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In 2018, the Central Bank of Barbados continued its longstanding tradition of not only being at the forefront of economic issues, but also of supporting and promoting non-economic activities, including the arts and education. This article, the final in a four-part series, looks back at some of the Bank’s activities and initiatives over the past 12 months. Read parts one, two, and three.
In October, the Central Bank of Barbados, in collaboration with the Financial Services Commission launched a regulatory sandbox, which will allow businesses to test their Financial Technology (FinTech) products and services before they are rolled out to a wide audience. In a statement announcing the establishment, the two regulators explained the rationale: “In a sandbox, the innovative product, service, business model or delivery mechanism is observed and tested within a restricted space that protects both consumers and the financial system from undue risk.”
Annual Monetary Studies Conference
Also in October, the Bank hosted the 50th Annual Monetary Studies Conference. Governor Cleviston Haynes and the Honourable Ryan Straughn, Minister in the Ministry of Finance both spoke at the conference, which also incorporated an adjunct event, the 33rd Adlith Brown Memorial Lecture, delivered by Dr. Arnold McIntyre.
Regional central bank governors Dr. Alvin Hilaire (Central Bank of Trinidad and Tobago), Timothy Antoine (Eastern Caribbean Central Bank) and Bank of Jamaica Deputy Governor, Wayne Robinson, who were in Barbados attending the 51st Bi-annual CARICOM Governors Meeting also took part in a panel discussion entitled “Rebuilding Caribbean Economies: A Regional Perspective on the Emerging Economic and Financial Issues.”
In November, the Bank welcomed Dr. Carissa Etienne, Director of the Pan American Health Organization (PAHO) to deliver the 43rd Sir Winston Scott Memorial Lecture. Speaking on the topic “Healthcare Reform and the Role of Technology”, the Dominican-born Etienne stressed the role that technology will play in achieving universal health (universal access to healthcare and universal health coverage), but also warned that given the high cost of adopting and implementing new technologies, countries must assess their true value before integrating them into their health systems.