||Central Bank Of Barbados
During 2017, the Central Bank of Barbados was involved in numerous activities and initiatives, many economic in focus and others related to its public education, support for the arts and domestic outreach. This article, the third of a four part series, takes a look back at some of the Central Bank’s major happenings in the third quarter of the year. Read Part One or Part Two.
During the summer, fourteen students from the island’s tertiary institutions participated in the Bank’s annual summer internship programme. The students, who are pursuing associated degrees, undergraduate degrees or postgraduate degrees, were assigned to different departments across the Bank.
Among the interns were 2017 Roland Craigwell Memorial Scholar, Sheldon Shepherd, and 2017 Central Bank of Barbados Scholar, Rhea Bennett.
Foreign Exchange Fee
In July, phase one of the Foreign Exchange Fee (FXF), a two per cent commission on purchases of foreign currency and payments for foreign currency transactions that was first announced by the Minister of Finance and Economic Affairs, Christopher Sinckler, during the 2017 Financial Statement and Budgetary Proposals, went into effect.
The Central Bank of Barbados, which was charged with the implementation of the FXF, began an education campaign to explain how the fee worked and when it would be applicable.
Phase two of the introduction of the FXF began in September.
Annual Review Seminar
In late July, the Central Bank hosted the 37th Annual Review Seminar, which centred on the theme “Practical Solutions to Strengthen Economic Growth and Adjustment in Small Open Economies”.
During the three-day seminar, Caribbean Development Bank (CDB) Chief Economist, Dr. Justin Ram, delivered a keynote address entitled “Imagining the End of Low Growth: How to Deliver Performance”.