During the period of 2020, the profit of the Central Bank of Barbados Reached to $24 million.
This profit has been recorded as the highest in the recent times. The annual report of last year of Central Bank of Barbados gave proved to the statement.
According to the CBB report, this outturn figure comes in spite of what it said was the low-interest-rate environment prevailing at the time.
According to the reporting bank stated that the performance indicated towards the improved foreign exchange earnings from the huge holdings of reserves and profits earned from a lower investment, occasioned by the deferral of some services as a result of COVID-19. The report also said that preliminary work started on recapitalization plans for the bank.
According to the released data the Barbados was among the drastically declining economy in the Caribbean region. During 2020 the economy falls by 19.8% that is also noted to the highest till now.
That decline continued in the first quarter of 2021, with the drop being 20 per cent in those first three months of this year.
The economic support that Barbados got from the international institutions has been the main factor that pushed the Barbados’ stocks to 2.7 million US Dollar last year.
The International Monetary Fund, the Caribbean Development Bank and the Inter American Development Bank are the leading institutions that have been giving financial assistance to Barbados.
According to the bank, the 2020 year was the year that was extraordinary as COVID-19 poses new difficulties to the country in all aspects, and due to this pandemic, the year was rigorous. Due to this, it resulted in the falling of the economy of the Barbados in 2020.
However, it explained that the financing and external reserves buffer accumulated during 2020 was intended to assist the country in navigating economic challenges.