Barbados As at 31 October, 2019
Total Page：16
File Type：pdf, Size：1020Kb
Load more
Recommended publications
-
Libro ING CAC1-36:Maquetación 1.Qxd
© Enrique Montesinos, 2013 © Sobre la presente edición: Organización Deportiva Centroamericana y del Caribe (Odecabe) Edición y diseño general: Enrique Montesinos Diseño de cubierta: Jorge Reyes Reyes Composición y diseño computadorizado: Gerardo Daumont y Yoel A. Tejeda Pérez Textos en inglés: Servicios Especializados de Traducción e Interpretación del Deporte (Setidep), INDER, Cuba Fotos: Reproducidas de las fuentes bibliográficas, Periódico Granma, Fernando Neris. Los elementos que componen este volumen pueden ser reproducidos de forma parcial siem- pre que se haga mención de su fuente de origen. Se agradece cualquier contribución encaminada a completar los datos aquí recogidos, o a la rectificación de alguno de ellos. Diríjala al correo [email protected] ÍNDICE / INDEX PRESENTACIÓN/ 1978: Medellín, Colombia / 77 FEATURING/ VII 1982: La Habana, Cuba / 83 1986: Santiago de los Caballeros, A MANERA DE PRÓLOGO / República Dominicana / 89 AS A PROLOGUE / IX 1990: Ciudad México, México / 95 1993: Ponce, Puerto Rico / 101 INTRODUCCIÓN / 1998: Maracaibo, Venezuela / 107 INTRODUCTION / XI 2002: San Salvador, El Salvador / 113 2006: Cartagena de Indias, I PARTE: ANTECEDENTES Colombia / 119 Y DESARROLLO / 2010: Mayagüez, Puerto Rico / 125 I PART: BACKGROUNG AND DEVELOPMENT / 1 II PARTE: LOS GANADORES DE MEDALLAS / Pasos iniciales / Initial steps / 1 II PART: THE MEDALS WINNERS 1926: La primera cita / / 131 1926: The first rendezvous / 5 1930: La Habana, Cuba / 11 Por deportes y pruebas / 132 1935: San Salvador, Atletismo / Athletics -
Barbados RISK & COMPLIANCE REPORT DATE: March 2018
Barbados RISK & COMPLIANCE REPORT DATE: March 2018 KNOWYOURCOUNTRY.COM Executive Summary - Barbados Sanctions: None FAFT list of AML No Deficient Countries US Dept of State Money Laundering assessment Higher Risk Areas: Not on EU White list equivalent jurisdictions Offshore Finance Centre Compliance with FATF 40 + 9 Recommendations Medium Risk Areas: Failed States Index (Political Issues)(Average Score) Weakness in Government Legislation to combat Money Laundering Major Investment Areas: Agriculture - products: sugarcane, vegetables, cotton Industries: tourism, sugar, light manufacturing, component assembly for export Exports - commodities: manufactures, sugar and molasses, rum, other foods and beverages, chemicals, electrical components Exports - partners: Trinidad and Tobago 20.8%, US 11.9%, St. Lucia 9.7%, St. Vincent and the Grenadines 6%, Jamaica 5.6%, Antigua and Barbuda 4.9%, St. Kitts and Nevis 4.6%, UK 4.4% (2012) Imports - commodities: consumer goods, machinery, foodstuffs, construction materials, chemicals, fuel, electrical components Imports - partners: Trinidad and Tobago 35.9%, US 26.9%, China 5.6% (2012) 1 Investment Restrictions: The Government of Barbados, through Invest Barbados, strongly encourages foreign direct investment in Barbados. The government offers special incentive packages for foreign investments in the hotel industry, manufacturing, and offshore business services. The services sector holds the largest potential for growth, especially in the areas of financial services, e-commerce, tourism, educational, health, and cultural services. In agriculture, the slow demise of the sugar industry has opened up land for other agricultural uses, and investment opportunities exist in the areas of agro-processing, alternative and renewable energy, and hydroponics. In the financial services sector, the government has improved its regulatory oversight, and the industry is thriving under better regulatory standards, designed to prevent money laundering and tax evasion. -
(2019–2023) MARCH 2019 This Document Was Prepared by Juan Carlos De La
PUBLIC SIMULTANEOUS DISCLOSURE DOCUMENT OF THE INTER-AMERICAN DEVELOPMENT BANK AND THE INTER-AMERICAN INVESTMENT CORPORATION IDB GROUP COUNTRY STRATEGY WITH BARBADOS (2019–2023) MARCH 2019 This document was prepared by Juan Carlos de la Hoz (CCB/CBA), Laura Giles Álvarez (CCB/CCB), Francisco Javier Urra (CCB/CBA), Juan Pedro Schmid (CCB/CCB), Kimberly Waithe (CCB/CBA), Shamar Kadeem Blenman (CCB/CBA), Marcelo Javier Paz (DSP/DCO), Maria Cecilia Acevedo Villalobos (DSP/DCO), Dora Moscoso (MIF/OPU), Vashtie K. Dookiesingh (GRU/CTT), Ruth Simone Houliston (GRU/CBA), Mario Vinicio Rodriguez Pineda (VPC/FMP), and Maria Camila Padilla (VPC/FMP), with contributions by all relevant VPS sector specialists and Moises Schwartz (CCB/CCB) under the direction of Therese Turner-Jones (CCB/CCB). In accordance with the Access to Information Policy, this document is being released to the public and distributed to the Bank’s Board of Executive Directors simultaneously. This document has not been approved by the Board. Should the Board approve the document with amendments, a revised version will be made available to the public, thus superseding and replacing the original version. Table of Contents I. COUNTRY CONTEXT 2 II. THE IDB GROUP PRESENCE IN BARBADOS 5 III. PRIORITY AREAS 9 IV. PROJECTED LENDING FRAMEWORK 21 V. STRATEGY IMPLEMENTATION 21 VI. RISKS 23 ANNEX I: BARBADOS: COUNTRY STRATEGY RESULTS MATRIX i ANNEX II: INDICATIVE LENDING FRAMEWORK vi ANNEX III: SELECTED ECONOMIC AND SOCIAL INDICATORS FOR BARBADOS vii ANNEX IV: COUNTRY STRATEGY DEVELOPMENT EFFECTIVENESS MATRIX viii ANNEX V: MANAGEMENT’S RESPONSE TO THE COUNTRY PROGRAM EVALUATION ix Electronic Links i. COUNTRY DEVELOPMENT CHALLENGES FOR BARBADOS ii. -
I Societies W Liabilities P
BARBADOS INTERNATIONAL SOCIETIES WITH RESTRICTED LIABILITY A guide for business executives involved in International Business and Investment Activities PWC PricewaterhouseCoopers (www.pwc.com) is the largest professional service firm in the world. We provide industry-focused assurance, tax, advisory and corporate services for private and public clients, helping them to build value, manage risk and improve performance. Across the Caribbean, the PricewaterhouseCoopers network provides a fully integrated range of professional services to local, regional and international clients from offices located in Antigua, Aruba, the Bahamas, Barbados, the British Virgin Islands, the Cayman Islands, Curacao, Grenada, Jamaica, the Dominican Republic, Puerto Rico, St. Lucia, St. Maarten, Trinidad & Tobago, the Turks & Caicos Islands and the U.S. Virgin Islands. Table of Contents Introduction . .2 PricewaterhouseCoopers in Barbados and the East Caribbean . .3 Why Barbados? . .4 Establishing an International Society with Restricted Liability . .6 Start-up and ongoing operational costs . .7 THE ISLAND OF BARBADOS n Integrity and Professionalism . .9 n Geography, Climate and Population . .10 n History . .12 n Politics, Government and Judiciary . .13 n Economy, Trade and Industries . .14 n Money, Banking and Finance . 16 n Transport and Communication . 17 n Infrastructure and Social Environment . 18 Appendices I. Key Legal Requirements . 22 INTERNATIONAL SOCIETIES WITH RESTRICTED LIABILITY pwc 1 Introduction With a long history of political and economic stability and commitment to free enterprise, Barbados has developed into a major domicile for international business within the Eastern Caribbean. This guide has been prepared by PricewaterhouseCoopers East Caribbean. It provides background information to help business executives evaluate the advantages of establishing an International Society with Restricted Liability (SRL) in Barbados. -
Public Service Commission Assented Acts Statutory
Saint Lucia Government Gazette 1253 ERRATUM Statutory Instrument (S.I.) # 90 of 2015 which was printed and published as an Extra-ordinary Gazette of Friday October 2, 2015, Issue #27 had an error. The "title" read "Architects Regulations (Fees) Regulations but should have infact read " Architects Registration (Fees) Regulations. The corrected Statutory Instrument (S.I.) has been reprinted and published. Please be guided accordingly. Mr. Edmund Regis Manager National Printing Corporation ASSENTED ACTS THE following documents are published with and form part of this Gazette: No. 16 of 2015 — Banking (Amendment) Act No. 17 of 2015 — Motor Vehicles and Road Traffic (Amendment) Act THE following document is published and is available for sale at the National Printing Corporation (NPC): No. 18 of 2015 — National Honours and Awards (Amendment) Act STATUTORY INSTRUMENTS THE following documents are published with and form part of this Gazette: No. 91 of 2015 — Fiscal Incentives (Eden Herbs Ltd.) Order No. 92 of 2015 — Fiscal Incentives (Sunfresh Limited) Order PUBLIC SERVICE COMMISSION THE Public Service Commission has approved the Ministry of Home Affairs and National Security following in the Public Service 1. Ms Ashnel Rea Elezya, as Clerk/Typist, for the period TEMPORARY APPOINTMENT: July 6, 2015 to August 31, 2015, vice Ms Carla Paul, Ministry of Education, Human Resource who has been appointed to act in a higher post. Development and Labour 2. Ms Tamara Jameson, as Receptionist II, (Royal Saint 1. Mr Jonathan G Khodra, as Shop Director (Vieux-Fort Lucia Police Force), for the periods:- Comprehensive Secondary School-La Ressource), for the period July 1, 2015 to August 31, 2015. -
A Review of the Financial Regulatory Framework of Barbados
Anthony Wood Kimarie Clement A Review of the Financial Regulatory Framework of Barbados Abstract It is well established in the literature that the financial system plays a pivotal role in the development process. Thus, it is incumbent on gov- ernments to have strong and effective regulatory regimes in place to protect investors, ensure orderly functioning of financial institutions and markets, and maintain confidence and stability in the financial system. An area of regulation receiving renewed attention in recent times is the institutional structure of financial regulation; specifical- ly, whether the existing institutional arrangements for regulation are resulting in comprehensive and effective regulation of the financial system. These discussions have been driven to a large extent by chang- es in the structure of the financial services industry globally and the disruption to financial systems in many countries. While the type of institutional structure may not be the main de- terminant of regulatory effectiveness, an inappropriate or outmoded structure can impede the attainment of regulatory and supervisory goals. The aim of this paper is to examine the adequacy of the finan- cial regulatory framework in Barbados. Specifically, the paper seeks to determine whether the current architecture of financial regulation provides suitable coverage of all areas of regulation, and whether the Anthony Wood, Lecturer in Economics, The University of the West Indies. Kimarie Clement, Bank Examiner, Central Bank of Barbados. Corresponding author: <[email protected]>. Monetaria, January-June, 2015 Central Bank’s responsibility for prudential regulation and monetary policy is appropriate and in keeping with best practice. Data were ob- tained via an interview survey with managerial personnel of the regu- lators (Central Bank of Barbados, Financial Services Commission and Fair Trading Commission) and selected financial institutions during the period July to September 2014. -
Foreign Exchange Pressure in Barbados: Monetary Approach Or Monetary Dependence?
ISLANDS AND SMALL STATES INSTITUTE UNIVERSITY OF MALTA, MSIDA, MALTA OCCASIONAL PAPERS ON ISLANDS AND SMALL STATES ISSN 1024-6282 Occasional Paper Number: 04/2018 Foreign exchange pressure in Barbados: monetary approach or monetary dependence? Darrin Downes & Tarron Khemraj More information about the series of occasional paper can be obtained from the Islands and Small States Institute, University of Malta. Tel: 356-21344879; email: [email protected]. Foreign exchange pressure in Barbados: monetary approach or monetary dependence? Darrin Downes, Central Bank of Barbados Tarron Khemraj, New College of Florida ABSTRACT This paper tests competing ideas accounting for the foreign exchange (FX) losses in Barbados in recent years. The conventional monetary and absorption approaches have motivated the explanation and policy proposals to date. However, this paper illustrates that the conventional theories fail to account for the external forces determining FX pressure. We propose a theory of monetary dependency by integrating the basic insight of the Prebisch-Singer hypothesis into an institutionally-consistent monetary framework. The model implies that the narrow policy space in the short run is overwhelmed by the falling FX supply in the long term – hence the long-term FX constraint. This constraint, moreover, prevents complete adjustment as predicted by the reflux mechanism. Although Barbados is the case study – given its recent program with the IMF – the model of monetary dependence is applicable, in general, to small very open developing countries. The econometric results indicate tenuous support for the monetarist theory, but stronger evidence in favor of the monetary dependency theory. Consistent with the prediction of latter theory, the trade-weighted American dollar exchange rate and its conditional volatility are the strongest determinants. -
November 2006 Unification News
UnificationUnification NewsNews $2 Volume 25, No. 11 T HE N EWSPAPER OF THE U NIFICATION C OMMUNITY November 2006 UPFUPF 4th4th WorldWorld PeacePeace TourTour BeginsBegins inin AmericaAmerica by Rev. Michael Jenkins Sun Myung Moon. Soon after the U.S. n October 21, events were completed, 120 2006 the 4th religious leaders and promi- UPF World nent Ambassadors for Peace Peace Tour, with began leaving for Japan the theme where 120 events were held O“GOD’S IDEAL FAMILY AND on October 24 followed by THE PEACE KINGDOM”, 120 events in Korea sched- began with 120 events held uled for October 26. throughout America. The After completing the gatherings were held prima- events in Korea, a delega- rily in churches, and fea- tion of US representatives tured ministers delivering will then travel to Europe the message “GOD’S IDEAL for the next segment of the FAMILY AND THE KING- tour. This historic UPF DOM OF THE PEACEFUL, 4th World Peace Tour will IDEAL WORLD”. This mes- continue for the next two sage was previously present- months, touching the four ed by UPF Founder Rev. Dr. see TOUR on page 6 2 Unification News November 2006 FOUNDER’S DISCOURSE ON UNIFICATIONISM God’s Ideal Family and the Kingd This speech was delivered on the 120 of the first human family. My speech for today again has the title the world’s cherished hope. It will carry Ministers World Tour in major cities world- August 20 of this year was the twen- “God’s Ideal Family and the Kingdom of out the role of an Abel-type counterpart wide, October 21 – December 20, 2006 ty-first anniversary of my release from the Peaceful, Ideal World,” as it is a sum- to the existing “Cain-type” United Nations, Danbury Prison in the United States, mary of the divine teachings that I con- to renew the UN and provide the leader- irst of all, I would like to express which was the last of six unjust incar- veyed to the 6.5 billion people of the world ship for a new sovereignty of universal my sincere gratitude to all of cerations I had to endure during my life- during the past year. -
Financial Stability Report 2012
Financial Stability Report 2012 CENTRAL BANK OF BARBADOS Central Bank of Barbados i Financial Stability Report 2012 Table of Contents Abbreviations ................................................................................................................................. iii Preface............................................................................................................................................ iv 1 Overview ................................................................................................................................. 1 2 Trends in Financial Sector Activity ......................................................................................... 2 3 Banking System ....................................................................................................................... 3 3.1 Commercial Banks’ Financial Soundness Indicators ..................................................... 13 4 Non-Bank Financial Institutions ............................................................................................ 23 5 Credit Unions ......................................................................................................................... 26 5.1 Insurance Companies ..................................................................................................... 30 6 Stress Test Analysis ............................................................................................................... 33 6.1 Credit Risk..................................................................................................................... -
1 BARBADOS 1. General Trends Barbados Seems to Be Slowly
1 BARBADOS 1. General trends Barbados seems to be slowly recovering from the negative impacts of the recent global financial crisis. According to estimates released by the Central Bank of Barbados, the economy picked up in 2010, with 0.3% real GDP growth, after two years of negative economic performance. Tourism was the main contributor to this upturn, with value added growing by 3%, and this sector now accounts for 14.7% of GDP. Although the fiscal deficit remained high by historical standards, there was a slight improvement as it measured 7.8% of GDP. The government remains concerned about the public debt stock, which reached 102% of GDP in 2010, and fiscal consolidation remains a top government priority. Growth in tourism will remain vital to the economy, but the sector’s performance is expected to be modest with revenue below the pre-crisis levels. Nevertheless, supported by a recovery in the financial services sector and increased private capital flows to fund a number of projects, the Barbados economy is projected to grow by 2% in 2011. 2. Economic policy (a) Fiscal policy During 2010, the government sought to exercise some fiscal discipline while at the same time adopting measures to protect the most vulnerable. Additional measures were introduced to maintain tourism competitiveness (such as marketing efforts and incentives directed at the United Kingdom stopover tourist market). Preliminary estimates from the Central Bank of Barbados suggest a small improvement in public finances in the 2010/2011 (April-March) fiscal year. The fiscal deficit to GDP is estimated to have narrowed to 7.8%, compared with 9.4% a year earlier. -
THE RESILIENCE and INNOVATION of CARIBBEAN FINANCIAL INSTITUTIONS AFTER the LAST GLOBAL REGIONAL NEWS SUMMARY Pg 3 ECONOMIC CRISIS STUDENT INTERNS – Pg 5 SUMMER 2011
Inside this issue: THE RESILIENCE AND INNO- VATION OF CARIBBEAN FINANCIAL INSTITUTIONS Pg 1 AFTER THE LAST GLOBAL ECONOMIC CRISIS July 2011 Newsletter : Volume 4, No. 7 THE 4TH BIENNIAL INTER- NATIONAL CONFERENCE ON Pg 2 BUSINESS, BANKING AND FINANCE (BBF4) THE RESILIENCE AND INNOVATION OF CARIBBEAN FINANCIAL INSTITUTIONS AFTER THE LAST GLOBAL REGIONAL NEWS SUMMARY Pg 3 ECONOMIC CRISIS STUDENT INTERNS – Pg 5 SUMMER 2011 It is now nearly four years since the international financial and economic crisis wrought severe damage to international finan- Country 2006 2007 2008 2009 2010 cial markets and the global economy. The fallout from this Capital Adequacy crisis led to a serious assessment of the systems in place for Brazil 18.9 18.7 18.3 18.8 18.5 promoting and sustaining financial stability around the world. Chile 12.5 12.2 12.5 14.3 13.9 In the Caribbean, the crisis that engulfed Stanford Bank and Barbados 14.4 16.4 16.1 17.5 18.0 CL Financial was in part due to the fallout from this crisis Belize 21.3 22.3 18.5 20.4 which exposed inherently vulnerable institutions. These de- Guyana 15.4 15.0 14.9 18.3 19.0 velopments have highlighted how potentially damaging and Jamaica 16.1 14.5 13.9 18.3 19.0 pervasive the impacts of this crisis could be to financial institu- T&T 18.0 19.1 18.8 20.5 23.3 tions and the regional economy. It also emphasized how criti- Suriname 11.7 10.5 10.1 10.8 11.4 cal systems for promoting financial stability are for the future Loan Delinquency development of the Region. -
Central Bank of Barbados Annual Report 2020
RISING TO THE CHALLENGE About The Cover In April 2020, the COVID-19 pandemic led to a national shutdown as the island sought to prevent the spread of the disease. While many remained at home, our essential workers, among them Central Bank of Barbados staff, continued to work to ensure that everyone was safe and healthy, and that our country would continue to function. The cover of our 2020 Annual Report features the limited-edition one-dollar circulation coin issued by the Bank as a tribute to Barbados’ essential workers. The coin carries the same design as the regular one-dollar coin, but the flying fish and sea, now painted blue, glow in the dark, representing these essential workers – ordinary Barbadians, who, when called upon during a dark time, stood up, stood out, and shone. TABLE OF CONTENTS LETTER OF TRANSMITTAL 6 CORPORATE PROFILE 8 GOVERNOR’S MESSAGE 10 1. CORPORATE GOVERNANCE 17 Board of Directors and Senior Management Board Matters 2. MACROECONOMIC DEVELOPMENTS 20 Overview Real Sector External Sector Public Finances CONTENTS 3. CENTRAL BANK OPERATIONS 25 Bank Supervision Foreign Exchange Operations Money, Credit and Capital Markets Currency and Payment Systems Information Technology People and Programmes Corporate Outreach 4. PUBLICATIONS AND PAPERS 40 5. ADOPTION OF FINANCIAL STATEMENTS 41 6. FINANCIAL STATEMENTS AND REPORTS 45 ACKNOWLEDGEMENTS Design: G&A Communications Inc. DocuSign Envelope ID: E9CC253B-ADB2-4A2F-AC3A-EF7406D94B1E 6 | CENTRAL BANK OF BARBADOS › ANNUAL REPORT 2020 ANNUAL REPORT 2020 › CENTRAL BANK OF BARBADOS | 7 CORPORATE PROFILE The Central Bank of Barbados was established by an Act of Parliament in 1972.