BUSINESS MONDAY: Haynes: Change is inevitable, even in central banking

AS the Central Bank of Barbados (CBB) approaches its 50th anniversary, the changing economic and financial landscape at home and abroad will transform the face of central banking.

That’s according to the Bank’s Governor, Cleviston Haynes, while speaking at the launch of “Both Sides of the Coin: The Story of the Central Bank of Barbados 1972-2017”, a new book on the Bank’s history. The ceremony took place at the Courtney Blackman Grande Salle, and was attended by staff, management board members and invited guests.

“This transformation includes the evolution of digital currencies, further liberalisation of our exchange controls, strengthened regional integration, digital transformation, the emergence of new industries, local and international challenges, and different societal norms,” Haynes said.

He said further that the impact of environmental degradation on “our people and their livelihoods and the reforms of economic and financial management will also influence what central banks do”.

The Governor noted though that change is inevitable, even in central banking.

The bank official maintained that the enduring principles of excellence, hard work, commitment, collaboration, and contribution to national development – the cornerstones of this institution – for ever live on.

Referring to the book which was edited by Harold Codrington, Haynes said that it helps “us and future generations to under-stand the past 45 years of the Central Bank of Barbados, its work, its mission, its vision, its journey and its people, like many of you and more”.

The Governor also remarked that the book captures not only “our core business, but also how active we were in developing the arts, engaging in public outreach and uplifting our communities”.

“That perspective is, in a nutshell, why we wrote this book,” he added.