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

138 Bank was only a member of the ACH it owned the RTGS, a wire transfer system that reduced the risk of systemic difficulties when handling large and time-sensitive transactions. Enhancements were made to the ACH in 2003 and 2009; in the latter year the improvements came from the commissioning of a new proof machine with advanced imaging and archiving facilities. By 2011, the Bank had also introduced a new public debt system that enabled payments of dividends to holders of Government securities to pass through the ACH or RTGS. From 2014, payments to suppliers and ad hoc payments to staff were also processed through the ACH. Service delivery Every opportunity was taken to improve the processes by which the various services were delivered. A major achievement in this regard was the introduction of a Central Purchasing System, and the construction of a storage facility for supplies during 1999. The new system helped to bring down the costs of supplies and increase efficiency in the processing of documentation. The Central Purchasing System was fully computerised by 2003, allowing electronic bookings for travel and the establishment of an electronic database for assets and inventory management. EXCHANGE CONTROL LIBERALISATION The rationale The application of exchange controls was a vital part of Central Bank policy for the first ten years of its existence. During that period, a host of transactions involving foreign exchange outflows required Central Bank authorisation. Accordingly, the modernisation of the system that began in the late 1980s constituted a major shift in policy. This reflected, in part, advice coming from the Washington multi-lateral institutions that exchange controls