Central Bank of Barbados
|Headquarters||Tom Adams Financial Centre, Spry Street, Bridgetown, Saint Michael|
|Ownership||100% state ownership|
|Central bank of||Barbados|
BBD (ISO 4217)
|Reserves||470 million USD|
|Interest on reserves||4.5%|
The Central Bank of Barbados (CBB) is the national monetary authority 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. 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.
- 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 head of the Central Bank is the governor, who is appointed by the Minister of Finance. 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.
Past Central Bank Governors
- Sir Courtney Blackman (founding Governor, June 1972 – March 1987)
- Dr Kurleigh King (September 1987 – September 1992)
- Mr Calvin Springer (September 1992 – September 1997)
- Mr Winston Cox (September 1997 – April 1999)
- Dr Marion Vernese Williams (April 1999 – November 2009)
- Dr DeLisle Worrell (November 2009 – March 2017)
Awards of the CBB
- The Frank Collymore Literary Endowment
- Barbadian dollar
- Economy of the Caribbean
- Securities Commission
- Commonwealth banknote-issuing institutions
- List of financial regulatory authorities
- Central banks and currencies of the Caribbean
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Section 8.07: Soundness of banks 21 (out of 134)
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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.
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