CARICOM Central Bank Governors Work to Resolve Financial System Issues

• At the 62^nd Bi-Annual CARICOM Central Bank Governors’ Meeting, which was held virtually and ended last Friday, May 31, the governors reaffirmed their commitment to using monetary policy tools to combat inflation, ensure financial stability, and promote efficiency and innovation in financial services delivery.
• To enhance resilience, the governors also agreed to form a region-wide central bank committee on statistics to harmonise financial data quality and availability.
• A significant portion of the CARICOM governors’ meeting was dedicated to financial system issues, with emphasis on payments market developments and opportunities for enhanced regional collaboration.
• Recognising the financial system’s competitiveness as crucial to economic prosperity, the CARICOM Central Bank governors also acknowledged common challenges faced by citizens across the region, including opening bank accounts and accessing banking services. They pledged to implement strategies and reforms to address obstacles and improve access.
• Going forward, the CARICOM governors’ technical working group on intra-regional payments will engage with the Inter-American Development Bank team on the Fully Scalable Settlement Engine, as a collaborative project.

 (Sources: Barbados Central Bank & Barbados Today)