Use the latest browser recommended by Microsoft
Get speed, security and privacy with Microsoft Edge
Throughout 2019, the Central Bank of Barbados was involved in a number of initiatives and activities both related to its core business of promoting economic, monetary, and financial stability; and more broadly to supporting and promoting the arts, education, and culture.
This article, the third in a four-part series, looks back at some of the Bank’s activities and initiatives over the past 12 months. Read parts one, two. and four.
The Central Bank continued its sponsorship of the Crop Over Visual Arts Exhibition in 2018. During his remarks at the official opening of the festival, Governor Cleviston Haynes reaffirmed the Bank’s commitment to supporting the arts, saying that they have the ability to unify communities as well as to stimulate economies.
The month-long exhibition was housed in both the Courtney Blackman Grande Salle and the Queen’s Park Gallery, and featured works from a variety of media. Veteran artist Cy Hutchinson received the Governor’s Award and the Central Bank Award of Excellence for his pieces “Primitive Modern #6” and “Trying to Find”.
In July, the Central Bank of Barbados teamed up with the Financial Services Commission to publish the 2018 Financial Stability Report, an analysis of the local financial system.
In addition to providing a snapshot of Barbados’ economy, the report examined the performance of the six main sectors in the system: commercial banks, credit unions, insurance companies, trust and finance companies, mutual funds, and pension plans. It also provided insight into payment systems in Barbados, revealing, in part, that while debit card use and cash in circulation continue to grow, there was a decrease in credit card payments in 2018.
In August, the Bank hosted a forum with representatives of The Barbados Bankers Association, the credit union movement and the insurance sector to discuss the findings of the report, including the impact of the 2018 domestic debt restructuring on their profitability.
In keeping with the Government’s March announcement that exchange controls would be relaxed, the Central Bank of Barbados in August made several changes to the regime, among them making it easier for Barbadians to open foreign currency accounts and increasing the annual allowance for holiday and business travel to $20,000 and $60,000, respectively.