Both Sides of The Coin: The Story of The Central Bank of Barbados 1972-2017

122 million. During December 1981 the outgoing president of the Barbados Manufacturers Association noted that, “The Central Bank should be lauded for the positive effect their Export Credit and Guarantees Scheme is having on the manufacturers' ability to increase their exports.” However, in the mid-1980s utilisation of the schemes was adversely affected by regional trade difficulties, the growing uncompetitiveness of Barbadian-made products, and low participation by some financial institutions. The Bank was hard- pressed to find creative ways to make the facilities more acceptable to users. It took every opportunity to educate stakeholders and encourage utilisation of the facilities through seminars and other outreach sessions. When the difficulties first surfaced, the staff of the ECG Department visited several businesses to assess the situation. Because of these encounters it was decided in 1987 to review the documentation to make it more useful to participants. In 1995, a comprehensive review of the schemes was undertaken by the US-based consulting firm First Washington Associates. The report recommended delegating more authority to the managers of the schemes, including non-bank financial institutions, improving awareness of the facilities and shortening the time taken to respond to applications. Towards the end of this review period the Bank intensified its campaign to refresh the schemes. It introduced two new facilities and announced several changes designed to make the schemes more attractive to businesses and financial institutions. However, the changed economic and financial environment made some of the schemes no longer relevant and they never regained their earlier popularity. The following section provides some specifics about the individual schemes.