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This article, the third in a four-part series, looks back at some of the Central Bank of Barbados’ activities and initiatives in 2024. Read parts one and two here.
In July, the Bank launched a Market Conduct Guideline for the financial institutions it regulates, among them commercial banks and finance companies.
The guideline, which went into effect on July 12, details how these entities should carry out several aspects of their operations, including implementing fees and charges, opening and closing accounts, handling complaints, and ensuring that vulnerable groups have access to financial services.
Speaking during an event to introduce the guideline, Governor Dr. Kevin Greenidge described the guideline as “necessary to ensure the financial system remains stable, it remains transparent, and it remains fair for all players involved.”
Following the launch, the Bank produced a series of blog articles to help Barbadians understand the guideline and how it can help ensure they have a smooth and consistent experience wherever they do their financial business.
Later in July, the Bank hosted the 44th Annual Review Seminar under the theme “Applying an Innovative Lens to Reshape Caribbean Economies.” The five-day conference allowed economists, professionals in the area of finance, and other technical experts to share their research on a range of topics, including sustainable growth, advancing the blue and green economies, trade, big data and the economy, balancing fiscal discipline with economic growth, debt, and monetary policy.
One highlight from the agenda was the keynote panel discussion on the topic “Digital Transformation: Beyond the Buzz,” featuring George Thomas, CEO, Sagicor Bank (Barbados); Dr. Holti Banka, Senior Financial Sector Specialist, Finance, Competitiveness & Innovation, Global Practice, World Bank; and Keith Boldeau, Regional Director, Latin America and the Caribbean, SWIFT. Towards the end of the session, after the panel had shared their perspectives, Deputy Governor Michelle Doyle, who moderated the session, revealed that as part of ongoing efforts to modernise Barbados’ payments system, the Bank would be introducing a new way to clear cheques.
Following Deputy Governor Michelle Doyle’s disclosure during the Annual Review Seminar, Governor Greenidge officially announced that the Bank would be introducing a new digital clearing system for cheques.
Speaking during the Bank’s July press conference, he explained that the ultimate goal was for commercial banks to be able to clear cheques in one-business day. He noted, however, that while the new system would go into effect from August 6, pre-testing had revealed print-quality issues with some cheques, which could prevent those cheques from being processed digitally.
“We have asked the commercial banks to work with their customers whose cheques have print qualities that are not up to standard, and we have given them six months to get it all done correctly, so that anybody who writes a cheque will be able to benefit from the one-business-day processing in early 2025.”
Learn more about digital cheque clearing.
During the quarter, Governor Greenidge delivered remarks to secondary school students at the 3rd Annual Resilience Awards and at the 2024 Barbados Youth Advance Corps graduation ceremony.