||Central Bank Of Barbados
Created 24 May, 2017
- The Bank has continually evolved to
meet the demands of an every-changing financial environment.
- The Bank has established a strong
presence in the cultural arena.
- The number of long-serving
employees is testament to the kind of organization the Bank is.
I feel more
honoured than I can describe to have been invited to address the Central Bank
of Barbados on the occasion of its 45th anniversary, having also had
the privilege of addressing it on the 40th anniversary in the month
of May 2012. It is always important for milestones like
this to be celebrated, since anniversaries allow us both to look back at
achievements registered and lessons to be learnt, and also to look ahead to the
challenges to be faced and the future to be embraced.
The theme of this
evening’s engagement is “The Central Bank of Barbados at 45 - Celebrating
Excellence, Stability, Innovation and Leadership” and this evening’s event is
for “Honouring Women and Men of Excellence”. The location at which, and the
ambience in which, this event is being held this evening, the Barbados Concorde
Experience – home of the acclaimed British Airways
Concorde or Alpha Echo for short – is itself a living example of the
kinds of Excellence of which this evening is a proud celebration. I should like to remind you that Barbados is
one of only five countries in which the Concorde has been laid to rest!
It helps, I think,
to go back in time to recall the circumstances of the birth of the Central Bank
of Barbados. The Federal experiment had been tried in 1958, and collapsed in
1962, leaving Barbados in a miniature currency union with seven other small
islands. It was soon increasingly felt that Barbados would experience a faster
pace of economic progress if it launched out on its own. After a succession of
attempts at bringing eight small islands together in another but smaller
federation, the Government of the day took the decision that Barbados should
proceed to independence in 1966. As part of the post-Independence project, the
Central Bank was later set up in 1972 to manage the issuance of a new Barbados
currency, among other things.
Today, the Central Bank of Barbados regulates the issue, supply and availability
of money; acts as banker to Government and commercial banks; advises Government
on monetary and fiscal matters; manages the island’s foreign exchange reserves;
provides accurate and timely statistical data to Government and to the public;
manages the Public Debt; and supervises the operations of all financial
institutions, especially the commercial banks.
functions require a high degree of discipline; a body of specialized knowledge;
and a corps of committed workers; most of all, outstanding leadership.
Central Bank of Barbados has been led over the years by a galaxy of fine
Governors in the persons of Sir Courtney Blackman from 1972 to 1987; Dr. Kurleigh
King from 1987 to 1992; Mr. Calvin Springer from 1992 to 1997; Mr. Winston Cox,
from 1997 to 1999; Dr. Marion Williams, from 1999-2009; and Dr. DeLisle Worrell
from 2009 to 2017.
are all eminent and distinguished Barbadians who have given stellar service to
our country. Against sometimes daunting odds, they have succeeded in laying the
groundwork for the observance of the high standards of research and service
excellence that have been associated with the Bank from its establishment down
to the present time.
the shoes of his distinguished predecessors has now stepped Mr. Cleviston
Haynes, Acting Governor, who, in the short time that he has occupied the post,
and supported by a staff that knows no standard other than that of excellence,
has demonstrated that he is more than equal to the task of raising the gaze of
the Bank to new and hitherto unimagined horizons.
the Boards that have provided guidance to the Governors of the Bank since its
existence have comprised men and women of vision and resolve, and I thank them
for their contribution to this area of nation-building. What they have given
will forever adorn and enrich the annals of the Central Bank of Barbados.
should like to extend my sincere congratulations, and that of the nation, to
the Central Bank of Barbados on its 45 years of outstanding service. In these
45 years, in common with Central Banks the world over, it has had to cope with
a range of storms both internally and externally derived. The measure of its
capacity has been the proven ability to sail through sometimes rough seas, to
negotiate sudden and unpredictable storms, and to reach harbour safely with its
reputation undefiled and enhanced.
The Central Bank
of Barbados is well known for its independence, its reliable economic policy
advice, its regular publications and press releases, the quality of its
economic research, and the wealth of financial data it generates and makes
available in print, online, and more recently, in its videos.
The Bank has the
capacity and competence to make economic forecasts and to discuss these with
confidence with international financial institutions. So, for example, when back in 1991, the
country was going through a major crisis, the consensus was that everything
possible would have to be done to defend the exchange rate, and the country was
made aware that sacrifices would have to be made. The Bank therefore spearheaded the
construction of a major home-grown structural adjustment package for discussion
with social partners and ultimately with the International Monetary Fund.
Central Banks are
creatures of the societies that produce them and therefore must change their
approaches to reflect the environment in which they operate at any given time. But
they often retain, of necessity, some traditional core functions.
Central Banks that operate in countries
with floating exchange rates may have to focus differently in particular
circumstances from countries that do not have a floating exchange rate.
Since Barbados has a fixed exchange rate, which
we need to defend at all costs, our working assumption is that maintenance of a
healthy level of reserves, and prudent management of the fiscal deficit, are
vital to facilitate growth and to maintain confidence.
In Barbados, with
the level of reserves always a matter for especial consideration, a strategy of
disciplined management of exchange control has evolved under the careful
guidance of the Central Bank.
Over the years,
especially given the recent financial challenges of the last 20 years, the
maintenance of financial stability has emerged as a critical need for every
country. In larger and better resourced countries, it is possible to establish
a new dedicated institution separate and distinct from a Central Bank to
supervise the commercial banks and other financial institutions. But in small
countries like ours, only the Central Bank tends to have that capability, or to
be able to develop that capability at short notice.
The scourge of
drug trafficking and international terrorism has led governments and
international financial institutions to fight drug trafficking and terrorism
through anti-money laundering and counter-terrorism financing strategies. This
has resulted in another layer of financial regulation often facilitated by the
In short, as the
international financial architecture has been forced to change in response to
crisis after crisis, Central Banks have been called upon to transform
themselves in response to such crises.
The Central Bank
of Barbados has evolved and transformed itself seamlessly when required so to do
by changed objective conditions in the national, regional or international
Even as it has
tended to the nation’s financial needs, and so effectively, the Central Bank of
Barbados, on its own initiative, has established a strong presence in the
cultural area. The creation of the Frank Collymore Hall, some 31 years ago, was
a major achievement that reflected vision and foresight.
The Central Bank
of Barbados is not the first institution of its kind to establish a hall that
facilitates the performing arts. It is perhaps, though, the only institution of
its kind to influence to the extent that it has the landscape of a country,
through its many facilities and programmes, all of the highest quality.
The sheer variety
of the Central Bank’s programmes and events, ranging from the Crop Over Visual
Arts Exhibition, to the Youth Pan Project to the Schools Programme, to the
Research Department’s Annual Review Seminar, to the Domestic Financial
Institutions Conference, to the Distinguished Visiting Fellowship Programme, to
name a few, is evidence both eloquent and moving that the Bank has been imbued
with a strong sense of mission and of social responsibility from its
The Sir Winston Scott
Memorial Lecture, perhaps its premier event, is as good an example as any of
the Bank’s determination to exercise thought leadership by inviting
international experts and Barbadians that have excelled internationally, to
share their insights, in the presence of an informed local audience every year.
Bank continues to contribute to the Beautification of the Bridgetown area by
appropriate maintenance, renovation and by development of its facilities. These
facilities now include, not only the headquarters building and the Frank
Collymore Hall, but also, in recent times, the Exchange Museum and the Church
Village Green. All of these facilities project beauty, excellence, class, and
that pride and industry to which we are all encouraged to aspire.
The Central Bank’s
vision for itself is that it must be a Centre of Excellence. Those outside of
the Bank, who just observe its functioning from a distance, often take this
ideal for granted. The Central Bank, though, always aims high, sets ennobling
standards for itself, and, in the discharge of its routine functions, makes
paradox look like platitude.
The Bank, notably,
has been able to get its annual report completed and in the hands of the
Minister of Finance by March 31, 44 times in 45 years.
consistent performance over four decades reflects insightful and visionary
leadership as well as the stick-to-it-iveness of an accomplished and capable
team made up of competent, loyal and dedicated staff. Tonight we will honour staff
that have been here at the Central Bank for over 30 years, some for nearly
forty years: four decades! Now that is
run the gamut from those tasked with protecting our people, to economists, IT
specialists, human resource practitioners, and regulators. The awardees have
spent a virtual lifetime at the Central Bank. They have made a significant
contribution to the building of the Bank and they remain loyal and passionate
about the institution, its work, its philosophy and its ethos of excellence as
reflected in their output. I congratulate each and every one of this Group of
One might ask why
would you want to spend almost 40 years working for the same employer. That
length of service must speak to personal stability and an unwavering commitment
to national development; it speaks also to the excellence of existing working
conditions; to the high level of camaraderie in the workplace; and to the
relevance of the job to national needs. It undoubtedly means that something
good is going on at the Central Bank of Barbados.
At this juncture
of the Central Bank’s existence, I urge the Governor and his staff to continue
on their trajectory of excellence, and to continue also to set a fine example
for others in the nation to follow. Let me encourage you to keep pressing on,
because to date your labour has not been in vain. You are an inspiration to
Barbados and may God continue to richly bless the Central Bank, its Governor,
its Board, and every one of its dedicated employees.
Feature Address by the Right Honourable Freundel Stuart, Q.C., M.P. at the CBB 45th Anniversary Awards Gala and Dinner.pdf