- The role of Central Banks in facilitating the mobilisation of regional investment to support development
By Central Bank of Barbados
BRIDGETOWN, Barbados – Three CARICOM Central Bank Governors have come together to discuss how their institutions can create an environment that lays the foundation for sustainable economic growth in the region.
In a panel discussion moderated by Central Bank of Barbados Governor Dr Kevin Greenidge, Governor John Rolle of the Central Bank of The Bahamas, Governor Kareem Michael of the Central Bank of Belize, and Governor Dr Gobind Ganga of the Bank of Guyana explore The Role of Central Banks in Facilitating the Mobilisation of Investment to Support Development.
Meanwhile, the Central Bank of Barbados hosted the 63rd Bi-Annual Meeting of the CARICOM Committee of Central Bank Governors in Bridgetown on Thursday, November 7 and Friday, November 8, 2024. The meeting brought together senior officials to address pressing economic issues and strengthen the region’s financial systems, with a focus on key topics such as financial stability, cybersecurity, and regional economic performance.
A significant portion of the agenda focused on financial stability, particularly the data issues regarding non-bank financial institutions. Furthermore, Governors discussed the modernization of payment systems and advancing interregional payments to bolster the Caribbean’s competitiveness. The Governors highlighted the importance of enhancing financial resilience and cooperation across the region.
On the matter of cyber resilience, several presenters underscored the need for strong security measures across the financial sector amid rising cyber threats. The Governors marked a major milestone by signing a Memorandum of Understanding for the Cybersecurity Information Sharing Group, signalling a commitment to a unified approach in combatting cyber threats across the region’s central banks.
The Governors also reviewed regional economic developments and discussed growth outlooks against the backdrop of slowing global growth projections for 2025, ongoing geopolitical tensions, and the Caribbean’s vulnerability to climate change. The discussions acknowledged the need for adaptive strategies to navigate these uncertainties and sustain economic stability.
Investment to fuel development was another focal point, with the Governors agreeing on the importance of mobilizing excess liquidity and addressing barriers to private sector investment. They expressed interest in exploring the appropriate modality to accelerate and expand financing of infrastructure projects and sustainable development initiatives across the region.
The 63rd meeting was held alongside the 55th Annual Monetary Studies Conference (AMSC), where Governors John Rolle (The Bahamas), Kareem Michael (Belize), and Dr Gobind Ganga (Guyana) participated in a panel discussion on “The Role of Central Banks in Facilitating the Mobilisation of Regional Investment to Support Development,” moderated by host Governor D. Kevin Greenidge. The conference included sessions on digital innovations, climate adaptation, and regional integration, with a notable keynote address by renowned economist Professor Jeffrey D. Sachs, who delivered the 37th Adlith Brown Memorial Lecture.
At the close of the meeting, Governor Greenidge handed over chairmanship of the CARICOM Committee of Central Bank Governors to president Richard Doornbosch of the Centrale Bank van Curaçao en Sint Maarten.
