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

Appendix 1: Recollections of Previous Governors 287 to the international financial markets, the Bank worked very closely with Geoffrey Belle, long-standing adviser to Government, to organise road shows in support of Barbados’s bond issues. The Bank also became the main contact for the new Financial Sector Assessment Programmes. The Bank became a key ally of Government with respect to consultations of the Social Partnership; these were very important for achieving buy-in for Government’s policies. I am indebted to some of my research officers for working through the night in order to complete an important paper for one of these consultations. Gradual liberalisation of exchange control and e-commerce Liberalising exchange controls was a big challenge. Around 2006, the Bank formed an internal Exchange Control Liberalisation Committee which met regularly to discuss the issues. However, this was still unfinished business when I left office. We knew that faster exchange control liberalisation had many benefits but it was also clear that the best chances of success existed if liberalisation could be implemented in a strong economic environment such as was the case for most of the late 1990s and early 2000s. The economic downturn that began in 2008 was therefore a great disappointment to me since it dashed any hope of speeding up the liberalisation process. Conclusion Generally speaking, despite some tough periods, my overall experience as governor was positive. I count myself fortunate to have been Governor of the Bank at an exciting time in its history - a time marked by financial diversification, increasing complexity in the domestic financial system and major global challenges. For anything I may have achieved, I relied on many persons inside and outside the Bank for their committed support. I owe a debt of gratitude to all of them.