Improve the Economy through Barbados Banking
The Central Bank of Barbados was born in the year of 1972 to assist the country’s government and economy to make it more stable for the people. With the birth of Barbados banking, it served as the financial and developmental intermediation thus, making the currency of the country Barbadian dollar. $2 of Barbadian money is equivalent to $1 in the United States.
There were many reasons as to why the government of Barbados formed the CBB, but the strongest reason there was, was to gain control over domestic and international financial intermediation. They believe that through Barbados banking, they would promote monetary stability, encourage a sound financial structure, and advance the development of money markets and capital markets, and also foster credit and exchange conditions that would best suit all its customers while sustaining economic development in Barbados.
The Partnerships and Breakthroughs
Barbados is considered to be one of the most wonderful tourist destinations in the world. Right now, there are many ATM machines that are widespread in the country to make our Barbados banking experience easier and more convenient. Also, major credit cards are being accepted by merchants when you are on vacation in their country so you do not have to worry if you did not bring any money when you come to Barbados.
Historically, Barbados banking was primarily controlled by major British and Canadian banks that were internationally recognized. And right now, Barbados has more than forty licensed offshore banks and there were finance houses and other international banks are being attracted to Barbados banking due to its tax incentives, good quality service, and reputable offshore banking center.
You may compare Barbados banking to any banking services that you may find in North America and other countries and you will find that there is no difference in terms of their quality of service.
Servicing the People, Servicing the Country
There are many programs and services that Barbados banking supports and offers. One of the programs that best helps the country is their Livestock Development Fund jointly financed by European Development Fund and also by the government. Its objective is to reduce the dependency of Barbados from foreign countries when it comes to meat and promote self-sufficiency while at the same time, improving the income of small livestock farmers.
Other services and programs that the Central Bank of Barbados supports is the Barbados Investment Fund, Credit Guarantee Scheme for Small Businesses, Enhanced Credit Guarantee Scheme, Export Credit Insurance Scheme, Export Finance Guarantee Scheme, Export Rediscount Facility, and Industrial Credit Fund.