Central Bank of Barbados
Encyclopedia
The Central Bank of Barbados (C.B.B.) 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 C.B.B., 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 an eight-storey
building located on Spry Street in Bridgetown
. As part of the complex, the ground floor holds the 491-seat theatre/auditorium known as the Frank Collymore Hall. The building was constructed between 1982-83
The Global Competitiveness Report
for 2008-2009 ranked the soundness of Barbados's commercial bank
s as 21st out of 134 global jurisdictions assessed.
These were:
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 Barbadian economy
is reviewed regularly by several notable Wall Street
investment firms including: PricewaterhouseCoopers
, Standard & Poor's
, and Moody's
.
The current Governor of the Central Bank of Barbados is Dr. Delisle Worrell as of November 2009.
Monetary authority
Monetary authority is a generic term in finance and economics for the entity which controls the money supply of a given currency, and has the right to set interest rates, and other parameters which control the cost and availability of money...
responsible for providing advice to government of Barbados
Government of Barbados
Government of Barbados consists of: The Monarch, HM Queen Elizabeth II ; The Prime Minister, The Hon. Freundel Stuart, and his Cabinet; as legislature, divided into two chambers , and an independent judiciary...
on banking and other financial
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
and monetary matters
Monetary policy
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...
. The Central Bank of Barbados, was established by Act of parliament
Parliament of Barbados
The Parliament of Barbados is the national legislature of Barbados. It is accorded legislative supremacy by Chapter V of the Constitution of Barbados. The Parliament is bicameral in composition and is formally made up of: HM Queen Elizabeth II, Queen of Barbados The Parliament of Barbados is the...
on 2 May 1972. Prior to the establishment of C.B.B., Barbados
Barbados
Barbados is an island country in the Lesser Antilles. It is in length and as much as in width, amounting to . It is situated in the western area of the North Atlantic and 100 kilometres east of the Windward Islands and the Caribbean Sea; therein, it is about east of the islands of Saint...
' 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 an eight-storey
Storey
A storey or story is any level part of a building that could be used by people...
building located on Spry Street in Bridgetown
Bridgetown
The city of Bridgetown , metropolitan pop 96,578 , is the capital and largest city of the nation of Barbados. Formerly, the Town of Saint Michael, the Greater Bridgetown area is located within the parish of Saint Michael...
. As part of the complex, the ground floor holds the 491-seat theatre/auditorium known as the Frank Collymore Hall. The building was constructed between 1982-83
The Global Competitiveness Report
Global Competitiveness Report
The Global Competitiveness Report is a yearly report published by the World Economic Forum. The first report was released in 1979. The 2011–2012 report covers 142 major and emerging economies....
for 2008-2009 ranked the soundness of Barbados's commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
s as 21st out of 134 global jurisdictions assessed.
Role
At its inception the Central Bank of Barbados had certain objectives.These were:
- 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 Barbadian economy
Economy of Barbados
Since achieving independence in 1966, the island nation of Barbados has transformed itself from a low-income economy dependent upon sugar production, into an upper-middle-income economy based on tourism and the offshore sector. Barbados went into a deep recession in the 1990s after 3 years of...
is reviewed regularly by several notable Wall Street
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
investment firms including: PricewaterhouseCoopers
PricewaterhouseCoopers
PricewaterhouseCoopers is a global professional services firm headquartered in London, United Kingdom. It is the world's largest professional services firm measured by revenues and one of the "Big Four" accountancy firms....
, Standard & Poor's
Standard & Poor's
Standard & Poor's is a United States-based financial services company. It is a division of The McGraw-Hill Companies that publishes financial research and analysis on stocks and bonds. It is well known for its stock-market indices, the US-based S&P 500, the Australian S&P/ASX 200, the Canadian...
, and Moody's
Moody's
Moody's Corporation is the holding company for Moody's Analytics and Moody's Investors Service, a credit rating agency which performs international financial research and analysis on commercial and government entities. The company also ranks the credit-worthiness of borrowers using a standardized...
.
Organisation
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.
Past Central Bank Governors
- Sir Courtney BlackmanCourtney BlackmanSir Courtney Blackman, KA is an economist, an international business consultant, and a diplomat from Barbados. In the past he served as a Governor to the Central Bank of Barbados, an Ambassador to the United Nations, an Ambassador to the United States, and a Permanent Representative for Barbados...
- Mr. Winston Cox
- Dr. Kurleigh King
- Mr. Calvin Springer
- Dr. Marion Williams (2005–2009)
Mission statement
"The Mission of the Central Bank of Barbados is to foster a sound economic and financial environment which promotes the development of its stakeholders and encourages a culture of excellence and leadership."
See also
- BarbadosBarbadosBarbados is an island country in the Lesser Antilles. It is in length and as much as in width, amounting to . It is situated in the western area of the North Atlantic and 100 kilometres east of the Windward Islands and the Caribbean Sea; therein, it is about east of the islands of Saint...
- Barbadian dollar
- Economy of BarbadosEconomy of BarbadosSince achieving independence in 1966, the island nation of Barbados has transformed itself from a low-income economy dependent upon sugar production, into an upper-middle-income economy based on tourism and the offshore sector. Barbados went into a deep recession in the 1990s after 3 years of...
- Economy of North AmericaEconomy of North AmericaThe economy of North America comprises more than 528 million people in its 23 sovereign states and 15 dependent territories...