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

26 would come the formation of the Banking and Currency Department (which would facilitate the issuing of the Barbados currency) and the Bank Supervision Department. Finally, the Bank would assume responsibilities as Government’s fiscal agent for public debt and foreign reserves management and the promotion of money and capital markets. The timeframe for completing this process, estimated to be two to three years, was maintained. 20 The General Managers The position of general manager was crucial to the operational efficiency of the Bank and during the formative years, was held only by expatriates since no nationals had the necessary expertise. The governor relied heavily on the guidance and counsel of the early general managers and was therefore very inconvenienced by the departure of Kroc in March 1973. It was five months before a replacement, U Tin Tun, arrived and during that period the governor described himself as “the loneliest man on the island”. A national of Burma (now Myanmar), Tin Tun’s services were also secured under the auspices of the Central Banking services of the Technical Assistance Programme of the IMF. Widely experienced in central banking, he had been involved in the formation of the Burmese Central Bank. Immediately before his Barbados assignment, Tin Tun had helped to establish the Central Bank of the Gambia and acted as its first governor. 21 The first two general managers. Left: Rudolph Kroc. Right: U Tin Tun.