Central Bank of Barbados

The Central Bank of Barbados (CBB) is the national monetary authority and central bank responsible for providing advice to the Government of Barbados on banking and other financial and monetary matters. The Central Bank operates as the banknote issuing authority for Barbadian currency.

History

The Central Bank of Barbados was established by Act of parliament on 2 May 1972.[2] Prior to its establishment, Barbados' monetary policies were governed through its membership in the Eastern Caribbean Currency Authority (ECCA).

In 2022, the CBB adopted polymer banknotes.[3] In 2026, the CBB introduced the national instant payment system BiMPay.[4]

Location

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 18, 1986.[5]

The Global Competitiveness Report for 2008–09 ranked the soundness of Barbados's commercial banks as 21st out of 134 global jurisdictions assessed.[6][7]

Role

At its inception the Central Bank of Barbados had certain objectives.

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,[8][9] and Moody's.[10]

• 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.

Organisation

The head of the Central Bank is the Governor, who is appointed by the Minister of Finance.[11]

The current Governor of the Central Bank of Barbados is Dr. Kevin Greenidge as of March 1, 2023.[12]

The Bank also has three Deputy Governors in the persons of Mr. Alwyn Jordan, Ms. Michelle Doyle and Mr. Elson Gaskin.

Awards of the CBB

• The Frank Collymore Literary Endowment

See also

• Barbadian dollar
• Banks of Barbados
• Ministry of Finance, Economic Affairs and Investment (Barbados)
• Economy of the Caribbean
• Securities commission
• Commonwealth banknote-issuing institutions
• Central banks and currencies of the Caribbean
• List of central banks
• List of financial supervisory authorities by country

External links

• Frank Collymore Hall at the CBB
• Former Barbadian banknotes (historic)