The Central Bank of Barbados (CBB) is the national monetary authority responsible for providing advice to government of Barbados on banking and other financial and monetary matters. The Central Bank of Barbados, was established by Act of parliament on 2 May 1972. Prior to the establishment of CBB, Barbados' 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. 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 18th 1986.
At its inception the Central Bank of Barbados had certain objectives.
Today the regulatory capacity of the central bank handles the issuance of Barbadian banknotes 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 head of the Central Bank is the Governor, who is appointed by the Bank's Board of Directors. The current Governor of the Central Bank of Barbados is Dr Delisle Worrell as of November 2009.
The Bank also has two Deputy Governors in the person of Mr. Cleviston Haynes who was appointed in 2009 and Mr. Elson Gaskin who has been acting Deputy Governor since November 21, 2016 consequent upon the retirement of former Deputy Governor Mr. Harold Codrington.
Section 8.07: Soundness of banks 21 (out of 134)
CANBERRA (Reuters) - Canada has the world's soundest banking system, closely followed by Sweden, Luxembourg and Australia, a survey by the World Economic Forum has found as financial crisis and bank failures shake world markets. [...] The United States, where some of Wall Street's biggest financial names have collapsed in recent weeks, rated only 40, just behind Germany at 39, and smaller states such as Barbados, Estonia and even Namibia, in southern Africa.
TOMORROW the new Governor of the Central Bank of Barbados, Dr Delisle Worrell will be giving his first public address since taking his appointment at the beginning of this month. And there could be no better topic than that of countercyclical measures, which will be the focus of his presentation to the November luncheon of the Barbados Chamber of Commerce and Industry (BCCI) at the Hilton.