2022: A Look Back (Part 1)

In 2022, the Central Bank of Barbados celebrated its golden anniversary and marked the occasion with a number of events. These, along with many of its regular activities, made for a busy year for the organisation. 

This article is the first in a four-part series that looks back at some of the Bank’s initiatives and activities, both those related to its core objectives of maintaining Barbados’ fixed exchange rate and promoting financial stability; and to its domestic outreach, during the year. Read parts two, three, and four.  

The Fair Credit Reporting Act

The year began with the Bank rolling out a campaign to educate the public about the Fair Credit Reporting Act. The legislation, which was passed in December 2021, gives the Central Bank the authority to regulate credit reporting activity in Barbados.

To bring greater awareness and understanding of the Act and how it will affect Barbadians, the Bank took part in discussions on popular call-in shows Down to Brass Tacks, Let’s Talk About It, and The People’s Business and produced a three-part series, Understanding Credit Reporting.

Review of the Economy

Towards the end of January, Governor Haynes delivered the Bank’s review of the economy in 2021, saying:

“For the second successive year, COVID-19 tested the Barbadian economy’s resilience to extreme shocks. Industrialised economies rebounded strongly from the 2020 economic decline but the persistence of the virus, with its rapidly emerging variants and its after effects on the global supply chain, dampened domestic economic activity, contributed to higher inflation and shaped the direction of public policy.”

During the press conference, he revealed that Barbados’ economy had recorded growth of 1.4 percent during the year while noting that there were still several challenges that could stymie its recovery in 2022

Frank Collymore Literary Endowment Awards

The 23rd Frank Collymore Literary Endowment Awards Ceremony, held in late January, marked the return, albeit on a more scaled-down basis, of in-person events at the Bank. At the end of the two-hour ceremony, which featured readings from the finalists and a poignant feature address by Jamaican poet Kei Miller, US-based Barbadian writer Ronald Williams was named as the top entrant. Despite this, however, he had to settle for second place, as the judging committee opted not to award a first prize for the competition.