Changes to the legislation governing the operations of the Central Bank of Barbados are not too far off.
This disclosure came yesterday morning by Minister of Finance and Economic Affairs, Christopher Sinckler, who indicated that his ministry is awaiting word from the legal drafters in the office of the Chief Parliamentary Counsel, as one of the final steps before Government can take the bill to Parliament for approval.
He made the comments as he delivered remarks during a service held yesterday morning at the St. Michael’s Cathedral, where management, staff and well-wishers of the Central Bank gathered to commemorate the financial entity’s 45th anniversary. Sinckler further told the congregation, which included Governor General, Sir Elliott Belgrave and Acting Governor of the Central Bank, Cleviston Haynes, that the proposed new Central Bank Act is not designed to “discombobulate” the excellent manner in which the Bank has operated over the last 45 years, but he said, to ensure that the country’s chief monetary authority continues to give more of that outstanding service going forward.
The Finance Minister made the point while noting that the process of drafting the changes has been four years in the making, and is closer now to becoming a reality.
“Changes to its governance, to its financial supervisory role will become a part of the new transformed Central Bank as we move into the future and equip the organisation with the tools necessary to be able to take on many of the modern things that have emerged, both in terms of the financial sector in the economy and of course the society as a whole,” he said.
To that end, Minister Sinckler contended that the changes are needed to ensure that the rest of the world does not move ahead and leave our Central Bank behind. With that in mind, he noted that in the coming weeks and months ahead, as the Bank undergoes organisational renewal and periods of transitions, as it is experiencing now, it is important to recognise that there are opportunities to be grasped and new systems to be introduced to make the institution better.
“This will only be achieved, if it continues as an organisation to be inclusive, to be transparent and to involve all persons in the changing use of that programme,” he stated. (JRT)