About the Bank
Who We Are
The Central Bank of Barbados (CBB) is not a commercial bank and therefore does not offer banking services to the public. Rather, we are responsible for promoting monetary stability, promoting a sound financial structure, fostering development of the money and capital markets, channeling commercial bank credit into productive activities and fostering credit and exchange conditions conducive to the orderly and sustained economic development of Barbados. Consistent with this, our Mission Statement is to foster a sound economic and financial environment which promotes the development of stakeholders and encourages a culture of excellence and leadership.
A Statutory Organisation
The Bank was founded in May 1972 by the Government of Barbados as a statutory corporation to advance the pace of economic development in the country. Prior to 1972, the East Caribbean Currency Authority (ECCA) was the institution responsible for the management of monetary matters for most of the smaller Eastern Caribbean countries, including Barbados. However, the ECCA did not regulate financial institutions, and since it held responsibility for a number of territories, there was no guarantee that ECCA’s policies would be acceptable, or appropriate to each jurisdiction. This paved the way for the establishment of the Central Ban k of Barbados. Furthermore, the founding of the CBB was seen as key to accelerating the pace of Barbados’ economic development in the post Independence era.
Management and Administration
A Board of Directors comprising the Governor, the Director of Finance and Planning and no more than five other Directors, is responsible for the policy and general administration of the Bank. The Governor is appointed for a period not exceeding five years and is eligible for a reappointment. The Minister of Finance is also responsible for appointing the other Directors.
The Bank’s Headquarters
The Bank’s headquarters is located in the capital city of Bridgetown.