The Balance of Payment Survey: Your Questions Answered

Author(s): Central Bank Of Barbados

Created 06 Apr, 2021
Categories General Press Release
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The 2020 Balance of Payment Survey runs from April 6 to May 18, 2021.

What is the Balance of Payments survey?

The Balance of Payments survey summarises transactions and positions between residents of Barbados and the rest of the world.

What is a resident?

A resident is an individual, enterprise, or other organisation that resides or intends to reside in Barbados either indefinitely or over a finite period of time (at least one year). However, medical patients from abroad, foreign students, diplomats, foreign military personnel, embassies as well as regional and international organisations are considered non-residents even though they may reside in Barbados for more than a year.

Why should my company complete the survey?

Completing the survey helps the country assess transactions between Barbados and the rest of the world, therefore gauging how vulnerable or exposed Barbados is to the international community. It also aids in identifying the sectors that are strong, and in highlighting the areas that may improve Barbados’ competitiveness. In addition, the data is used to estimate the Gross Domestic Product, which feeds into policy-making decisions and forecasting. Companies can use the information in their strategic planning and day-to-day operations. Completing the survey benefits the country and your business.

Can the Bank guarantee that my company’s information won’t be publicised?

Your company’s response will be treated in the strictest confidence and will be used only for statistical purposes. When the compilation of the survey is completed, the aggregated survey results will be posted on the Bank's website

Do I have to complete the survey?

Entities that receive the survey forms from the bank must complete and return them to the CBB

Is it now mandatory to complete the survey?

Yes. It is now mandatory to complete the survey. The Central Bank of Barbados Act, passed in Parliament in December 2020, states that anyone who, without justification, fails to provide the Bank with information that it requests to fulfil its mandate shall be fined $10,000 on summary conviction. 

What is the penalty if my company does not complete the survey?

The penalty is $10,000 on summary conviction.  

When is the deadline to complete the survey?

The survey forms will be available from April 6, 2021 and must be completed by May 18, 2021.

Who can I contact if I have queries about the form or need assistance completing it?

Please contact one of the following officers:

Jacqueline Johnson:      Jacqueline.Johnson@centralbank.org.bb

Christopher Kinch:         Christopher.Kinch@centralbank.org.bb

Nkenge Lawrence:         Nkenge.Lawrence@centralbank.org.bb 

Shamika Walrond:          Shamika.Walrond@centralbank.org.bb

Julian Jones:                    Julian.Jones@centralbank.org.bb

Alternatively, you may call (246) 832-3338.

 



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