Home » Archives by category » Business » Banking

NSRL costs Barbados in doing business report

NSRL costs Barbados in doing business report

Government’s controversial National Social Responsibility Levy (NSRL) has been identified as one of the main reasons for Barbados’ steep drop in the World Bank Doing Business 2018 Report, in which the island is ranked 132nd, down from 119th in the 2016 report. Barbados was not ranked in the 2017 report. “Barbados made paying taxes more […]

Commercial banks forced to hold more Govt paper

Commercial banks forced to hold more Govt paper

With commercial banks currently displaying a low appetite for such instruments, the Central Bank of Barbados today announced an increase in the amount of Government paper the banks are required to hold by law. Saying the move was “appropriate”, Acting Governor Cleviston Haynes announced that “effective December 1, 2017, commercial banks will be required to […]

Banker warns interest rates will remain near zero per cent

Banker warns interest rates will remain near zero per cent

One senior banker is warning Barbadians that they will receive little to no interest on their savings for the foreseeable future, given the continued high levels of liquidity in the banking system. Following the removal of the minimum interest rate of 2.5 per cent by the Central Bank of Barbados back in April 2015, commercial […]

Free to borrow

Free to borrow

Barbados now has access to over US$500 million in financing from the Latin American Development Bank (CAF) following a decision by the island to acquire more shares in the institution. This was revealed today by Minister of Finance Chris Sinckler as he led off debate on the Latin American Development Bank Amendment Bill 2017 in the House […]

Shame on the bankers, cries Clarke

Shame on the bankers, cries Clarke

Chief Executive Officer of the Caribbean Credit Bureau (CCB) Grady Clarke has launched a verbal attack on the Barbados Bankers’ Association (BBA), saying it should stay out of the credit bureau business and stick to banking. Clarke has also strongly hinted at moves to stop to the association’s plan to have an international credit bureau […]

RBC to close Six Roads branch

RBC to close Six Roads branch

RBC Royal Bank is closing its Six Roads, St Philip branch, transferring the services to the Broad Street, Bridgetown branch.    Managing Director Robert de Silva told Barbados TODAY in a statement via email that the decision was taken to merge the two branches “after careful consideration” and “as part of managing our business”. It […]

Credit bureau nearly a reality – bankers body

Credit bureau nearly a reality – bankers body

Barbadians could soon get to check their credit scores, with the Barbados Bankers’ Association (BBA) announcing that the long-awaited credit bureau was one step closer to becoming a reality. However, as the BBA mulls over which international provider will get the proposed contract, the Barbados-based Caribbean Credit Bureau (CCB) Limited has raised an objection, saying […]

Stephen: Tax clearance issue must be addressed

Stephen: Tax clearance issue must be addressed

Economist Jeremy Stephen is warning that if the commercial banks’ concern regarding the tax clearance certificate was not addressed as quickly as possible it could have “quite serious” and far-reaching effects. Just Tuesday, President of the Barbados Bankers Association (BBA) Donna Wellington warned that until there was clarification on the process of obtaining a tax […]

Won’t be bullied

Won’t be bullied

Describing as “unfortunate and unwarranted”, the decision by commercial banks to suspend over 300 real estate-related transactions estimated at more than $200 million, Minister of Finance Chris Sinckler Wednesday accused the financial institutions of finding every practical reason to oppose the changes made to the Barbados Revenue Authority (BRA) Act. In a stinging rebuke of the […]

Page 1 of 41234