The Central Bank of Barbados (CBB) hosted the 62nd Bi-Annual Meeting of the CARICOM Committee of Central Bank Governors1 virtually on May 30 and 31, bringing together regional central bank governors to deliberate on pressing economic and financial issues.
The discussions focused on regional economic developments, particularly how the easing of global inflation and food prices, moderated by rising oil prices, will influence the growth prospects for Caribbean economies. The governors examined the differential impacts on commodity-based versus service-based economies within the region.
A significant portion of the meeting was dedicated to financial system issues, with a strong emphasis on payments market developments and opportunities for enhanced regional collaboration. As individual member countries and the region collectively seek to modernise their payment systems and accelerate the adoption of digital solutions, the governors reaffirmed their commitment to using every tool in their monetary policy arsenal to combat inflation, ensure financial stability, and promote efficiency and innovation in financial services delivery.
Recognising the competitiveness of the financial system as crucial to economic prosperity, the governors acknowledged the common challenges faced by citizens across the region, including opening bank accounts and accessing banking services. They pledged to work collaboratively to implement strategies and reforms that address these obstacles, and improve access to banking services across the region. Going forward, the CARICOM Governors’ Technical Working Group on Intra-Regional Payments will engage with the Inter-American Development Bank (IDB) team on the Fully Scalable
Settlement Engine (FuSSE), a collaborative project between the Bank for International Settlements and the IDB.
The two-day meeting also provided a platform to explore various aspects of financial stability and inclusion. Highlights included an overview of the regional financial stability report, findings from a region-wide survey on bank fees, and updates on approaches to addressing correspondent banking issues. To enhance financial resilience, the governors agreed to form a region-wide central bank committee on statistics to harmonise the quality and availability of financial data.
Updates from regional working groups, including the recently formed Regional Central Bank Group of Reserve Managers, were also received. The governors emphasised their commitment to implementing fintech solutions, mitigating cybersecurity risks, and incorporating artificial intelligence into central banking operations. Additionally, the Caribbean Technical Assistance Centre (CARTAC) presented on climate risk and its implications for financial stability. Governors agreed to continue incorporating climate-related risk in their financial stability analytical toolkits.
Ten Caribbean central banks participated in the meeting, which was chaired by CBB Governor Dr. Kevin Greenidge. Governors recognised the situation in Haiti and expressed solidarity for a durable solution. The governors will reconvene in Barbados in November to continue their discussions on matters of mutual interest and concern. (PR)
EXPORT BARBADOS TO LAUNCH ITS EXPORT-IMPACT (EXIM) PROGRAMME
Export Barbados is set to roll out a comprehensive suite of support mechanisms with the focus on protecting gains, expanding exports and strengthening the sector.
Young Upcoming Executives Spend Time with Regional Executives
Eleven eager young men with aspirations to become executives or entrepreneurs when they grow up, had a unique opportunity recently when they visited and sat with the most senior executives at the regional head office of CIBC Caribbean.
The semi-finalists and finalists in the 2025 Mr. Executive Challenge had the opportunity to meet and ask questions of the members of the executive suite of the bank.
Mark St. Hill chats with the students as he welcomed them to the Job Shadow Day at the bank, to his left is Donna Wellington, Chief Country Management Officer.
The students, representing their respective secondary schools, met with Chief Executive Officer, Mark St. Hill; Chief Financial Officer, Carl Lewis; Chief Risk Officer, Patrick McKenna; Chief Auditor, Khadija Bourne; Chief Country Management Officer, Donna Wellington; Deputy Chief Information Officer, Infrastructure, Neil Matthews deputising for the Chief Information Officer Esan Peters; Managing Director, Transformation Governance and Control, Doug Williamson; and Head of Country Barbados, Kemar Polius.
The students engaging with Michelle Whitelaw – Director Personal and Business Banking as they visit the Warrens branch
St. Hill welcomed the young men to the bank, congratulating them on being a part of what he considered to be an excellent initiative, explaining that they had left a serious impression on him when they met at the entrepreneurship graduation ceremony a few weeks ago. He urged them to ‘Live your dreams and go for what you want to do.’ He congratulated all of them saying, “You have shown that you are a cut above the rest”
Kemar Polius, the bank’s new Head of Country for Barbados and Joseph Taitt-Small of Alleyne School engaged in active conversation just prior to lunch
The CEO said 70% of the bank’s workforce, and 50% of its leadership is female, noting “that is why it is important for the bank to be involved in programmes like this one, where males are encouraged to step up”.
The various executives also gave inspiring and reassuring words to the students, Donna Wellington explained that the day will serve to open their eyes to the many careers available to young men in the bank. She explained that while people normally think only of counting money in a branch, there are so many other careers in technology, marketing, risk, legal, human resources, and property management. She therefore urged them to “embrace, learn what you can, we want to open your eyes to what is possible.”
Barbados’ new Head of Country, Kemar Polius shared with the students that he never saw himself sitting in a board room like the one they were in, and working at this level in a bank, but he was given an opportunity which he grabbed with both hands and made the best of it. He encouraged them to do the same.
The general direction from the other Executives was for the young men to focus on what they wanted to do, examine every opportunity given and recognise that life is not a straight line.
Mark St. Hill chats with the students as he welcomed them to the Job Shadow Day at the bank, to his left is Donna Wellington, Chief Country Management Officer.
Neil Matthews, in addition to his post at the bank is also a Lieutenant Commander of the Barbados Defence Force and has been coopted to head the Cyber Security and Drone Units to help protect the country from cyber-attacks. He said that as a teenager, he never envisaged himself being in this position, but people recognised some value in him and pushed him to achieve and he has never stopped learning. He added that he would be back in ‘school’ to do a course from the following day.
Coordinator of the Mr Executive Challenge, Winston Cumberbatch, explained how the students reacted “For weeks they had been looking forward to the Job Shadow with great anticipation. However, none of them could have envisioned what actually took place. They were totally blown away by the level of interest, hospitality and inspiration that the CIBC Executives gave.”
Following that eventful meeting with the executives, the boys were taken on a tour of the bank’s departments where they were able to meet staff members who explained the duties and operations of their departments and answered many questions from the curious young men, as they sought to understand the areas and the opportunities there.
They visited the Treasury department, where the team explained the department that manages the bank’s financial resources – the cash in circulation, capital management on a regional level. This department is the one that makes sure there is cash available when and where it is needed. The young men quizzed this team on how they managed the foreign exchange with the amount of shopping that Barbadians do online with Amazon and Shein, and they also wanted to know if the bank had adopted AI as yet.
The Compliance team told them about the three areas under their portfolio – AML (Anti Money Laundering), Compliance and Advisory Sanctions. The next stop at HR (Human Resources) was where they had a chat with Jacintha Hinds, Officer, Human Resources, who shared her passion for HR and answered their many questions about qualifications and the issues that affect how people behave.
Other departments which the students enjoyed visiting were the Legal department, Corporate and Investment Banking, before they went on a tour of the Warrens branch across the street, following which they sat down to a sumptuous lunch with the executives in the company’s board room.
The afternoon session saw them visiting the Marketing, Communications, Engagement and Technology units before they left and headed home, full of information which they can now process for their own careers.
In wrapping up the session, Coordinator Winston Cumberbatch added “The operations knowledge imparted during the tour of the office and the bank, along with the questions that followed, made the occasion an educational engagement of the highest order, which could not have been possible in the classroom. As Coordinator, I am extremely grateful to CIBC Caribbean for going beyond their financial support to offer such a life changing experience to these well deserving young men from eleven of our secondary Schools.” (PR)
New Chief Executive Officer For Fair Trading Commission
The Fair Trading Commission announced the appointment of Brian Reece as Chief Executive Officer.
Mr. Reece joined the staff of the Commission as Director of Utility Regulation in August 2023. In that role he was responsible for managing the strategic goal of ensuring the efficient and safe provision of regulated utility services in Barbados. This included the supervision and leadership of a team of professionals focused on the National Renewable Energy Transition.
Mr. Reece is an Attorney-at-Law and holds an MSc. Environmental Engineering from the University of Manchester and LLB (Hons) from the University of the West Indies along with the Legal Education Certificate from the Norman Manley Law School. He is also a Member of the Institute of Environmental Management and Assessment.
Mr. Reece has twenty years of industrial experience, along with the Chairmanship of national regulatory advisory committees. (PR/GIS)