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.
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
- 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.