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

140 loans, maintenance and financial assistance and the holding of foreign currency accounts by Caricom nationals resident in Barbados. A pause in the process From 2008 onward, the liberalisation programme was affected by the impact of the financial and economic crisis on the growth of the foreign reserves. As a result, the Bank adopted a more cautious approach and the liberalisations during this period (which affected foreign currency accounts of residents as well as loans, overdrafts, guarantees and bank credits) came with several conditions and provisos. Towards the end of the decade, further liberalisation was suspended. Instead, the emphasis was placed on strengthening and developing the monitoring mechanisms in respect of foreign exchange data collected from commercial banks and other financial intermediaries. 81 In addition to liberalisation, the modernisation of the exchange control regime was achieved through the computerisation of the application process and the introduction of a page on the Bank’s website that provided useful information on the exchange control regime. ISSUES OF GOVERNANCE Most observers would agree that the Central Bank has been one of the most successful statutory bodies in Barbados. The Bank’s A meeting of Caricom central bank governors hosted by Governor Worrell in 2011.