Table of Contents I 332

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

Chapter 1: Background To Establishment 1
Chapter 2: The Early Years 19
The Organizational Structure 19
Human Resources Issues 32
Some Early Staff 36
The New Barbados Currency 39
Foundations of Central Bank Policy 43
Fixing the Exchange Rate 49
Chapter 3: Consolidation: 1976 To 1986 55
Changes in Personnel and Structure 55
Making its Presence Known 63
Defending the Exchange Rate: Some Early Challenges 70
Finding a Home 76
The Origins of Church Village 77
The Crane Operator 82
Chapter 4: Maturity, Modernisation and Issues of Governance: 1987 and beyond 91
Maturity 91
Changes at the Top 91
Managing Human Resources 102
The Physical Environment 108
Naming the Building 111
The Day the Building Shook 112
Financial Sector Issues 114
The Changing Face of Banking 121
The Special Schemes 121
Modernisation 128
Better Risk Management 129
Technological Improvements 135
Exchange Control Liberalisation 138
Issues of Governance 140
Organisational Change 141
Relations with Government 143
Some Views on Central Bank Independence 145
The Finances 147
The Impact of the CMCF on the Bank’s Finances 148
Amendments to the Central Bank Act 149
Chapter 5: Some Notable Developments 151
Supporting the International Business and Financial Services Sector 151
Relations with the Public 168
Public Support in the Midst of Controversy 173
The Trade Confirmers Controversy 179
Publications - A Success Story 204
Early Research Efforts 213
Roland Craigwell: The Consummate Researcher 217
The Bank’s Involvement in the 1991-93 Economic Crisis 222
Responses to the Financial Crisis of 2007-2008 and Beyond 240
Women on the Move 243
Chapter 6: People, Places and Things 249
Epilogue 267
Appendices 269
Appendix 1: Recollections of Previous Governors 269
Appendix 2: Sporting Achievements of Staff 288
Carlisle Best: The Bank’s Most Accomplished Sportsman 288
Octavia Gibson: Competitor and Administrator 289
Appendix 3: Celebreations and Festivities - The Central Bank at Play 290
Appendix 4: The Inter-Department Quiz 292
Tables 293
End Notes 299
References 308
Index 311

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