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

It is the discipline and expertise that those demands necessitated that have shaped the Bank into what it is today. We started modestly, with a focus mainly on traditional central banking functions – issuing currency, acting as banker to government and lender of last resort to commercial banks. But as the economy diversified, we ventured into areas that were outside of the normal mandate of a central bank. We created the credit guarantee schemes, the international business and financial services sector, a robust research department and the longest-lasting lecture series on the island, the Sir Winston Scott Memorial Lecture. The Bank put procedures and processes in place to maintain and safeguard these many activities, whether it was a research library to ensure a reliable supply of data or secure computer systems to protect our information. Meanwhile, we never neglected our core functions and successfully developed a world class reputation for sound economic and financial analysis. This book, in outlining these developments, is an important step in raising Barbadians’ awareness of the Bank and its work. The best designed systems perform optimally only with dedicated staff, who have pride in the value of their work. A very important component of the Bank’s journey, therefore, is the story of its staff and their accomplishments. Like any institution of its size, there have been disputes and missteps but, in the end, management and staff always put the best interests of the institution first. Barbadians, by and large, are satisfied with the Bank’s work and contribution to the wider society. This volume also describes the interaction between the Bank and the general public, carefully detailing when the Bank was on the wrong side of public opinion. It shows how the Bank managed its public relations, sometimes reaching out and on other occasions maintaining a low profile as it gave Barbadians the information they needed or the space to express opinions. I thank successive boards, governors, management, staff and our local, regional and international stakeholders for helping us to build an xiv