2016 - A Look Back

Throughout 2016, the Central Bank was involved in a range of activities and initiatives, many economic in focus and some in keeping with its commitment to public education, support for the arts and general social development. As the year comes to a close, here is a look back a major event in each month of the year.

January
In January, the Central Bank of Barbados, in conjunction with the Inter-American Development Bank (IDB), launched the Enhanced Credit Guarantee Fund (ECGF), which helps small and medium-sized businesses to secure loans from financial institutions by providing the necessary guarantees. Since its launch, local businesses have been able to secure more than $13M in funding through the ECGF.

February

The second annual Fish and Dragon Festival took place in February. The festival, which is co-sponsored by the Central Bank, the Embassy of the People’s Republic of China, and Barbados China Cultural Centre (BC3), is held in honour of the friendship and cooperation between Barbados and China. The third Fish and Dragon festival will be held in February 2017.

March

The Central Bank welcomed Dr. Simon Johnson as the 3rd Distinguished Visiting fellow in March. During his three week visit, Johnson sat down for a one on one interview with Governor Worrell, was a featured speaker at the Caribbean Regional Technical Assistance Centre (CARTAC) conference on crisis management, and was the specially invited guest at the 3rd Caribbean Economic Forum.

April

In April, Governor Worrell used his position as co-chair of the Financial Stability Board’s (FSB) Regional Consultative Group, Americas (RCG_A) to call attention to the threat that de-risking – the severing of corresponding banking relationships – poses to businesses in the region. The topic has subsequently featured in other RCG_A meetings during the year, and the Central Bank of Barbados website now has a section dedicated to tracking the latest developments.

May
The International Monetary Fund conducted its Article IV mission to Barbados in May, concluding that “the economy appears to have turned a corner” but also cautioning that the island still faced serious challenges.

June

In June, the Central Bank welcomed 14 interns. The students, who were pursuing tertiary level programmes in range of disciplines, were assigned to departments across the Central Bank. Some of those interns have now been given long term temporary positions in the organisation.

July

The Central Bank’s Annual Review Seminar took place in July. Alister Smith, the World Bank Executive Director for Canada and several countries in the region, delivered the keynote address on the topic Unlocking the Growth Potential in the Caribbean Region, where he asserted that governments should be facilitators and not drivers of economic growth.

August

In August, the Central Bank helped to promote education in the areas of Science, Technology, Engineering and Mathematics (STEM) through its co-sponsorship of the Junior Robotics Camp. During the summer, the Central Bank also provided a scholarship for Jonathan Farnum, a 16 year old Queen’s College student to attend to Students Programme for Innovation in Science and Engineering (SPISE), a four week residential programme for secondary school students at the University of the West Indies, Cave Hill.

September 

Economic Insight.bb, a new Central Bank magazine that uses dynamic imagery and non-technical language to explore economic and other topical issues in a way that has broader appeal, was launched in September. Since its publication, Economic Insight.bb has garnered praise from readers. The second edition of Economic Insight.bb will be published in the first quarter of 2017.

October
In October, the Central Bank reported on a visit made by some of its senior officers to Canada. Officers from the Central Bank make an annual trip to Canada to meet with officials from the Bank of Canada and other organisations and discuss any emerging issues in the International Business and Financial Services (IBFS) Sector. Canada is the number one source of foreign direct investment in Barbados.

November

The Central Bank hosted an Independence-themed Sir Winston Scott Memorial Lecture (SWSML) in November. Dr. Richard Drayton, Rhodes Professor of Imperial History at King’s College, London presented on the topic “The Time of Sovereignty: The History of Political Independence and its Future”. As part of the SWSML activities, the Bank also sponsored a schools’ essay competition, which was won by Lazaro Jackson, a 17 year old student of the Barbados Community College. The lecture will be broadcast on CBC TV 8 in January 2017.

December
“It Matters Fiscally”, a 13-part educational television series produced by the Central Bank, concluded its run in December. The series, which features popular local comedian Lord Zenn, examined fiscal policy by explaining the link between taxes and social services such as education and healthcare; discussed the fiscal deficit and possible ways of reducing it; and outlined paths to achieving fiscal sustainability.