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

23 accountant, research officer and librarian as well as allowances for the Board was deferred. The other important agenda items were the design of the new Barbados currency notes, procedures for holding Board meetings and the disclosure of interest by Board members. At the second Board meeting on July 6, the agenda included an administrative budget, by-laws, the supply of statistics by, and the acceptance of deposits from, the commercial banks as well as the conduct of public relations. At this meeting the first Board Papers (on monetary policy and the organisation of the Bank) were considered. It was also announced that agreement had been reached in principle for transfer of most of the exchange control functions from the minister of finance (who retained the designation of “Exchange Control Authority under the Exchange Control Act) to the Bank. This was accomplished through an instrument of delegation dated December 23, 1972, from the minister to the governor. During the remainder of 1972, the Board held four additional meetings. As would be expected, staffing was a major discussion point but accommodation for the governor, monetary and financial conditions at home and abroad, as well as the delegation of authority to the governor, also engaged the Board’s attention. This last issue merits further examination. Delegation of authority by the Board became an issue early in the Bank’s life. At the Board’s second meeting, the directors agreed that while management could appoint persons to posts below the rank of deputy head, these appointments had to be ratified by the Board. At its third meeting, the Board approved a letter from the Bank inviting tenders for the production of the new Barbados currency notes and stating that the notes should bear the governor’s signature on the front. A substantive discussion on the delegation issue took place during the meeting of October 5. Governor Blackman informed the Board that he would not make appointments unless the authority to do so was expressly delegated to him. He mentioned the inappropriateness of having appointments ratified by the Board. The Board asked the management to seek legal opinion on whether it could delegate to the governor any of its Chapter 2: The Early Years: 1972 - 1975