The Central Bank of Barbados (CBB) is the national
monetary authority
In finance and economics, a monetary authority is the entity that manages a country’s currency and money supply, often with the objective of controlling inflation, interest rates, real GDP or unemployment rate. With its monetary tools, a m ...
responsible for providing advice to the
Government of Barbados
The Government of Barbados (GoB), is a unitary parliamentary republic, where the President of Barbados represents as the head of state and the Prime Minister of Barbados represents as the head of government.
Structure
The country has a bicam ...
on banking and other
financial and
monetary matters. The Central Bank of Barbados, was established by Act of
parliament
In modern politics, and history, a parliament is a legislative body of government. Generally, a modern parliament has three functions: representing the electorate, making laws, and overseeing the government via hearings and inquiries. Th ...
on 2 May 1972. Prior to the establishment of CBB,
Barbados
Barbados is an island country in the Lesser Antilles of the West Indies, in the Caribbean region of the Americas, and the most easterly of the Caribbean Islands. It occupies an area of and has a population of about 287,000 (2019 estimate) ...
' monetary policies were governed through its membership in the Eastern Caribbean Currency Authority (ECCA). The Central Bank operates as the banknote issuing authority for Barbadian currency.
The name of the Central Bank's building is the Tom Adams Financial Centre, which is a ten-
storey building located on Spry Street in
Bridgetown
Bridgetown (UN/LOCODE: BB BGI) is the capital and largest city of Barbados. Formerly The Town of Saint Michael, the Greater Bridgetown area is located within the parish of Saint Michael. Bridgetown is sometimes locally referred to as "The Ci ...
. As part of the complex, there is a 491-seat theatre/auditorium known as the
Frank Collymore Hall. The building was constructed between 1982 and 1986 and it was opened September 18, 1986.
The
Global Competitiveness Report
The ''Global Competitiveness Report'' (GCR) is a yearly report published by the World Economic Forum. Since 2004, the ''Global Competitiveness Report'' ranks countries based on the Global Competitiveness Index, developed by Xavier Sala-i-Martin an ...
for 2008–09 ranked the soundness of Barbados's
commercial bank
A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit.
It can also refer to a bank, or a division of a large bank, which deals with co ...
s as 21st out of 134 global jurisdictions assessed.
Role
At its inception the Central Bank of Barbados had certain objectives.
These were:
* Promoting monetary stability
* Promoting a sound financial structure
* Fostering development of the money and capital markets
* Channelling commercial bank credit into productive activities
* Fostering credit and exchange conditions conducive to the orderly and sustained economic development of Barbados.
Today the regulatory capacity of the central bank handles the issuance of Barbadian
banknotes
A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand.
Banknotes were originally issued ...
and coins, and licensing of agencies such as: banks, investment businesses, depository trust and finance companies. It also undertakes supervision of Barbadian financial institutions, credit worthiness of the financial system, administering of the international reserves, and reporting regularly to the country on the national finances.
The
Barbadian economy is reviewed regularly by several notable
Wall Street investment firms including:
PricewaterhouseCoopers
PricewaterhouseCoopers is an international professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world and is considered one of the Big Four accounti ...
,
Standard & Poor's, and
Moody's
Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its historical name. Moody's Investors Service provides internationa ...
.
Organisation
The head of the Central Bank is the governor, who is appointed by the
Minister of Finance
A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation.
A finance minister's portfolio has a large variety of names around the world, such as "treasury", " ...
.
The current governor of the Central Bank of Barbados is Mr. Cleviston Haynes as of January 2018 (he was acting Governor since March 2017).
The Bank also has two Deputy Governors in the persons of Mrs. Michelle Doyle Lowe and Mr. Michael D Carrington, both in acting capacities. The CEO is Kevin Gill effective April 1, 2021.
Past Central Bank Governors
*Sir
Courtney Blackman
Sir Courtney Newlands McLaurin Blackman, KA (6 March 1933 – 16 March 2021) was a Barbadian economist, international business consultant, and diplomat. He served as the first Governor of the Central Bank of Barbados from 1972 to 1987. At t ...
(founding Governor, June 1972 – March 1987)
*Dr
Kurleigh King (September 1987 – September 1992)
*Mr
Calvin Springer Calvin may refer to:
Names
* Calvin (given name)
** Particularly Calvin Coolidge, 30th President of the United States
* Calvin (surname)
** Particularly John Calvin, theologian
Places
In the United States
* Calvin, Arkansas, a hamlet
* Calvin ...
(September 1992 – September 1997)
*Mr
Winston Cox
Winston may refer to:
Places Antarctica
* Winston Glacier
Australia
* Winston, Queensland, a suburb of the City of Mount Isa
United Kingdom
* Winston, County Durham, England, a village
* Winston, Suffolk, England, a village and civil par ...
(September 1997 – April 1999)
*Dr
Marion Vernese Williams (April 1999 – November 2009)
*Dr
DeLisle Worrell
Dr. DeLisle Worrell is a former governor of the Central Bank of Barbados. He served as governor from November 2009 until March 2017. He has also served as executive director of the Caribbean Centre for Money and Finance (CCMF). Since June 2018, h ...
(November 2009 – March 2017)
Awards of the CBB
* The Frank Collymore Literary Endowment
See also
*
Barbadian dollar
The dollar has been the currency of Barbados since 1935. Globally its currency has the ISO 4217 code ''BBD'', however, unofficially in Barbados the International vehicle registration code code BDS is also commonly used, a currency code that is o ...
*
Banks of Barbados
This is a list of the banks in the Americas.
Largest banks in the Americas
The 15 largest banks in the Americas by total assets, as of 2019.
Argentina
See :Banks of Argentina
Bahamas
Central bank
*Central Bank of The Bahamas
Government-ow ...
*
Ministry of Finance, Economic Affairs and Investment (Bardados)
*
Economy of the Caribbean
The 'Economy of the Caribbean' is varied, but depends heavily on natural resources, agriculture and travel and tourism.
Main trading partners
Natural resources
By international standards, minerals most valuable on the international market are fo ...
*
Securities Commission
*
Commonwealth banknote-issuing institutions
Commonwealth banknote-issuing institutions also British Empire Paper Currency Issuers comprises a list of public, private, state-owned banks and other government bodies and Currency Boards who issued legal tender: banknotes.
Africa
Biafra
* Ban ...
*
List of financial regulatory authorities
*
Central banks and currencies of the Caribbean This is a list of the central banks and currencies of the Caribbean.
There are a number of currencies serving multiple territories; the most widespread are the East Caribbean dollar (8 countries and territories), the United States dollar (5) and th ...
References
External links
*
Frank Collymore Hall at the CBBFormer Barbadian banknotes(historic)
{{DEFAULTSORT:Central Bank Of Barbados
Banks of Barbados
Barbados
Barbados is an island country in the Lesser Antilles of the West Indies, in the Caribbean region of the Americas, and the most easterly of the Caribbean Islands. It occupies an area of and has a population of about 287,000 (2019 estimate) ...
1972 establishments in Barbados
Banks established in 1972