The Bank

Introduction

The Central Bank of Barbados was established in May 1972 by the Government of Barbados 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.
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.

The Central Bank of Barbados has become the premier financial institution in the country and its main policy is to formulate, in association with Government, monetary and fiscal policies to assist with the country’s economic development programme.