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

Appendix 1: Recollections of Previous Governors 277 even when foreign exchange was scarce. I felt that Transcendental Meditation could help to develop one’s full potential but could not persuade my colleagues that the Bank should support that approach. Some reflections My association with the Bank dated from its very beginnings, when I was appointed a member of its first Board of Directors. I resigned from the Board when I joined the Caribbean Development Bank, in order to forestall any conflict of interest. I look back on my tenure as Governor with much pride, especially realising how we successfully managed the economic crisis. There was some excitement. For example, a view emerged that our nation owed its short- lived three-party system to the political intrigue surrounding my appointment. My stint was also challenging, but that is the essence of central banking. We were able to build on a structure and systems that had been put in place with great foresight by the first Governor of the Bank, Sir Courtney Blackman. The strength of the Bank, established in those early years, proved to be a solid foundation for dealing with the crises of the early nineties and helped us earn an enviable reputation in the Caribbean and beyond. The question remains as to whether leadership existed widely within the Bank itself. I attempted to promote greater participation by managers and staff at all levels in policy-making and decision-making. These processes take time and I am not sure how successful we were by the time I left. However, I can say for sure that it is difficult to find a staff better qualified for their tasks and more creative, resourceful and committed to the progress of the nation. I would be happy if the Bank were known simply as a leader in the nation’s financial community. But the thought that the Bank might be generally regarded as a leader in a more profound sense would give me the greatest possible satisfaction.