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Central Bank of Barbados

Coordinates: 13°05′56″N 59°36′47″W / 13.098828°N 59.613030°W / 13.098828; -59.613030
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Central Bank of Barbados
CBB headquarters in Bridgetown
CBB headquarters in Bridgetown
HeadquartersTom Adams Financial Centre, Spry Street, Bridgetown, Saint Michael
Coordinates13°05′56″N 59°36′47″W / 13.098828°N 59.613030°W / 13.098828; -59.613030
Established1972
Ownership100% state ownership[1]
GovernorKevin Greenidge
Central bank ofBarbados
CurrencyBarbadian dollar
BBD (ISO 4217)
Reserves470 million USD[1]
Interest on reserves4.5%
Websitewww.centralbank.org.bb

The Central Bank of Barbados (CBB) is the national monetary authority and central bank responsible for providing advice to the 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.[2] 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 18, 1986.[3]

The Global Competitiveness Report for 2008–09 ranked the soundness of Barbados's commercial banks as 21st out of 134 global jurisdictions assessed.[4][5]

Role

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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 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, Standard & Poor's,[6][7] and Moody's.[8]

Organisation

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The Tom Adams Financial Centre building.

The head of the Central Bank is the Governor, who is appointed by the Minister of Finance.[9]

The current Governor of the Central Bank of Barbados is Dr. Kevin Greenidge as of March 1, 2023.[10]

The Bank also has three Deputy Governors in the persons of Mr. Alwyn Jordan, Ms. Michelle Doyle and Mr. Elson Gaskin.

Past Governors of the Central Bank of Barbados

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Awards of the CBB

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  • The Frank Collymore Literary Endowment

See also

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References

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  1. ^ a b Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  2. ^ "CHAPTER 323C - Central Bank of Barbados". Parliament of Barbados. Barbados Deposit Insurance Corporation, BDIC. 2 May 1978. Retrieved 19 January 2010.
  3. ^ "Barrack Construction Company to get $50M". Archived from the original on 10 January 2016. Retrieved 16 July 2020.
  4. ^ "8th pillar: Financial market sophistication". The Global Competitiveness Report 2008-2009. 2008–2009. p. 2. Archived from the original on 24 November 2010. Retrieved 11 January 2010. Section 8.07: Soundness of banks 21 (out of 134)
  5. ^ Taylor, Rob (10 September 2008). "Canada rated world's soundest bank system: survey". CIBC.com. Archived from the original on 18 February 2009. Retrieved 11 January 2010. 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.
  6. ^ H., R. (14 November 2009). "Standard & Poor's downgrades outlook". Barbados Advocate. Archived from the original on 26 February 2012. Retrieved 14 November 2009.
  7. ^ Russell, Stacey (14 November 2009). "NOT GOOD!". Nation Newspaper. Archived from the original on 17 November 2009. Retrieved 14 November 2009.
  8. ^ Staff writer (13 October 2009). "Barbados rating downgraded". CBC. Caribbean Broadcasting Corporation. 5059834. Archived from the original on 3 March 2016. Retrieved 15 October 2009.
  9. ^ "Central Bank of Barbados Act" (PDF). Central Bank of Barbados. Retrieved 9 March 2019.
  10. ^ "Dr. Kevin Greenidge Appointed as the Central Bank of Barbados' Eighth Governor". Central Bank of Barbados. 4 February 2023. Retrieved 3 February 2024.
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