Banking Archives - Barbados Today

Category: Banking

New fees for some Scotiabank customers

Some Scotiabank business customers in Barbados are about to face new charges for some services, as the bank announces adjustments to its schedule of rates and fees. Among the accounts to be affected as at March 1, are small business, commercial and off-shore banking customers. “We advise that effective March 1, 2019, the following adjustments […]

Workers at First Citizens Bank off the job

It’s not business usual at First Citizens’ banks across the island today. Approximately 75 per cent of the bank’s workers are presently off the job. They have been meeting with their bargaining agent the Barbados Workers Union (BWU) this morning. Assistant BWU General Secretary Dwaine Paul told Barbados TODAY the workers are peeved at the bank’s failure […]

Faulty $50 and $100 notes in circulation

The Central Bank of Barbados today advised that a limited number of genuine $50 and $100 notes are in circulation that are missing the holographic patch – the shiny foil on the right side of the note. “As soon we learnt of the problem, we contacted our banknote printers, De La Rue, who then conducted […]

NSRL costs Barbados in doing business report

Government’s controversial National Social Responsibility Levy (NSRL) has been identified as one of the main reasons for Barbados’ steep drop in the World Bank Doing Business 2018 Report, in which the island is ranked 132nd, down from 119th in the 2016 report. Barbados was not ranked in the 2017 report. “Barbados made paying taxes more […]

Commercial banks forced to hold more Govt paper

With commercial banks currently displaying a low appetite for such instruments, the Central Bank of Barbados today announced an increase in the amount of Government paper the banks are required to hold by law. Saying the move was “appropriate”, Acting Governor Cleviston Haynes announced that “effective December 1, 2017, commercial banks will be required to […]

Banker warns interest rates will remain near zero per cent

One senior banker is warning Barbadians that they will receive little to no interest on their savings for the foreseeable future, given the continued high levels of liquidity in the banking system. Following the removal of the minimum interest rate of 2.5 per cent by the Central Bank of Barbados back in April 2015, commercial […]

Free to borrow

Barbados now has access to over US$500 million in financing from the Latin American Development Bank (CAF) following a decision by the island to acquire more shares in the institution. This was revealed today by Minister of Finance Chris Sinckler as he led off debate on the Latin American Development Bank Amendment Bill 2017 in the House […]

Shame on the bankers, cries Clarke

Chief Executive Officer of the Caribbean Credit Bureau (CCB) Grady Clarke has launched a verbal attack on the Barbados Bankers’ Association (BBA), saying it should stay out of the credit bureau business and stick to banking. Clarke has also strongly hinted at moves to stop to the association’s plan to have an international credit bureau […]

RBC to close Six Roads branch

RBC Royal Bank is closing its Six Roads, St Philip branch, transferring the services to the Broad Street, Bridgetown branch.    Managing Director Robert de Silva told Barbados TODAY in a statement via email that the decision was taken to merge the two branches “after careful consideration” and “as part of managing our business”. It […]

Credit bureau nearly a reality – bankers body

Barbadians could soon get to check their credit scores, with the Barbados Bankers’ Association (BBA) announcing that the long-awaited credit bureau was one step closer to becoming a reality. However, as the BBA mulls over which international provider will get the proposed contract, the Barbados-based Caribbean Credit Bureau (CCB) Limited has raised an objection, saying […]

Stephen: Tax clearance issue must be addressed

Economist Jeremy Stephen is warning that if the commercial banks’ concern regarding the tax clearance certificate was not addressed as quickly as possible it could have “quite serious” and far-reaching effects. Just Tuesday, President of the Barbados Bankers Association (BBA) Donna Wellington warned that until there was clarification on the process of obtaining a tax […]

Won’t be bullied

Describing as “unfortunate and unwarranted”, the decision by commercial banks to suspend over 300 real estate-related transactions estimated at more than $200 million, Minister of Finance Chris Sinckler Wednesday accused the financial institutions of finding every practical reason to oppose the changes made to the Barbados Revenue Authority (BRA) Act. In a stinging rebuke of the […]

Banks have a right to refuse slot machine cash – BBA

Commercial banks here are making it clear they will not risk their relationship with corresponding banks around the world to satisfy slot machine operators. President of the Barbados Banking Association (BBA) Donna Wellington today defended the rights of the financial institutions to refuse large deposits from these operators. “Each bank currently enjoys cordial relations with […]

$200m holdup

Commercial banks have had to suspend over 300 real estate-related transactions estimated at $211 million due to a “lack of clarity” on the processes involved in the issuance of a tax clearance certificate by the Barbados Revenue Authority (BRA). And President of the Barbados Bankers’ Association (BBA) Donna Wellington has warned that until there was […]

Central Bank tightens monetary policy

Come the middle of June commercial banks operating here will have to hold a higher percentage of Government bonds and other promissory certificates than they currently do. Acting Governor of the Central Bank of Barbados Cleviston Haynes today announced changes to the monetary policy as Government seeks “to address the situation of the size of […]

Still down

The troubling foreign reserves situation has improved somewhat, but continues to hang precariously below the recommended 12 weeks of import cover. Acting Governor of the Central Bank of Barbados Cleviston Haynes today announced that the reserves, which had been the topic of much public discussion when they plunged to $681.1 million, or 10.3 weeks of […]

2% growth

For the January to March period under review, the economy recorded growth of two per cent, led by vital tourism. This is slightly down from the 2.3 per cent growth recorded for the same period in 2016, when the foreign reserves –  which have been a major topic of  public discussion for several months now […]