Central Bank of Barbados
|Headquarters||Tom Adams Financial Centre, Spry Street, Bridgetown, Saint Michael|
|Central bank of||Barbados|
BBD (ISO 4217)
|Interest on reserves||4.5%|
The Central Bank of Barbados (CBB) is the national monetary authority responsible for providing advice to government of Barbados on banking and other financial and monetary matters. The Central Bank of Barbados, was established by Act of parliament on 2 May 1972. Prior to the establishment of CBB, Barbados' monetary policies were governed through its membership in the Eastern Caribbean Currency Authority (ECCA). The Central Bank operates as the banknote issuing authority for Barbadian currency.
The name of the Central Bank's building is the Tom Adams Financial Centre, which is a ten-storey building located on Spry Street in Bridgetown. As part of the complex, there is a 491-seat theatre/auditorium known as the Frank Collymore Hall. The building was constructed between 1982 and 1986 and it was opened September 18th 1986.
At its inception the Central Bank of Barbados had certain objectives.
- Promoting monetary stability
- Promoting a sound financial structure
- Fostering development of the money and capital markets
- Channelling commercial bank credit into productive activities
- Fostering credit and exchange conditions conducive to the orderly and sustained economic development of Barbados.
Today the regulatory capacity of the central bank handles the issuance of Barbadian banknotes and coins, and licensing of agencies such as: banks, investment businesses, depository trust and finance companies. It also undertakes supervision of Barbadian financial institutions, credit worthiness of the financial system, administering of the international reserves, and reporting regularly to the country on the national finances.
The head of the Central Bank is the Governor, who is appointed by the Bank's Board of Directors. The current Governor of the Central Bank of Barbados is Dr Delisle Worrell as of November 2009.
The Bank also has two Deputy Governors in the person of Mr. Cleviston Haynes who was appointed in 2009 and Mr. Elson Gaskin who has been acting Deputy Governor since November 21, 2016 consequent upon the retirement of former Deputy Governor Mr. Harold Codrington.
Past Central Bank Governors
- Sir Courtney Blackman
- Mr Winston Cox
- Dr Kurleigh King
- Mr Calvin Springer
- Dr Marion Vernese Williams (2005–09)
Awards of the CBB
- The Frank Collymore Literary Endowment
- Barbadian dollar
- Economy of the Caribbean
- Securities Commission
- Commonwealth banknote-issuing institutions
- List of financial regulatory authorities
- Central banks and currencies of the Caribbean
- "CHAPTER 323C - Central Bank of Barbados". Parliament of Barbados. Barbados Deposit Insurance Corporation, BDIC. 2 May 1978. Retrieved 19 January 2010.
- Barrack Construction Company to get $50M
- "8th pillar: Financial market sophistication". The Global Competitiveness Report 2008-2009. 2008–2009. p. 2. Retrieved 11 January 2010.
Section 8.07: Soundness of banks 21 (out of 134)
- Taylor, Rob (10 September 2008). "Canada rated world's soundest bank system: survey". CIBC.com. Archived from the original on February 18, 2009. Retrieved 11 January 2010.
CANBERRA (Reuters) - Canada has the world's soundest banking system, closely followed by Sweden, Luxembourg and Australia, a survey by the World Economic Forum has found as financial crisis and bank failures shake world markets. [...] The United States, where some of Wall Street's biggest financial names have collapsed in recent weeks, rated only 40, just behind Germany at 39, and smaller states such as Barbados, Estonia and even Namibia, in southern Africa.
- H., R. (14 November 2009). "Standard & Poor’s downgrades outlook". Barbados Advocate. Archived from the original on February 26, 2012. Retrieved 14 November 2009.
- Russell, Stacey (14 November 2009). "NOT GOOD!". Nation Newspaper. Archived from the original on November 17, 2009. Retrieved 14 November 2009.
- Staff writer (13 October 2009). "Barbados rating downgraded". CBC. Caribbean Broadcasting Corporation. 5059834. Archived from the original on March 3, 2016. Retrieved 15 October 2009.
- Brathwaite, Jewel (24 November 2009). "New Central Bank Governor to address public on countercyclical measures". Nation Newspaper. Archived from the original on February 26, 2012. Retrieved 2 December 2009.
TOMORROW the new Governor of the Central Bank of Barbados, Dr Delisle Worrell will be giving his first public address since taking his appointment at the beginning of this month. And there could be no better topic than that of countercyclical measures, which will be the focus of his presentation to the November luncheon of the Barbados Chamber of Commerce and Industry (BCCI) at the Hilton.