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

30 DeLisle Worrell (later Dr. and the Bank’s sixth governor) was appointed the first director of research. 24 He had been previously attached to the ISER at Mona, UWI, while pursuing doctoral studies with McGill University in Montreal. Banking and Currency The Banking and Currency Department was established on August 1, 1973, but became fully operational on December 3, 1973 when the Barbados currency went into circulation. The next day, the Bank took over the clearing house facilities which were previously operated by the ECCA. From early, the Bank placed great importance on its banking operations and sought to establish solid lines of communication with the commercial banks. In 1972, the practice of meeting commercial bank managers as a group was instituted. These first meetings focused mainly on the rapid expansion of consumer credit and the interest rate structure. Close consultations also took place with the commercial banks prior to the issue of the Barbados currency and the commencement of banking and foreign exchange operations in December 1973. During 1974, the Banking and Currency Department started to discount promissory notes from commercial banks and made it easier for them to purchase or discount Treasury Bills. The regulation of buying and selling rates for foreign currencies began in 1975. After Neville Smith, the department's first manager, became bank secretary at the end of 1974, Clyde Johnson acted as manager and was confirmed in that position during the following year. Bank Supervision The last department to be created during the formative years was Bank Supervision, in May 1974. The bank inspection functions of the Central Bank were authorised under Section 34 of the Act which allowed

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