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Throughout 2019, the Central Bank of Barbados was involved in a number of initiatives and activities both related to its core business of promoting economic, monetary, and financial stability; and more broadly to supporting and promoting the arts, education, and culture.
This article, the second in a four-part series, looks back at some of the Bank’s activities and initiatives over the past 12 months. Read parts one, three, and four.
In May, a team from the International Monetary Fund (IMF) visited the island to assess the performance of the IMF-supported Barbados Economic Recovery and Transformation programme.
During its two-week visit, the team, headed by Bert van Selm, met with Government and Central Bank of Barbados officials, following which van Selm issued a statement confirming that Barbados had met all of its performance targets for the period. He also said that, subject to approval from the IMF Executive Board, the island would receive a second drawdown of funds under the Enhanced Fund Facility (EFF).
In June, the Executive gave its approval and Barbados received an additional US $49 million.
The Central Bank of Barbados’ Distinguished Visiting Fellow programme continued in 2019 with a two-week visit by Dr. Linda Tesar, a professor of economics at the University of Michigan.
During her visit, Tesar met with senior Government officials, including Prime Minister Mia Mottley and Minister in the Ministry of Finance Ryan Straughn, conducted sessions for the Central Bank’s staff and members of the Barbados Economic Society, and sat down for a one on one interview with the Central Bank’s Chief of Corporate Communications, Novaline Brewster.
She was also the special guest at the 6th Caribbean Economic Forum, where she and veteran regional journalist, Julian Rogers, discussed "In a World of Rising Debt, How Can Caribbean Countries Stay Afloat?"
In June, the Central Bank hosted a currency exhibition. Dubbed “Window to the World”, it showcased banknotes from more than 85 countries and territories across six continents.
Speaking at the opening of the exhibition, Governor Haynes confirmed that although Barbados, like many countries, is seeking to reduce its use of cash, there would continue to be a place for that method of payment.
More than 500 people took in the display, which was housed in the Central Bank’s museum, the Exchange Interactive Centre.