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

Chapter 5: Some Notable Developments 205 and the Research Department, renamed the Research and Economic Analysis Department (READ) in 2011, was charged with this responsibility. At the time the major reference document for any analysis of the Barbadian economy was the Economic Survey, which dated from the mid- 1960s and was published by the Ministry of Finance. The Economic Survey was very comprehensive in its coverage inasmuch as it described developments in the local and international economy and provided information on national accounts, social services and demographic trends. The first Board of Directors was very conscious of their responsibility to enhance the availability of economic and financial analysis. Therefore, in accordance with the provisions of Section 52.2(b) of the Central Bank Act, the Annual Report for 1972 was prepared and sent to the minister of finance by the end of March 1973. 100 This was an achievement of some note, given the age of the Bank and its slender research capabilities. The document included a justification for the establishment of the Bank and brief sections on organisation and staffing, currency issue, monetary and financial conditions, international monetary developments, relations with other institutions, plans for 1973, as well as the Balance Sheet and Statement of Profit and Loss. The Act was shown in an appendix. Covers of the Annual Reports for 1972 (left) and 1973.