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

135 TECHNOLOGICAL IMPROVEMENTS More widespread use of IT One of the most obvious ways in which the Bank tried to modernise during this period was through more widespread use of IT. This process took root in the early 1990s and was driven by the MIS Department’s five-year strategic plan that was devised in 1991. The department introduced electronic mail and much work focused on enhancing the research and statistical capabilities with the computerisation of the key publications and library resources. In 1993 and 1994, the MIS Department completed applications to computerise a variety of frequently-used processes. A general change in the IT environment culminated in the discontinuation of the use of the mainframe computer from 1998. 77 A project was also started to establish electronic linkages with the Bank’s external customers, beginning with commercial banks. When completed in 1997, the commercial bank module eliminated problems relating to timeliness, accuracy, validation of data and duplication of effort. The Year 2000 date change issue Towards the end of the 1990s, Project 2000 was launched to ensure that the Bank’s computerised systems would not be compromised by the so-called “Year 2000 (Y2K) date change problem”. The Bank established a Y2K Command Centre which was operational from December 21, 1999. Before the closure of the Centre in early January 2000, the MIS Department provided information on Y2K to CERO, the media, the Bank’s partners, as well as management Chapter 4: Maturity, Modernisation and Issues of Governance: 1987 and Beyond The Count-Down Clock used by the Bank during the “Year 2000” Project.