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Central Bank moving to centralise commercial bank payments
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Central Bank anticipates private sector will double investment
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By Emmanuel Joseph
The Central Bank of Barbados will undertake a comprehensive review of the contentious fee structure that is in place at all commercial banks on the island and which has drawn much criticism from a wide cross-section of the community.
Newly-appointed Governor Dr Kevin Greenidge also disclosed that steps will be taken to make the onerous process of opening bank
Barbados’ last Central Bank governor Mr Cleviston Haynes said his formal goodbyes on the weekend, ending more than four decades at the country’s lead financial institution.Not a man known for controversy, at his final departure he was his usual straightforward but equally diplomatic self, when he called on the country’s commercial banks to “do better”. He was at the time also lamenting the fact that he walks away from the Church Village, Bridgetown institution with “unfinished business”.There may be the suggestion by some that the former governor should have put more bite in his bark when he held the highest office at the Central Bank of Barbados which is the regulator of commercial banks.“Opening accounts is proving increasingly, and, I would suggest, unnecessarily difficult, often exceeding the expectations of the regulator which simply expects banks to use their discretion and document if necessary.“A very senior regional public servant recently recounted to me h