The Central Bank of Barbados is preparing to launch a transformative Instant Payments System (IPS) in March 2026, a move that promises to make financial transactions faster, safer, cheaper and more inclusive across the economy. The IPS is part of the Barbados Payments Modernisation Project, being implemented with support from the World Bank, and is set to overhaul the island’s outdated and fragmented...
Barbados will officially be removed from the European Union’s list of high-risk third countries on August 5, paving the way for smoother financial transactions and improved business relations with European institutions. Attorney General Dale Marshall confirmed the development, noting that the relevant legislation was published in the EU’s Official Journal this week. “This move brings welcome...
Barbados is poised to become the first country to pilot a new regional debt-for-resilience facility, a groundbreaking financial model designed to redirect costly debt repayments toward sustainable development and social investment. This innovative mechanism—supported by four major multilateral development banks—will allow participating Caribbean nations to swap expensive government bonds for...
Barbados’ financial system reached a record size in 2024, with total assets rising to $30.3 billion, according to the latest Financial Stability Report (FSR) released by the Central Bank of Barbados and the Financial Services Commission (FSC). This represents a notable increase from $29 billion in 2023, with credit expansion across multiple financial institutions fueling the growth. Commercial Banks...
Barbados has been officially approved for Series “A” shareholder status by the Board of Directors of CAF – Development Bank of Latin America and the Caribbean, marking a major milestone in the island's international financial standing. This upgrade, CAF’s highest level of membership, positions Barbados for greater access to development funds and grants the country a seat on the bank’s board,...
The Caribbean Development Bank (CDB) and IDB Invest have joined forces in a renewed strategic partnership designed to accelerate private sector development and enhance trade finance access across the Caribbean. The announcement signals a major step toward strengthening the role of small and medium-sized enterprises (SMEs) in driving regional economic growth. This new collaboration places private...
Barbados has reached a significant milestone in its economic recovery journey with the successful conclusion of its IMF-supported reform programme, securing the final loan disbursement of approximately US$116 million (BDS$232 million) under the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF). The IMF Executive Board approved the fifth and final reviews of both...
The upcoming launch of the CARICOM Payments and Settlement System (CAPSS) is set to transform how money moves across the Caribbean and between the region and Africa. Governor Timothy N. J. Antoine of the Eastern Caribbean Central Bank (ECCB) says the system will enhance trade, investment, and financial inclusion, particularly for Micro, Small, and Medium Enterprises (MSMEs). Speaking at the Caribbean...
A landmark collaboration between the International Finance Corporation (IFC) and the CARICOM Committee of Central Bank Governors aims to accelerate green investments across the English-speaking Caribbean, offering new hope for climate resilience, economic growth, and sustainable development in one of the world’s most vulnerable regions. At the core of this agreement is the creation of a regional...
Barbados has fortified its financial defences and reaffirmed its commitment to a stable currency through a strategic mix of repatriated funds and calculated foreign exchange sales, according to the Central Bank of Barbados’ latest annual report. The initiatives, aimed at preserving the fixed exchange rate of two Barbados dollars to one US dollar, have helped to shield the economy from external...