Changes coming to Central Bank

Minister of Finance Chris Sinckler today announced that within weeks, there will be changes at the Central Bank of Barbados.

Addressing the staff of the Bank, Sinckler said Government plans to shortly take to Parliament a new Central Bank Act to make way for structural re-organization of the entity.

The minister spoke during a service at the St Michael and All Angels Cathedral to observe the Bank’s 45th anniversary and against the backdrop of the recent sacking of Central Bank Governor Dr DeLisle Worrell after he publicly differed with Sinckler on monetary and administrative policy.

During a LIVE television discussion on state-run CBC at the start of February, Worrell had sought to publicly warn Government that it must stop the recent practice of printing money.

“We cannot continue to have a deficit and we cannot continue to have a wage bill as high as we are, simply because the only way we are able to do that is by the Central Bank providing financing,” Worrell said then, while seeming to deliberately throwing his immediate boss under the proverbial bus.

Worrell was also at pains to point out that approximately $50 million in monthly wages was far too much for Government to afford at this time, given what he knows about what it is raking in terms of taxes and revenues to meet its current costs.

This put a serious strain on their relationship and led to a bitter dispute between the two men that resulted in Sinckler’s demand  — on the insistence of members of the Central Bank’s board — that the 72-year-old Governor, who had been in office for close to eight years, either stepped down or be fired.

However, Worrell decided to go the route of court action, but was only able to hold off his scheduled February 13 dismissal by just over a week.

The Court of Appeal eventually dismissed the Governor’s case, clearing the way for his removal.

Since then Deputy Governor Cleviston Haynes has been acting as Governor of the Central Bank of Barbados.

However, concerns abound about the powers vested in office of the Central Bank Governor, who not only leads the monetary authority, but also chairs the Central Bank’s board.

29 Responses to Changes coming to Central Bank

  1. Rosanna Lewis
    Rosanna Lewis April 30, 2017 at 7:16 pm

    I hope one of the changes would include that of increase central bank Independence

    Reply
  2. Alwin Ellis
    Alwin Ellis April 30, 2017 at 7:58 pm

    I bet the changes is going to work in stealkler favour

    Reply
  3. Macmood Tata
    Macmood Tata April 30, 2017 at 8:11 pm

    D only change in want to c is dis government

    Reply
    • Lilian Lloyd
      Lilian Lloyd April 30, 2017 at 8:23 pm
      Reply
      • Donild Trimp May 1, 2017 at 10:36 am

        @Lilian Lloyd – are you a stalker?

        Why are you making blank post?

        Pathetic!!!!!!!!!!!

        Reply
  4. Lilian Lloyd
    Lilian Lloyd April 30, 2017 at 8:25 pm

    CHRIS SINTAX

    Reply
  5. Patsy Yearwood
    Patsy Yearwood April 30, 2017 at 8:28 pm

    What change you talking about?

    Reply
    • harry turnover May 1, 2017 at 8:02 am

      To allow the MOF to tell the GOCB when,how,where to,for whom he MUST PRINT money for without any back chat.

      Reply
  6. Ricardo Bascombe
    Ricardo Bascombe April 30, 2017 at 8:28 pm

    Change un government

    Reply
  7. Patrick Newton
    Patrick Newton April 30, 2017 at 8:45 pm

    You first

    Reply
  8. Peter April 30, 2017 at 8:47 pm

    Sounds like he IS the Prime Minister, and he will be laying off staff there as they head into devaluation, so they’re cutting expenses.

    Reply
  9. Sundiata WorldTraveller Browne
    Sundiata WorldTraveller Browne April 30, 2017 at 8:51 pm

    Monkey handling gun

    Reply
  10. alex Alleyne April 30, 2017 at 8:59 pm

    The only “change” is to add a NEW $1000. bill, if we got one of them already then a $2000 bill cos the others we got ain’t saying a thing. I din’t know how much we have cos i only deal with 1,5 and 10…….20’s ,can’t touch that. I said earlier that things seem to be going “cool” there now the NEW General in place, but i talk too soon.
    LET THE PRINTING BEGIN.

    Reply
  11. Ali Baba
    Ali Baba April 30, 2017 at 9:57 pm

    IS THIS AH HORROR PICTURE I’M LOOKING AT? I WISH ALL 30 AH WANNA GET KICK OUT OF OFFICE, NEVER, NEVER NEVER TO SHOW WANNA ………………………………………………HERE AGAIN

    Reply
  12. Antonio Cozier
    Antonio Cozier May 1, 2017 at 12:13 am

    Can we have a change of minister of finance

    Reply
  13. Rubertha Blackman
    Rubertha Blackman May 1, 2017 at 1:14 am

    stupse I thought you was resigning

    Reply
  14. Tony Webster May 1, 2017 at 6:15 am

    @Alex alleyne: Touche! Let me bring you up-to-speed, on the “value” of a Zimbabwe Z$50, 000,000,000 (a 50-billion dollar bill…that can’t buy a mint). A collector of such foibles can get hold of a fresh, clean, un-circulated one on e-bay, for about US$30. So doan say that countries which print money wid some looooooog numbers…ent “got value”. Lef dat talk to our Screetching Senator…who, incongrously… is an expert of everything…but yet is master of none!!

    Reply
  15. Bruno Koegler May 1, 2017 at 6:16 am

    … they remove the only one who did understand economics, ohhh, he had to fight for real things, not pure elections marketing …

    Reply
  16. Tony Webster May 1, 2017 at 7:14 am

    Why do we even have a “Central Bank”, when all roads still lead to the M.O.F. ?? Hmmm…now I know why Bajans have nuff respect for “meeting turns”; credit unions; why Indians value gold jewelery so highly; and how the concept of “barter” came about.
    “Independence”…folks….is a two-sided coin. Yep, burn-up $40+ million celebrating…THEN flip!

    Want to take a great bet? Five will get you ten…you never thought you cud earn 0.000000025% on your bank savings account ….didyah? But waidamimit: you cud hand itall to Chris…(sorry. pr Esther…or C.B.B. and get 5%, yes? No? Suppose Chris (sorry, Ag. Guv.in Church Village) pushes the Savings Bonds rate to ..say, 15%p.a., would you bite? Think on these things! Also, you cud do better: read what Wild Coot says in his column!!

    Reply
  17. Greengiant May 1, 2017 at 8:02 am

    Change? Be careful what you wish for. From who to who? What to what? Where to where?

    Think carefully about who and what we’ve had. If we return there will it not be a case of, ” the more things change, the more they remain the same “?

    If we are going to get any real change, then it must be with a new party. The only true principle of change is when we can say,
    ” behold, all things have become new “. Can we say this regarding the two established political parties with confidence? If you are a supporter of either of them you need ask yourself that question.

    Reply
  18. Alex Alleyne May 1, 2017 at 8:21 am

    US budget is at ONE TRILLION DOLLARS……..Now that’s what I am talking about. Money, money and more money.

    Reply
  19. Milli Watt May 1, 2017 at 8:56 am

    If the changes aren’t a change to that position held by the governor on the board and his independent appointment to run monetary policy then this is a waste of time chris. My advice concentrate on this budget

    Reply
  20. Sandor Barker
    Sandor Barker May 1, 2017 at 9:00 am

    Whatever

    Reply
  21. BimJim May 1, 2017 at 9:17 am

    First change we want to see is that one Chris Sinckler is not allowed to enter the CB building nor allowed to communicate with any of its officers.

    When that change is implemented, we can talk, but until that institution is free of nasty political pawprints all over it, leave the feckin studio..

    Reply
  22. Ossie Moore May 1, 2017 at 9:27 am

    I here wondering if Chris still loves coconut sweet bread as did when he was a lill fella!

    Reply
  23. sunshinecanada May 1, 2017 at 1:37 pm

    No, Ossie, he watching is weight, Peter, did you heard mr tinkler is planning on fire his boss, or, the other way

    Reply
  24. Kathy Griffith
    Kathy Griffith May 1, 2017 at 2:10 pm

    Wat my 650 coming out

    Reply

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