CBFI News Archive
Review of the Economy for the First Nine Months of
Released:Thursday, 30 October 2008
The Central Bank of Barbados recently released its review of the Barbados Economy for the first nine months of the year.
The deepening financial crisis that began in August 2007 hampered growth in global economic activity during the first nine months of 2008. This situation is evidenced by 1% expansion for advanced economies compared to 2.5% in 2007, as well as slower growth rates for major emerging markets.
Review of Barbados Economy at June 2008
Released:Tuesday, 12 August 2008
The Central Bank of Barbados recently released its review of the Barbados Economy for the first six months of the year.
During the first six months of 2008, the pace of real economic activity in Barbados was constrained by persistently high international prices for oil and other major commodities, as well as the slowing global economy.
Review of Barbados Economy for 2007
Released:Thursday, 31 January 2008
The Barbadian economy expanded for the sixth consecutive year in 2007, it recorded an estimated growth rate of 4.3%. This is significantly above the average rate of 3.1% for the last five years.
Rate hike 'drastic'
Released:Wednesday, 06 February 2008
Financial analysts have expressed alarm over the Bank of Jamaica's (BOJ's) decision to hike interest rates paid on its open market instruments.
Read more...
Invest in Clico Balanced Fund and save on your taxes.
Released:Wednesday, 28 November 2007
The final quarter of 2007 is upon us and we encourage all current and prospective investors as you start to consider your tax planning options to remember that investments in mutual funds up to $10,000 can save you between 25% and 35% on your taxes.
So come into Clico Balanced Fund (CBFI) before December 31st and let us help you to achieve your tax planning objectives.
Investment Manager Appointment
Released:Monday, 26 November 2007
Effective October 1, 2007, CLICO Mortgage & Finance Corporation (CMFC) has been appointed Administrator and Investment Manager of the Fund. The faces of the Investment Manager are Messrs Andrew St. John and Michael Green.
Learn more about CMFC at www.clicomortgage.com.
Monetary Policy Adjustment
Released:Friday, 16 January 2009
The Central Bank of Barbados wishes to advise the public of monetary policy initiatives as well as other initiatives under its special schemes.
Two measures relate to changes in monetary policy and two to the widening of guarantees offered to small businesses by the inclusion of medium-sized businesses in the tourism, tourism-related and manufacturing sectors and the provision of technical assistance grants through the Industrial Credit Fund.
Central Bank Press Release
Released:Tuesday, 03 February 2009
Update on Financial Actions
by Barbados Authorities - re: CLICO Matter
On Friday, January 30, 2009, the Government of Trinidad and Tobago and the Central Bank of Trinidad and Tobago announced that they were providing financial support to the CL Financial Group which was experiencing serious cash flow difficulties.
The Central Bank of Trinidad and Tobago took control of Clico Investment Bank, whose assets and liabilities along with those of Caribbean Money Market Brokers will be transferred to the nationally-owned First Citizens Bank.
The CL Financial Group has a number of subsidiaries in Barbados.
Affiliated companies in Barbados include:
· CLICO Property Development Inc.
· CLICO Balance Fund Inc.: Investments and Mutual Fund Management
· CLICO Mortgage & Finance Corporation: Mortgage & Trust Business
· CLICO International General Insurance Limited: General Insurance
· CLICO International: Life Insurance
It is for this reason that over the last few days public statements have been made by the Minister of Finance and Economic Affairs, the Governor of the Central Bank of Barbados, the Supervisor of Insurance, and the management of Clico Holdings Barbados Limited. Generally, it was emphasised that Clico Holdings is a well-run company and that the domestic financial system is well regulated and capitalised.
In order to provide further support if necessary, the Central Bank of Barbados today agreed to the following course of action:
1. The Central Bank proposes tomorrow to deposit up to $10 million with Clico Mortgage & Finance Corporation (CMFC)
2. The Central Bank has also opened a facility in the event that CMFC needs to access liquidity support
3. The Bank, with the endorsement of the Ministry of Finance, also proposes to provide interbank guarantees, which cover lending by other banks to CMFC, if necessary.
None of these facilities has so far been utilised by CMFC.
2008 Annual Report
Released:Wednesday, 09 December 2009
The Audited 2008 Annual Report is now available for download!
Click here to download the report.