The Central Bank of Barbados's 2024 Annual Report

In 2024, the Central Bank of Barbados diligently pursued our foundational mission: to ensure the health and stability of our financial system and to nurture an environment that fosters sustainable economic growth. Guided by our vision of internalizing excellence, we meticulously aligned each decision and action with our strategic goal of attaining world-class standards across all operations.

We delivered high-quality services to our key stakeholders, including the Government of Barbados, our dedicated staff, the financial sector, and the public. We focused on institutional excellence, operational efficiency, and ground-breaking innovation, ensuring that each project and initiative directly advanced our strategic objectives.

As economic advisors, we provided the Government with insightful, data-driven analysis, facilitated critical negotiations with international institutions, and engaged deeply with stakeholders in pivotal sectors such as tourism, construction, and financial services. Barbados celebrated its third consecutive year of economic growth, a testament to our resilient and robust economic policies. This sustained growth led to a significant upgrade in our sovereign credit ratings, underscoring the international community's renewed confidence in our economic policies and management.

As financial regulator, we ensured comprehensive access to financial services, guaranteeing fair and equitable treatment for all Barbadians. We launched the Market Conduct Guideline to bolster transparency and fairness in the financial sector. This guideline has reshaped operational standards, focusing on consumer rights and inclusivity, thereby broadening access to financial services and enhancing customer satisfaction, particularly benefitting small and medium enterprises through reduced transaction costs and times.

As regulators of the payment system, we made significant strides in modernizing how Barbadian consumers and Barbadian businesses pay and get paid. We introduced a digital system for clearing cheques in July, which dramatically reduced processing times from up to five business days to just one. This initiative has significantly improved cash flow management for small businesses. Furthermore, in collaboration with the World Bank, we began a comprehensive project to enhance the overall payments landscape, encompassing legal and regulatory support, oversight, and the promotion of digital financial literacy.

We maintained open channels of communication with the public, ensuring that every Barbadian understood our actions, their purposes, and their impacts. Our traditional press conferences, combined with our innovative economic explainer series, “What It Means; Why It Matters,” have demystified economic policies and decisions. Simultaneously, our MoneySmart financial literacy programme has empowered citizens with essential skills for effective financial management. The cornerstone of our achievements is the unwavering dedication and expertise of our staff.

In 2024, we reinvigorated our commitment to staff welfare and professional growth, highlighted by the re-launch of our annual awards ceremony, which honoured both long-standing service and exceptional performance. Regular engagement and appreciation activities further underscored our investment in our team's professional and personal development.

Looking to 2025, we are preparing for major renovations to our headquarters as part of our strategy to further digitize and modernize our processes, including a shift towards becoming a paperless organization and ramping up our efforts to introduce a state-of-the-art payments system. We are also steadfast in our commitment to sustainability, incorporating green technologies and reducing our carbon footprint to ensure our operations align with global environmental standards. This initiative not only supports environmental stewardship but also promotes sustainable economic practices.

As we embark on an ambitious agenda supported by our talented team, our commitment to continuous improvement and transparency will strengthen our role as a steadfast partner in driving economic resilience and growth in Barbados.

Through persistent innovation, accountability, and inclusivity, we will continue to propel our mission forward, meeting the evolving needs of our stakeholders and positively impacting the national economy.