridgetown
HeadquartersTom Adams Financial Centre, Spry Street, Bridgetown, Saint Michael
Coordinates13.098828°N 59.613030°W / 13.098828; -59.613030
Established1972
Ownership100% state ownership[1]
GovernorCleviston Haynes
Central bank ofBarbados
CurrencyBarbados dollar
BBD (ISO 4217)
Reserves470 million USD[1]
Interest on reserves4.5%
Websitewww.centralbank.org.bb

The name of the Central Bank's building is the Tom Adams Financial Centre, which is a ten-storey building located on Spry Street in Bridgetown. As part of the complex, there is a 491-seat theatre/auditorium known as the Frank Collymore Hall. The building was constructed between 1982 and 1986 and it was opened September 18, 1986.[3]

The Global Competitiveness Report for 2008–09 ranked the soundness of Barbados's commercial banks as 21st out of 134 global jurisdictions assessed.[4][5]

Role

At its inception the Central Bank of Barbados had certain objectives.

These were:

  • Promoting monetary stability
  • Promoting a sound financial structure
  • Fostering development of the money and capital markets
  • Channelling commercial bank credit into productive activities
  • Fostering credit and exchange conditions conducive to the orderly and sustained economic development of Barbados.

Today the regulatory capacity of the central bank handles the issuance of Barbadian banknotes and coins, and licensing of agencies such as: banks, investment businesses, depository trust and finance companies. It also undertakes supervision of Barbadian financial institutions, credit worthiness of the financial system, administering of the international reserves, and reporting regularly to the country on the national finances.

The Barbadian economy is reviewed regularly by several notable Wall Street investment firms including: PricewaterhouseCoopers, Standard & Poor's,[6][7] and Moody's.[8]

Organisation
The Tom Adams Financial Centre building.

The head of the Central Bank is the governor, who is appointed by the Minister of Finance.[9] The current governor of the Central Bank of Barbados is Mr. Cleviston Haynes as of January 2018 (he was acting Governor since March 2017).[10]

The Bank also has two Deputy Governors in the persons of Mrs. Michelle Doyle Lowe and Mr. Michael D Carrington, both in acting capacities.[11]

Past Central Bank Governors
  • Sir Courtney Blackman (founding Governor, June 1972 – March 1987)
  • Dr Kurleigh King (September 1987 – September 1992)
  • Mr Calvin Springer (September 1992 – September 1997)
  • Mr Winston Cox (September 1997 – April 1999)
  • Dr Marion Vernese Williams (April 1999 – November 2009)
  • Dr DeLisle Worrell (November 2009 – March 2017)

Awards of the CBB
  • The Frank Collymore Literary Endowment

See also

References
  1. https://d-nb.info/1138787981/34
  2. "CHAPTER 323C - Central Bank of Barbados". Parliament of Barbados. Barbados Deposit Insurance Corporation, BDIC. 2 May 1978. Retrieved 19 January 2010.
  3. "Barrack Construction Company to get $50M". Archived from the original on 10 January 2016. Retrieved 16 July 2020.
  4. "8th pillar: Financial market sophistication". The Global Competitiveness Report 2008-2009. 2008–2009. p. 2. Archived from the original on 24 November 2010. Retrieved 11 January 2010. Section 8.07: Soundness of banks 21 (out of 134)
  5. Taylor, Rob (10 September 2008). "Canada rated world's soundest bank system: survey". CIBC.com. Archived from the original on 18 February 2009. Retrieved 11 January 2010. CANBERRA (Reuters) - Canada has the world's soundest banking system, closely followed by Sweden, Luxembourg and Australia, a survey by the World Economic Forum has found as financial crisis and bank failures shake world markets. [...] The United States, where some of Wall Street's biggest financial names have collapsed in recent weeks, rated only 40, just behind Germany at 39, and smaller states such as Barbados, Estonia and even Namibia, in southern Africa.
  6. H., R. (14 November 2009). "Standard & Poor's downgrades outlook". Barbados Advocate. Archived from the original on 26 February 2012. Retrieved 14 November 2009.
  7. Russell, Stacey (14 November 2009). "NOT GOOD!". Nation Newspaper. Archived from the original on 17 November 2009. Retrieved 14 November 2009.
  8. Staff writer (13 October 2009). "Barbados rating downgraded". CBC. Caribbean Broadcasting Corporation. 5059834. Archived from the original on 3 March 2016. Retrieved 15 October 2009.
  9. "Central Bank of Barbados Act" (PDF). Central Bank of Barbados. Retrieved 9 March 2019.
  10. "New Governor of Central Bank climbed the ranks". LOOP News. 29 December 2017. Retrieved 9 March 2019.
  11. "About Us: Senior Management". Central Bank of Barbados. Retrieved 9 March 2019.
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