Money printing will continue – Sinckler

The contentious printing of money by the Freundel Stuart Administration will continue for the foreseeable future, Minister of Finance Chris Sinckler today revealed.

However, Sinckler told a news conference at Government Headquarters this afternoon that immediate steps were being taken to steadily reduce the practice over the next year.

“We have set ourselves the target of ensuring we could at least bring that down consistent with a reduction in the deficit by at least one third over the next year or so, and then we move it down from there to a more sustainable position,” Sinckler said, adding that if the deficit could be reduced at a much faster rate it would at the same time impact the printing of money.

In fact, he said the revenue returns from fiscal 2016-2017 and those projected in the 2017-2018 Estimates of Revenue and Expenditure would show a substantial cut in the deficit.

He said the deficit reduction exercise had taken much longer than expected, but insisted Government was going in the right direction.

Sinckler recalled that in his Budget presentation last year, one of the objectives was to try to contain the printing of money, with a view to eventually eliminating it.

The minister explained that the Central Bank and Ministry of Finance meet through the cash flow committee to look at the country’s financing requirements regarding the recurrent expenditure, and that a determination is made based on the amount of revenue expected for any given period.

“Once that is known, the Government and Central Bank issue, through an auction, various types of instruments to which financial institutions and even individuals in some respects, may subscribe.

“Of course, if in any week the Government is short of resources to ensure your garbage is collected and the Central Bank has to accommodate by providing the shortfall based on what they get in from the other financial institutions, then that is what people refer to as printing of money,” Sinckler pointed out.

He explained that if revenues and expenditures produced a significant gap and the commercial financial sector was not taking up enough of that deficit, somebody had to meet those needs.

“Until such time as that deficit can be reduced . . . that residual can be shrunk and if possible eliminated. Once it reaches a level where the commercial institutions are taking less of Government’s paper and depositing more of their liquidity in the banking system because they cannot get rid of it of lend it, because the appetite for credit it low . . .  the Central Bank would utilize some of those resources or from its own resources, the Central Bank may lend the Government,” he stressed.

31 Responses to Money printing will continue – Sinckler

  1. Wayne Spooner
    Wayne Spooner February 28, 2017 at 2:36 am

    So will the downward spiral.

    Reply
  2. Charles Alleyne
    Charles Alleyne February 28, 2017 at 3:25 am

    Why not buy the printing press? I think it would solved all of barbados problems.lololol

    Reply
  3. BaJan boy February 28, 2017 at 3:42 am

    Chris poor fellow ain’t got a clue and Freundel can’t get he to pull back they just trying to hold on for the next year and hope that bajans ignorant enough to vote them back to office.. Sad…

    Reply
  4. Jason Ofori Brown
    Jason Ofori Brown February 28, 2017 at 3:46 am

    Is a very sick world… We need strong men…. Teachers and Dr’s style seems not to be working…. From wha am seeing….. I ain’t no faker!

    Reply
  5. Angus Benn
    Angus Benn February 28, 2017 at 5:23 am

    Try and print your way out. It better for the government to hired some business people to run this country. Too many lawyer they ain’t know about business.

    Reply
    • Peggy Stoute Morin
      Peggy Stoute Morin February 28, 2017 at 6:13 am

      Government is not a business. It cannot and should not be run like a business.

      Reply
    • John Nicholls
      John Nicholls February 28, 2017 at 6:29 am

      Notwithstanding current state of affairs business people just don’t get it that government is not a corporation and cannot and must not be so run.

      Reply
    • Cherylann Bourne-Hayes
      Cherylann Bourne-Hayes February 28, 2017 at 7:32 am

      Must be a fan of 45 here in the U.S.A

      Reply
  6. Danny Colombian Clarke
    Danny Colombian Clarke February 28, 2017 at 6:04 am

    So every sensible economist (not you Don you don’t fit in that bracket ) has warned against this practice . Even the past head of the CB has finally spoken out about it. When will you wake up Sinclair and realise you are not an economist and the advise of trained persons (much unlike you ) cannot just be swept under the rug. All you doing is digging the hole deeper and deeper . Then again you soon passing on the baton and heading off to relax so you really need not care who inherits your mess

    Reply
  7. FancyFace Lanna
    FancyFace Lanna February 28, 2017 at 6:49 am

    TRY AND PRINT YA RESIGNATION that is what tuh to ….if you want something tuh print…. stupseeeeee…I ain’t have no problem with ya continuously printing it either…further more print one and mail at everybody house …that would be worth the paper

    Reply
  8. Sherry-ann Mayers
    Sherry-ann Mayers February 28, 2017 at 6:58 am

    Since money still printing and it like it disappearing, print a little bit for me I would know where it gone the bills would get pay,food ,clothing, my travel never know but my balance sheet would show where it was spent and I surely wouldn’t have the same bills going in an areas if they where paid

    Reply
  9. Stanton Peace
    Stanton Peace February 28, 2017 at 6:59 am

    Lord have mercy.

    Reply
  10. Ryan Rock
    Ryan Rock February 28, 2017 at 7:21 am

    This is the classic case of the child knowing the stove hot……touches it gets burnt but continues to touch it again and again

    Reply
  11. jrsmith February 28, 2017 at 7:28 am

    Its alright printing money but what are you doing with the money.
    The problem the government is standing in the way of progress thats what killing barbados as if they were elected to destroy Barbados………..
    Two things are for us to get out of this hole ………..
    …………………………………………………………………………
    We need to improve and update all of our infrastructure .. this would open the job market, thats if bajans want to work we may have to then to import people to work……
    Then we will try building up our agriculture to feed ourselves and looking to export …
    Depending on tourism to pull barbados out of the hole ,will never happen, tourism profits is always on a one way street out of Barbados, none of the profits is reinvested into the economy. Bajans have the pain of keeping things ticking over sadly on
    bajan wages……………..

    Reply
  12. Anson Sobers
    Anson Sobers February 28, 2017 at 7:44 am

    When a Minister of Finance engages in such wreckless practices and is not relieved of his duties with immediate effect…we have to conclude this bunch is all about buttering it’s own bread and collecting a pension…all politics aside a matter of this magnitude when u have failed to deliver on jobs, projects, Growth to enhance the livelihood of the people should he decided not by a government but by the electorate…if you are so confident of a third term give the people of Barbados the ability to determine if they want to continue with these policies you engage in.

    #concerncedcitizen #bajan #youngprofessional

    Reply
  13. Keisha King
    Keisha King February 28, 2017 at 7:46 am

    Idiot

    Reply
  14. hcalndre February 28, 2017 at 7:55 am

    In a couple hours from now a host on a radio station would be saying what a great presentation the MOF gave on the economy and that the Gloom and Dome people were all wrong from the start. No layoffs, no IMF no devaluation. The MOF says so. Owen seems to be coming on board, he is going to bring the dead back to life.

    Reply
  15. Lauraine Clarke
    Lauraine Clarke February 28, 2017 at 9:35 am

    Minister of finance,are you sure,sure sure sure of what you are doing. I mean stupidity is not common sense.

    Reply
  16. Nico HL Beckles
    Nico HL Beckles February 28, 2017 at 9:36 am

    Where all the idiot DLP supporters??? This is your fault

    Reply
  17. Miguel Carlos Jose Humphrey
    Miguel Carlos Jose Humphrey February 28, 2017 at 10:18 am

    PRINT !! PRINT !! PRINT !! PRINT !! And then when all is done, watch this great Ship Sink !! sink !! sink !! sink !!….Sad state this country is in, hopefully Bajans will soon wake up and now see….that there is Nothing here Worth anything for You or Me

    Reply
  18. Arthur Collymore
    Arthur Collymore February 28, 2017 at 10:19 am

    Tried to tax your way out of a recession. That did not work. Trying to print your way out of a deficit. That will not work. What will work in Barbados is a change in government. Call the elections.

    Reply
  19. Sunil Brome
    Sunil Brome February 28, 2017 at 10:27 am

    The only thing that should be printing is all of your resignation letters. One by one print those!
    How do you look in the mirror and see the arrogant jackass who is key in sinking this country and feel good with yourself.
    You have tried your way or ways and FAILED.
    Admit only your ego is keeping you. Take some of that money you put aside and walk away…no fly away.
    You guys said we need change this is not the change your voters wanted you failed. Step down.

    Reply
  20. Ryan R A Charles
    Ryan R A Charles February 28, 2017 at 10:33 am

    Keep running Barbados into debt……..jackass

    Reply
  21. Helicopter(8P) February 28, 2017 at 11:36 am

    May each and every Barbadian ask themselves; “What is the Senate Chamber’s function on practiced activities of Barbados government?

    Reply
  22. Donild Trimp February 28, 2017 at 12:48 pm

    I will ask all of you here to take a step back and chill a little.

    Printing money is not all bad.

    Economist will tell you that printing money creates inflation. The same experts will also tell you that when the economy reaches the half way mark to collapsing, printing money shores up the economy and stops it from doing so.

    I think the Minister is right when he says printing money will continue.

    It is the lesser of two evils and Barbados will look back on this decision and say thank you for saving us from disaster.

    Reply
    • David Hall February 28, 2017 at 3:25 pm

      Point to one country in the world where the government started printing money as it wished and it ended up in good standing? If every country was free to print money as it chose there would be no debt issue there would be no money problem and there would be no unemployment , but we all know that is a pipe dream.

      Reply
  23. David Hall February 28, 2017 at 3:18 pm

    Unbelievable! But the MOF does not seem to have a clue as to what else to do so as to ensure that each month he and his cohorts get all they salary and benefits. He therefore continues unabated despite al the advice from professionals locally, regionally and globally about why not to print. May it all come down upon his head and may he never be able to escape the consequences of his action.

    Reply
  24. Tony Waterman February 28, 2017 at 7:11 pm

    @Donild Trimp!!!!! You seem to be as Foolish as 13% Sinckler.

    Printing Money creates a sense of nervousness amongst both economists and the general public. It immediately conjures up memories of hyper inflation in Weimar Germany in 1923 and Zimbabwe in more recent times.

    If a government prints money faster than the growth of real output it reduces the value of money and this invariably causes inflation. Governments often resort to printing money when they cannot finance their borrowing by selling bonds. This hyperinflation can be extremely damaging to an economy.

    Printing money reduces the value of your currency. Inflation reduces the value of domestic securities making international investors leave the economy.

    What to you and Sinckler (If he knows about this) is “NOT SO BAD) ????.

    @Ryan Rock!!!! Are you sure that this CHILD knows or even realises that the Stove is HOT ??

    Reply
  25. Ernesta Catlyn February 28, 2017 at 7:23 pm

    Come on guys he cannot stop until after the next general election. Can’t you all see the writing on the wall. Look, he will print until elections and if they win again they will look to implement the required austerity measures. If they lose, by that time we will be in such an economic, social and political state that the incumbent will be forced to introduce these severe measures. The DLP can then say that they told us these things would happen. Look, CLICO get ‘lick up’ to help ensure a win in 2008, the public service was increased again to help ensure the win in 2013 and money will print to ensure a win in 2018. Nobody lets go of power – you have to wrestle them to the ground and take it away.

    Reply

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