Central Bank Urges Businesses to Complete 2020 BOP Survey

The Central Bank of Barbados (CBB) is encouraging companies to complete the 2020 Balance of Payments survey, which is being issued on April 6, 2021 and must be returned by May 18, 2021.

In urging businesses to fill out the survey, Governor Cleviston Haynes explained that “the BOP data is critical to the country’s economic development. The Bank relies on this information for its economic forecasts and analysis, as well as to determine the policies that are needed to restore Barbados’ economy. It is therefore critical that respondents complete the survey.”

The BOP data quantify transactions between residents of Barbados and the rest of the world within a specific period, and therefore provide a good gauge for Barbados’ external vulnerability. Moreover, the data is also used in  the  estimation of the country’s Gross Domestic Product.

The survey targets firms, government departments, non-profit groups, representatives of foreign governments, and regional and international organisations. Respondents can benefit further from using the compiled information in their strategic planning and in the day-to-day management of their operations.

The Bank also advised that effective this year, companies must complete the survey within the stipulated timeframe.

Citing Section 69 of the new Central Bank of Barbados Act, that was passed in Parliament in December 2020, the institution reminded entities that anyone who fails to provide information to help the Bank complete its mandate and fulfil its statutory objectives “shall be liable on summary conviction to a fine of $10,000.”

Companies should email the completed forms to centralbankres_surveys@centralbank.org.bb.  

The cumulative findings are published on the Bank’s website www.centralbank.org.bb.