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

302 39 A Venture Capital Corporation (first mooted in mid-1984) was recommended by the Bank in April 1987 for approval by the minister of finance. 40 Simultaneously, the Bank published a booklet as part of its public education effort in respect of the Exchange. 41 The Caricom Travellers’ Cheque was phased out during 1993. 42 BLADEX is an acronym for Banco Latinoamericano de Exportaciones, which is located in Panama City, Panama. Class A shareholders comprise designated government institutions like central banks and export financing agencies. 43 A special meeting of the Board was convened on May 5, 1980, to discuss the economic situation. 44 As a result of the Eurodollar borrowing, net foreign inflows were twice the amount recorded in the previous year. 45 The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. The component under the Stand-by Arrangement was equivalent to 125 per cent of Barbados's quota of SDR25.5 million, with the IMF. 46 Dr. Blackman notes that Mr. Tomlin refused to accept any compensation for the valuable advice he gave to the Bank. 47 The plans also provided for a numismatic museum. 48 Slip-forming of the first three towers (each 157 feet tall) began at 9:34a.m. on Tuesday, August 30, 1983, and ended at 1:41p.m. on Thursday, September 8, 1983. 49 At end-1983, total construction costs, including the auditorium and car park, were estimated at $64 million and completion was expected in three years. 50 The construction contract sum was $53 million, composed of a 1981 estimate of $45.2 million for construction costs and a provisional sum to cover unforeseen expenditure. 51 Around this time it took out decennial insurance on the headquarters building against failure or collapse for ten years after completion. 52 As the main building neared completion there was some controversy about its furnishings and the Bank had to assure local manufacturers that their products would be used in equipping the building.