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...
Barbados’ financial sector remained a pillar of economic strength in 2024, with commercial banks and finance companies continuing to play a vital role in supporting household and business savings, credit expansion, and economic activity. While overall profitability dipped compared to 2023, the sector still posted solid earnings and maintained a trajectory of asset growth, according to the latest annual...
Barbados has earned an upgrade in its long-term issuer ratings from B3 to B2 by Moody’s Ratings, reflecting the country's sustained fiscal discipline, economic recovery, and improved debt management. The outlook remains stable. According to Moody’s, the rating improvement stems from Barbados’ consistent primary surpluses, narrowing fiscal deficits, and a firm downward trajectory in public debt....
Barbados is charting an ambitious new course to solidify its status as a global insurance hub, with the Financial Services Commission (FSC) unveiling a series of strategic initiatives to boost efficiency, innovation, and regulatory agility in the $174 billion insurance sector. FSC Chairman Oliver Jordan, speaking at the recent Barbados Risk and Insurance Management (BRIM) conference hosted by BIBA –...
The Caribbean Development Bank (CDB) has introduced the SheTrades Caribbean Grow and Go Grant Facility, a USD 500,000 programme designed to strengthen the competitiveness of women-led businesses across the region. The initiative, launched virtually on March 27, 2025, marks a significant step toward enhancing women’s participation in international trade. Targeting women-owned and led micro, small, and...
CIBC Caribbean Bank Limited has reported a net income of US$55.8 million for the first quarter of its 2025 financial year, describing the results as “solid” despite a decline from the US$84.6 million earned in the same period in 2024. Impact of Credit Provisions on Performance Chief Executive Officer Mark St Hill attributed the year-over-year decrease in profit to higher provisions for credit...
The African Export-Import Bank (Afreximbank), Africa’s premier multilateral financial institution, has made history with the groundbreaking of its first-ever Afreximbank African Trade Centre (AATC) in the Caribbean. Located in Bridgetown, Barbados, this landmark project signifies a significant step in strengthening trade ties between Africa and the CARICOM region. A Milestone for Global Trade With...
Imagine being able to send and receive money instantly - no delays, no waiting. That future is on the horizon for Barbados, as the Central Bank takes a major step toward modernizing the nation’s payment system. The bank has issued a Request for Proposal (RFP) to develop a national Instant Payments System (IPS), designed to make transactions faster and more accessible for everyone, regardless of their...
Barbados has successfully passed a key international evaluation, reaffirming its commitment to combating harmful tax practices and upholding global financial standards. The Organisation for Economic Co-operation and Development (OECD) has officially recognized the island’s progress in meeting international tax regulations. According to its latest peer review—conducted through the Forum on Harmful...