BRIDGETOWN, Barbados – Caribbean Community (CARICOM) Central bank governors ended a two-day meeting on Friday, addressing pressing economic issues and strengthen the region’s financial systems, with a focus on key topics such as financial stability, cybersecurity, and regional economic performance.
CARICOM Central Bank Governors who met in Barbados for a two-day meeting (Central Bank of Barbados Photo)A statement issued following the 63rd Bi-Annual Meeting of the CARICOM Committee of Central Bank Governors, noted that “a significant portion of the agenda focused on financial stability, particularly the data issues regarding non-bank financial institutions.
“Furthermore, Governors discussed the modernisation of payment systems and advancing interregional payments to bolster the Caribbean’s competitiveness. The Governors highlighted the importance of enhancing financial resilience and cooperation across the region,” the statement said.
It said on the matter of cyber resilience, several presenters underscored the need for strong security measures across the financial sector amid rising cyber threats.
“The Governors marked a major milestone by signing a Memorandum of Understanding for the Cybersecurity Information Sharing Group, signalling a commitment to a unified approach in combatting cyber threats across the region’s central banks.”
The statement said that the governor’s meeting, which coincided with the 55th Annual Monetary Studies Conference (AMSC), also reviewed regional economic developments.
It said that the governors discussed growth outlooks against the backdrop of slowing global growth projections for 2025, ongoing geopolitical tensions, and the Caribbean’s vulnerability to climate change.
“The discussions acknowledged the need for adaptive strategies to navigate these uncertainties and sustain economic stability,” the statement said, adding that investment to fuel development was another focal point, with the governors agreeing on the importance of mobilising excess liquidity and addressing barriers to private sector investment.
“They expressed interest in exploring the appropriate modality to accelerate and expand financing of infrastructure projects and sustainable development initiatives across the region.”
Richard Doornbosch of the Centrale Bank van Curaçao en Sint Maarten has take over the chairmanship of the CARICOM Committee of Central Bank Governors.
