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

21 from its inception by a native of the country. Blackman was chosen in April 1972 but, since he was still teaching at Hofstra, could not take up the position immediately. He returned to Barbados in May 1972 to meet the new Board of the Central Bank and officially became the first governor of the Central Bank of Barbados in the following month. Nonetheless, the Bank was off to a good start inasmuch as an expert in central banking operations (Rudolph Kroc) was provided by the IMF and Kenneth Brathwaite, an authority on exchange control matters in the Ministry of Finance, was seconded to the Bank from its first day in operation. Accordingly, when Dr. Blackman reported for work, he found a staff of five already in place. They were Kroc (the first general manager), Brathwaite, Marguerite Walkes, the private secretary to the general manager, David Bellamy, the messenger (who had been seconded from the Customs Department), and Gwendolyn Pierce, the maid. Kroc, a Czech by birth, was an expert in central banking whose services were provided under technical assistance from the IMF; he had worked with the Czech Central Bank in Prague during the Nazi occupation. The Board of Directors: membership and early meetings In the meantime, Prime Minister Barrow set about selecting the members of the Board of Directors. According to the Act, Board members had to be “... persons of recognised standing and experience in business, professional or academic matters...” The individuals appointed to the first Board for the task of guiding the new institution were: Alfred H. Clarke , solicitor; Kurleigh D. King (later Dr.), general manager of the Industrial Development Corporation (IDC); 16 Douglas P. Lynch (later Sir), solicitor and director of Barbados Shipping and Trading Company Limited; Neville D. Osborne, O.B.E., (later Sir), financial secretary, Ministry of Finance; 17 and Edward C. Pilgrim, M.A., general manager of the Barbados Development Bank (BDB). Chapter 2: The Early Years: 1972 - 1975