Minister praises Central Bank’s ‘exemplary qualities’

The Central Bank of Barbados remains focused on making its institution a top class entity in Barbados and the wider region.

So says Acting Governor of the Central Bank of Barbados, Cleviston Haynes, who also told the congregation at St. Michael’s Cathedral, where the Bank held its 45th Anniversary Service, that their goal has been and continues to be, a model of excellence for central banks globally. In fact, he gave the assurance that the management of the institution during this tough economic period, is also committed to safeguarding the Bank’s reputation, not only of excellence, but of stability.

Moreover, adding that they are thankful for the trust and support of the public which, he noted, has come to expect independent analysis, thought and action from the Bank; he said it is their aim to repay that trust. “As we strive to fulfil our objective we urge you to have a quiet word with us if you think that our standards in efficiency or customer care, fall short of your expectations. We’re in a period of transition, which provides an opportunity for recommitment and an opportunity to look ahead to the future,” he said.

Haynes admitted that some of the work that the Bank does, seems to be wrapped in mystery, and is not fully understood, and as such, he said much of this year’s anniversary celebrations will be focused on changing that.

Meanwhile, Minister of Finance and Economic Affairs, Christopher Sinckler said, looking back on the 45 years of service from the Central Bank, that one would recognise its capacity to act responsibly and he has congratulated the past governors of the Bank, as well as past and present staff for their efforts in that regard.

“I believe we have an institution of which we can be justifiably proud. Now the difficulties that we as countries face, not just Barbados – all over the world – of managing processes of economy and society, grow exponentially on the challenges and the things which happen on a day to day basis to us. However once we have good institutions, strong institutions with a resolute culture of excellence, we feel reasonably assured in our minds that with God’s assistance and with the cooperation of all of us, we can overcome any challenge which is facing us,” he said.

Sinckler added, “Like any other institution, the Central Bank has its challenges, it is not devoid of the innate stresses and strains of any institution, but the hallmark of excellence and dedication and commitment of any institution and its leadership, is how it fixes the challenges”.

The Central Bank, he said, has demonstrated it is fair, and resolute in its regulation and supervision; it is consultative and cooperative in its interventions and most of all, he said, it is caring about what happens to Barbados and its people.
As such, he is adamant that even in these difficult economic times we must not lose sight of the fact that the Central Bank is an institution which has demonstrated that its capacity for research, regulation and supervision and counsel on matters of an economic and financial nature, is of such an exemplary quality that the country can feel assured that we can triumph over any challenge that we encounter.

With that in mind, he also expressed his appreciation to the Central Bank for the help it has offered successive governments in helping to developing a strong economy in this nation. (JRT)