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Throughout 2021, the Central Bank of Barbados was involved in a number of initiatives and activities both related to its core objectives of maintaining Barbados’ fixed exchange rate and promoting financial stability; and more broadly to supporting and promoting the arts, education, and culture.
This article, the second in a four-part series, looks back at some of the Bank’s activities and initiatives over the past 12 months. Read parts one and three here.
The Central Bank of Barbados’ Caribbean Economic Forum returned in April. The forum, originally the flagship event for the Bank’s Distinguished Visiting Fellowship programme, was re-imagined as a virtual series in 2020 due to COVID-19 restrictions, and the new format continued into 2021.
In the first instalment of the 2021 series, Brian Wynter, former Governor of the Bank of Jamaica, and two representatives of the Inter-American Development Bank: Moisés Schwartz, Manager of the Institutions for Development Sector and Diether Beuermann, Lead Economist in the Caribbean Country Department discussed how structural reforms and better debt and financial management can act as guardrails against external shocks.
The second edition focused on how Caribbean governments can create a people-centred approach to development in the region.
The second quarter of 2021 also saw the return of the Bank’s Domestic Financial Institutions Conference seminar series, which focuses on topical issues in Barbados’ financial services sector. Two sessions were held during the quarter, the first focusing on how the sector can help to increase household investment in renewable energy, and the second on technology and customer service.
During the latter session, the panellists – Paul Ashby, CEO of SigniaGlobe Financial; George Thomas, Deputy Chief Information Officer at CIBC FirstCaribbean International Bank; and Colin Daniel, Principal Consultant at Strategic Consulting and Advisory Services – discussed COVID’s impact on the use of e-banking in Barbados, but also noted that the issue of cybersecurity is a concern for many. At the request of a participant, Thomas provided tips to the audience.
Two additional sessions were held during the year, one that looked at how financial institutions mitigate risk, especially given the financial hardships many of their clients are experiencing as a result of the pandemic, and the other that delved into financial fraud in Barbados.
In May, the International Monetary Fund completed its fifth review of the Barbados Economic Recovery and Transformation (BERT) programme. Following the meeting, which was held virtually, the IMF’s team leader, Bert Van Selm, issued a statement that the island had met all but one of its targets, with the outstanding one having been affected by “measures to address the COVID-19 health crisis.”
He also indicated that, subject to approval, Barbados would receive an additional US $24 million in funding under the Enhanced Fund Facility (EFF) programme. The IMF’s Executive Board approved that funding in June.