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

284 Modernising the Bank’s systems The Bank expended much time and energy on enhancing its computer systems and processes and became a leader in this field. Many recall the so-called year 2000 (Y2K) problem and conclude that the event was highly exaggerated. I believe that it helped to increase computer awareness and computer security in particular. The launch of an information security awareness programme in 2004 was clearly influenced by the Y2K experience. Emphasis was placed on constantly improving the Bank’s statistical database and developing a relational database management system. Easier access to commercial bank data also became more important with the increased frequency of active open market operations and an electronic data interchange with the commercial banks was designed. Also, the gradual liberalisation of exchange control made it become necessary to more frequently access data on foreign investment and monitor outflows. Accordingly, the Management Information Systems Department positioned itself to facilitate enhanced, and possibly, online monitoring of foreign exchange transactions. There was a general upgrading of the investment portfolio management facilities, thus bringing the Bank’s systems on par with international standards. These improvements also gave the investor more control over the transaction. Making an impact in the developing world in the field of central banking Before I became governor, I intervened at a major conference on the topic of the international financial system and was told that Barbados should bother about hurricanes but not about the financial system. The speaker had failed to accept that small countries can have points of view on international issues.