Barbados Central Bank focused on continued economic growth
Friday August 26 2011 | 04:57 AM

THE Central Bank of Barbados (CBB) will not be satisfied until it becomes a model of efficient delivery of services. Furthermore, it is pledging to continue working with Government to ensure the economy remains on course of growth.

These positions are outlined in the Bank’s annual report for 2010.

It was revealed in the report that the Bank, in collaboration with local service providers in the International Business and Finance Services (IBFS) sector, has been involved with the upgrade of the regulatory framework for the sector. This is being done to ensure that internationally-accepted standards are implemented and maintained in the areas where Barbados provides competitive services.

“These efforts continue and will be intensified. In addition, Barbados is working with other Caribbean countries which provide IBF services to find ways of constructive engagement with the international bodies concerned with aspects of the financial sector,” it said, noting that a regional task force is being set up to co-ordinate these efforts.

“Overall, it is our ambition to become a catalyst for change in Barbados, towards a management culture that produces well-motivated workers, whose output in every way matches the best international practice”.

This was expressed by the Central Bank as it insisted that it will work with Government to ensure the economy remains on a growth path.

“The Bank will work with the Ministries of Finance and Economic Affairs to ensure that the economy remains resilient in the face of the hopeful but uncertain prospects for Barbados’ main foreign exchange sectors,” according to the report.

It will also maintain ongoing efforts to refine and develop its programme of public information.
“In addition to quarterly press releases, the Bank will resume publication of the ... Barbados Economic Review. The new Economic Review, which will appear every six months, becomes an online journal with a principal focus on policy-related economic research papers, book reviews and shorter pieces on items of interest”.

Furthermore, tools will be developed for assessing the systemic risks to the financial sector as a whole, and financial stability reports will be published at six-monthly intervals.

In the meantime, the CBB’s strategic objectives in 2011 are to further enhance its effectiveness in contributing to the economic and financial resilience of Barbados.

The policy will be informed by a number of measures.

“In order to do so, we will continue to make changes in our management and processes, with a view to securing the enthusiastic commitment of staff to the Bank’s objectives, encouraging a culture of co-operation and mutual support, and opening opportunities for staff to realise their fullest potential in the execution of the Bank’s mandate”.

In addition, there will be further upgrades to the use of technology and risk management processes, said the Bank report.