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

x draft (that had been read by several reviewers and commentators) in place by March 2016 with the expectation that the finished product could be published for the 45th anniversary which was a year away. Things turned out quite differently, and for a while it seemed as though the original concept would be dead on arrival, which is another story altogether! However, a few months after my retirement, it received a new lease on life and thereafter gathered momentum until publication. The book is essentially divided into two parts. Part One follows a chronological path that segments the Bank’s work into three distinct phases - one of establishment (1972 to 1975), one of consolidation (1976 to 1986) and one of maturity and modernisation (the period since 1987). Part Two goes into the details of some of the Bank’s major achievements - for example, its relations with the public, the research effort and its involvement in the 1991-1993 economic crisis. The appendices contain reflections by previous governors and other material that may may help the general reader to fully understand how the Bank functions. It was only quite recently that the title was chosen; it is intended to convey the view that there are other aspects of the Bank’s work (the other side of the coin) that are not generally known. The choice of the coin, of course, reminds readers of the Bank’s responsibility for the issuing of the Barbados currency. This volume could never have been written without the support of several individuals. Acknowledgements must go to Mr. Calvin Springer who, as incumbent governor, fully embraced the idea in 1995. Indeed he was so intent on having an accurate document that he was never disappointed that we missed the first publication deadline of May 1997. Before he left office he lent me a book about the history of the State Bank of Pakistan. He read an early draft and as soon as he came across something which was misleading, would call me to his office and give me the true version. Thanks also to former governors Dr. (now Sir) Courtney Blackman, Dr. Kurleigh King, Dr. DeLisle Worrell and Dr. Marion Williams who also read the first draft and provided very useful insights, comments and suggestions which helped to shape and refine the story.