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The Central Bank of Barbados’ annual Balance of Payments (BOP) survey is now open. Businesses that receive the survey, which captures data related to transactions between Barbados and the rest of the world, have until May 6, 2024 to complete and submit it.
“The BOP survey underpins our management of the economy,” said Anton Belgrave, Director of Research and Economic Analysis at the Central Bank. “The most important component of the balance of payments for us is its impact on the level of foreign reserves because as an open economy, the Barbados economy lives and dies on the level of reserves.”
In 2023, the Bank disclosed that under the Central Bank of Barbados Act, 2020, businesses that fail to provide information that it requires to carry out its functions could be fined $10,000. Belgrave revealed that since then, it had seen a significant increase in the number of entities completing the survey, with the response rate being around 75 percent as compared to less than 50 percent previously.
The Bank official encouraged the private sector to continue to comply with requests for information. “We need businesses to respond and complete the balance of payments survey to enhance our understanding as to what is happening in the foreign exchange market and the accumulation of foreign reserves in this economy.”