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An interest rate is the “rate of interest charged for the use of money, usually expressed as an annual rate”. Interest, the money actually paid for that use, can be viewed as what is paid to attract deposits, or a charge for money loaned. All domestic financial institutions regulated by the Central Bank of Barbados (domestic licensees) are ...
- Author(s): Central Bank of Barbados
- Financial Performance
- Organisational Achievements
- Looking Ahead to 2022
During 2021, the Barbados economy registered a mild recovery from the sharp contraction in the previous year. The persistence of the COVID-19 virus, the disruption of global supply chains, and rising import prices, particularly for energy products, tempered the economic recovery and contributed to higher domestic prices. There were encouraging sign...
The Bank has reached an agreement with the Ministry of Finance, Economic Affairs, and Investment on the parameters of a gradual recapitalisation of its balance sheet. The plan takes account of its impact on the public finances and, in the short term, relies on the contribution of the Bank’s annual earnings. In 2021, the Bank realised a net income o...
The Bank continued to adapt to the unusual circumstances occasioned by the COVID-19 pandemic, with much of our staff continuing to work either remotely or in a hybrid manner. Nevertheless, we continued to fulfil our mandate and provide our many services, including regulating the financial sector, making debt payments, maintaining a steady supply of...
In the coming year, we will continue this work while turning our attention to new projects. In late 2022, the Bank will introduce a redesigned series of banknotes with enhanced security features. The notes, which will be printed on a polymer substrate, are intended to make the national currency more difficult to replicate, but easier to authenticat...
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Tom Adams Financial Centre Spry Street Bridgetown. Phone: +1 (246) 436-6870. Email: info@centralbank.org.bb - General
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 ...
The Central Bank of Barbados was established in May 1972 by the government of Barbados to advance the pace of economic development in the country. Prior to 1972, the East Caribbean Currency Authority (ECCA) was the institution responsible for the management of monetary matters for most of the smaller Eastern Caribbean countries, including ...
Jan 13, 2022 · One such function is to manage Barbados’ international reserves, which are required to maintain the Barbados $2 to US $1 exchange rate that has been in place since July 1975. Elson Gaskin, Bank Secretary, explains just how critical reserve management is. “We import a lot of goods into Barbados – fuel, food, and so on.
Category: Annual Reports, General Press Release, Print. The year 2022 has been one of transition at both the national and organisational levels. Nationally, we welcomed the lifting of COVID-necessitated restrictions on travel, entertainment, and socialising, which underpinned the return to relative normalcy from a social and economic perspective.
