Central Bank to get another Deputy Governor

The Central Bank of Barbados is getting a third Deputy Governor to help strengthen its capacity to supervise the island’s financial industry.

Minister in the Ministry of Finance and Economic Affairs Ryan Straughn made the disclosure in the Lower House on Tuesday during the debate on the Central Bank of Barbados (Amendment) Bill, 2023 which will strengthen the Central Bank’s mandate and make better provision for governance.

“For the avoidance of any doubt, there is already an existing post within the structure of the Central Bank that is called Advisor to the Governor…. The remuneration is exactly the same as any of the existing Deputy Governors. Therefore, with this additional mandate that has been undertaken by the Central Bank in the last couple years to help lead the transformation of the financial services industry . . . the creation of this new post . . . is going to be important for helping Barbados to remain on the cutting edge,” Straughn said.

He said this change and others previously made, such as the creation of a committee to oversee the Bank’s operations, are aimed at improving the country’s fiscal performance and discipline.

“We have sought at every step to further strengthen how the bank operates, to improve transparency, and to hold them accountable with respect to the conduct of monetary policy – particularly given that monetary policy must always . . . be in sync with good fiscal discipline – and it is something that this Government will continue to practise,” Minister Straughn said.  ]]>