Central Bank of Barbados
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 operates as the banknote issuing authority for Barbadian currency.
Before Barbados, other Caribbean countries had recently created a central bank: Jamaica in 1962, Guyana and Trinidad and Tobago in 1966. Central banks in the region had been developed by expatriate consultants who had applied a "Bank of England model" which was inadequate for regional States operating on a smaller economic scale. The Central Bank of Barbados was established by Act of parliament on 2 May 1972. Its system was inspired by the work of Clive Y. Thomas that recommended more flexible and development-driven central banking systems for smaller economies. The Central bank was the first in the region to publish reports on a regular basis and operate with transparency. Prior to its establishment, Barbados' monetary policies were governed through its membership in the Eastern Caribbean Currency Authority (ECCA). In 1974, the Central Bank fronted BDS$34 million dollars (US$17 million) to bail out the Barbados Sugar Industry Bank after Barclays had withdrew its credit lines. In the early 2010s, the CBB led the restoration of the Masonic Lodge in Bridgetown.
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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. The Global Competitiveness Report for 2008–09 ranked the soundness of Barbados's commercial banks as 21st out of 134 global jurisdictions assessed.
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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 Barbadian economy is reviewed regularly by several notable Wall Street investment firms including: PricewaterhouseCoopers, Standard & Poor's, and Moody's.
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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 Kevin Greenidge as of March 1, 2023. The three Deputy Governors are Alwyn Jordan, Michelle Doyle and Elson Gaskin.
