{"id":1675,"date":"2017-05-10T17:54:19","date_gmt":"2017-05-10T17:54:19","guid":{"rendered":"http:\/\/antiguanewsroom.net\/?p=1675"},"modified":"2017-07-23T17:36:10","modified_gmt":"2017-07-23T17:36:10","slug":"barbados-central-bank-tightens-monetary-policy","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/barbados-central-bank-tightens-monetary-policy\/","title":{"rendered":"BARBADOS \u2013 Central Bank tightens monetary policy"},"content":{"rendered":"
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Acting Governor of the Central Bank of Barbados Cleviston Haynes has announced changes to the monetary policy as the Government seeks to address the situation of the size of the deficit and how it is financed.<\/p>

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\u201cThe Central Bank announces a tightening of its monetary policy stance through an increase in its Barbados dollar securities reserve requirement ratio for companies licensed under part II of the Financial Institutions Act,\u201d Haynes told journalists on Tuesday as he delivered his report on the performance of the Barbados economy during the first quarter of this year.<\/p>\n

\"Cleviston<\/a>
Cleviston Haynes<\/figcaption><\/figure>\n

\u201cThe increase will require banks to now hold 15 per cent of their domestic deposits in stipulated securities with effect from June 15, 2017,\u201d he said.<\/p>

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\u201cThis increase partly reflects the decision by some banks to substitute some of their holdings of Government securities for cash at the Central Bank.\u201d<\/p>

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He said the cash reserves requirement for commercial banks remained unchanged at five per cent. The reserve requirements for deposit-taking trust and finance companies and merchant banks also remained unchanged.<\/p>\n

Government is exploring ways to curb the worrying fiscal deficit, which ended the financial year at an estimated six per cent of gross domestic product, higher than the projected 5.8 per cent.<\/p>

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The change announced by the Central Bank\u00a0 is the first increase to the securities reserve requirement since 2007, when the ratio was lowered to ten per cent.<\/p>\n

Haynes explained that the cash reserves and the securities requirement were among the policy options available to the bank, and now was a good time to exercise its prerogative.<\/p>

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\u201cIt is one of the tools which is available to us that we deem at this point in time that is an appropriate lever for us to exercise as we try to bring stability to the economic situation,\u201d he said in the financial institution\u2019s first media briefing in over two years, ending a media blackout imposed by fired Governor Dr DeLisle Worrell back in 2014 over a disagreement with the Nation newspaper over the accuracy of its coverage.<\/p>

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The acting Governor said\u00a0\u00a0the exact policy prescriptions will come from Government.<\/p>\n

\u201cThe bank has ongoing engagement and discussion with the government. The issue for us is the size of the deficit and therefore we have been discussing with them the need for further fiscal adjustment . . . so as to bring the fiscal balance in line with the available resources to finance it,\u201d he said.<\/p>\n

\u201cWith the decline in international reserves that we have experienced over the last few years there is a need for us to further dampen demand. I think the measures that we have taken hitherto [have] had some impact but there is obviously a need for us to dampen demand some more in order to assist in the rebuilding of the foreign exchange reserves buffer,\u201d he added.<\/p>\n

\"\"<\/a><\/div>","protected":false},"excerpt":{"rendered":"

Acting Governor of the Central Bank of Barbados Cleviston Haynes has announced changes to the monetary policy as the Government seeks to address the situation of the size of the deficit and how it is financed. \u201cThe Central Bank announces a tightening of its monetary policy stance through an increase in its Barbados dollar securities […]<\/p>\n","protected":false},"author":3,"featured_media":1676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-1675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regional"],"yoast_head":"\nBARBADOS \u2013 Central Bank tightens monetary policy - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/barbados-central-bank-tightens-monetary-policy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BARBADOS \u2013 Central Bank tightens monetary policy\" \/>\n<meta property=\"og:description\" content=\"Acting Governor of the Central Bank of Barbados Cleviston Haynes has announced changes to the monetary policy as the Government seeks to address the situation of the size of the deficit and how it is financed. \u201cThe Central Bank announces a tightening of its monetary policy stance through an increase in its Barbados dollar securities […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/antiguanewsroom.com\/barbados-central-bank-tightens-monetary-policy\/\" \/>\n<meta property=\"og:site_name\" content=\"Antigua News Room\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/antiguanewsroom\" \/>\n<meta property=\"article:published_time\" content=\"2017-05-10T17:54:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-07-23T17:36:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mlavawteztbj.i.optimole.com\/w:auto\/h:auto\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2017\/05\/ANR-barbados-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"467\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@AntiguaNewsRoom\" \/>\n<meta name=\"twitter:site\" content=\"@AntiguaNewsRoom\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/antiguanewsroom.com\/barbados-central-bank-tightens-monetary-policy\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/antiguanewsroom.com\/barbados-central-bank-tightens-monetary-policy\/\"},\"author\":{\"name\":\"Editor\",\"@id\":\"https:\/\/antiguanewsroom.com\/#\/schema\/person\/36cac05ef6398fe56ae3e6317f8535c5\"},\"headline\":\"BARBADOS \u2013 Central Bank tightens monetary policy\",\"datePublished\":\"2017-05-10T17:54:19+00:00\",\"dateModified\":\"2017-07-23T17:36:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/antiguanewsroom.com\/barbados-central-bank-tightens-monetary-policy\/\"},\"wordCount\":472,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/antiguanewsroom.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/antiguanewsroom.com\/barbados-central-bank-tightens-monetary-policy\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/mlavawteztbj.i.optimole.com\/w:900\/h:467\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2017\/05\/ANR-barbados-1.jpg\",\"articleSection\":[\"Regional\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/antiguanewsroom.com\/barbados-central-bank-tightens-monetary-policy\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/antiguanewsroom.com\/barbados-central-bank-tightens-monetary-policy\/\",\"url\":\"https:\/\/antiguanewsroom.com\/barbados-central-bank-tightens-monetary-policy\/\",\"name\":\"BARBADOS \u2013 Central Bank tightens monetary policy - 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