Central Bank of Barbados Economic Review of 1st Quarter 2017

Review of Quarter 1, 2017 by the Central Bank of Barbados

The latest review of the Barbados economy revealed that the Barbados economy grew by approximately 2% in the first quarter of 2017. Foreign reserves rose to $705.4 million but remain below the benchmark of 12 weeks. Overall, the Barbados economy has recorded gains in addressing some of its economic issues, but challenges remain (CBoB).

After publishing the review, Acting Governor, Cleviston Haynes spoke with the media about Barbados’ economic performance in the first quarter of 2017 (CBoB).

 

Advertisements

Tags: ,

74 Comments on “Central Bank of Barbados Economic Review of 1st Quarter 2017”

  1. David May 9, 2017 at 5:14 PM #
    The Central Bank Announces a Tightening of its Monetary Policy

    Created 09 May, 2017

    Categories Economic Press Release

    Views: 17

     

    The Central Bank of Barbados announces a tightening of its monetary policy stance through an increase in its Barbados Dollar securities reserve requirement ratio for commercial banks licensed under Part II of the Financial Institutions Act. The increase will require banks to now hold 15% of their domestic deposits in stipulated securities with effect from June 15, 2017.

    This is the first increase since 2007 when the ratio was lowered to 10%.

    The cash reserve requirement for commercial banks remains unchanged at 5%. The reserve requirements for deposit-taking trust and finance companies, and merchant banks also remain unchanged.

    May 9, 2017

    Like

  2. David May 9, 2017 at 5:32 PM #

    Notes From a Native Son: Ask Not for Whom the Bell Tolls, it Tolls for Thee

    Hal Austin

    Hal Austin

    Introduction:

    Barbados is going through one of the messiest political maelstroms in living memory, if not in our post-war experience. It is now on an economic life-support machine. The DLP government is running around like a headless chicken, with its leader Freundel Stuart, arguably the worst premier/prime minister in our history struck dumb and unable to address the nation and incapable of sacking Chris Sinckler, the equally bad minister of finance. And at a time when the BLP Opposition, under its new leader, Mia Mottley, should be mercilessly hammering the government, the party is imploding in one of the most vicious and bitter internecine wars any political party in Barbados has ever seen.

    In terms of damage, it is worse than the walk-out by Errol Barrow and his Young Turks to form the DLP, or of Richie Haynes and his supporters from the DLP to form the National Democratic Party. But I believe all these are symptoms of historic change. As most people will understand, history is not linear; it ebbs and flows, is volatile and calm, it can erupt like a volcano and be as reassuring as a moonlit night. The problem with adversarial politics is that it brings out the nasty side of people, the premium is to show the opponent is incapable, rather than to show that one on the contrary is more than capable. It is a feature of our hostile discursive culture, rubbishing opposing ideas, asking the adversary to justify his/her views, rather than putting forward positive alternatives and justifying one’s own recommendations. It is not unknown for opponents to resort to foul-mouthed, vulgar abuse as part of the process.

    Ms Mottley’s recent call for an eminent persons committee, was rightly described by Arthur as a ‘gimmick’, what he did not do was to propose a viable alternative. To some people, an eminent group comprising of people of the calibre of ‘Professor’ Frank Alleyne, central bank governor De Lisle Worrell and a few well known names, may simply be kicking the can down the road. What are badly needed are new ideas, new approaches, new policies, a totally and radically transformative new paradigm, a new rescue plan for the nation. These are some of the new ideas, policies and approaches that should be coming from the BLP, its key advisers, its economic spokesman, Clyde Mascoll, and most particularly its senior economic guru and seasoned economic planner, Owen Arthur. This is their time, when they should be pounding the government, ideas and policies should be flooding out of Roebuck Street. Public meetings are in terms of educating the general public, but it must go beyond that to the formation of alternative policies.

     

    https://barbadosunderground.wordpress.com/2014/01/16/notes-from-a-native-son-ask-not-for-whom-the-bell-tolls-it-tolls-for-thee/

    Like

  3. Vincent Haynes May 9, 2017 at 5:34 PM #

    The MoF will in his budgetary proposals indicate what measures will be taken to reduce the fiscal deficit in the short term.

    We knew that…..nothing has changed……still at the cliff edge.

    Like

  4. David May 9, 2017 at 6:18 PM #

    Having listened to the Acting Governor he did not say anything we are unaware. He confirmed that the underlying problem with the deficit continues to be a problem and the government will have to oversee the required fiscal discipline to reduce the deficit. We wait for the budget presentation which now have to be presented with a general election on the horizon.

    Like

  5. de pedantic Dribbler May 9, 2017 at 6:29 PM #

    David, miles apart in political relevance and comparison but my lawd the US President has – just like the bossman MoF – fired one his chief subordinates, the Director of the FBI.

    But Trump is a boss…he has fired Comey because he said that he usurped the authority of the then AG by talking about Clinton’s renewed email problem.

    That is the most awesome piece of self-serving and really serendipitous political palaver I have heard in my half-century on earth.

    In short Trump has said , you Mr Comey will NOT backrise MY Justice Dept. and offer any info about my team’s Russian shenanigans…get the badword outta here

    Trump is absolutely superb, fah real. But one smart does still get out-smart at too smart door!

    So I am confident that he has in fact just affirmed his IMPEACHEMENT.

    This is a lovely moment to be a political watcher! Oh my lawd!

    Anyhow back to the CB change …it has brought Mr Austin’s ‘Notes’ from hibernation so we should (except Bushie) all be happy!!! smile,

    Good piece @Hal but what gives you the impression that the BLP team really have innovative ideas or rather can actually implement some of the ‘new’ things you have advocated ??

    Like

  6. Ping Pong May 9, 2017 at 8:01 PM #

    Barbadians should brace for the removal of the $25 000 allowance for income tax calculation. Justin Robinson posts on BU so ask him if this has not been proposed in the meetings between BRA and the Ministry of Finance. Bajans will soon be fleeing to Venezuela. Things will be that bad here.

    Like

  7. Prodigal Son May 9, 2017 at 8:35 PM #

    Same old, same old………

    Like

  8. Prodigal Son May 9, 2017 at 8:43 PM #

    Life here moves so fast under this inept government that I forgot all the wrong this government has done to us.

    It was only on filing my income tax this year that I remembered that this government has taken away just about every deduction that we used to be able to take……….nothing at all for mortgage interest, home repairs………….

    Thanks Stinkliar, I cannot wait to see the back of you morons.

    Like

  9. Bernard Codrington. May 9, 2017 at 9:04 PM #

    In my opinion , this was a good ,open, sensible and sensitive press conference . An attempt was made to cover all the areas.

    Like

  10. Gabriel May 9, 2017 at 9:14 PM #

    Not one regret over Comey’s firing.He deserved it.What he did to Clinton in the dying days of the 2016 election was criminal.Karma.
    Trump is well on his way to impeachment.Ive never known a man to make so many mistakes and missteps.His counterpart Nixon did the same when he wanted Cox out of the way of the Watergate scandal.It still bit his ass into oblivion and the Russian connection will bite trump’s ass the same way.

    Like

  11. Kevin May 9, 2017 at 9:48 PM #

    Wow, the economy actually grew and more than the 0.something% we were accustomed too for the last couple of years.

    Like

  12. Bernard Codrington. May 9, 2017 at 9:52 PM #

    @ David at 6 :18 PM
    A statesman would present a budget that addresses the issues quite clearly posited by the Governor{ag}. The fact that there is an election following should not influence the content. If the DLP wins after the budget then he can claim the Electorate gave him a mandate.
    But decisions have to be made sooner or later.

    Like

  13. Lee May 9, 2017 at 9:54 PM #

    The U.S. Dollar Index which measures the US dollar’s value against an entire group of world currencies like the Euro, the Canadian dollar and the British Pound, is currently at its highest level in 14 years, and therefore so too is the Barbados dollar. Some people want to insist that the US dollar’s high value is just fleeting speculative mania and that the bubble is about to burst, but other more informed observers say that far from loosing strength, the Trump administration’s policies are likely to make the US dollar rise even further.

    Given that our economy’s principal source of foreign exchange for the foreseeable future will be the tourist industry, all but the blind can see that our obsession with a 2:1 exchange relationship with the US dollar is going to continue hurting us badly.

    Fixed exchange rate made sense because our dollar’s steady value against a strong international currency served to help us keep prices of our imported commodities from the United States fairly stable. Of course, a pegged currency also helps entrepreneurs feel more confident about their foreign currency investment returns.

    It is time for us to stop “defending a peg” and start defending our economy. In fact, the old peg is broken already ! From the day the Central Bank’s US dollar reserves fell below the level of equivalent (2:1) Barbadian dollars in circulation our currency no longer had effective convertibility.

    Our sacred dollar is patently overvalued. Some business houses and hotels have already tried to make amends by offering specials or trying to offer greater value to extend their survival, but these tactics will not be sustainable.

    Yes, certain imports will be more expensive after we adjust the peg – principally petroleum products – most of them however, we should be using with greater self-discipline. Currency adjustment will no more usher in a hike in the cost of living that our own inflationary pressure would because we are rather in a deflationary mode in which Barbadians are deferring spending for the rainy days they imagine ahead.

    Allow the Barbados dollar to adjust its exchange relationship with the US dollar downward by 26% so that one US dollar would buy Bds$ 2.70 instead of Bds$2.00. If the 2.70 figure rings a bell, it should, because the Eastern Caribbean Central Bank (ECCB) currency has been anchored to the US dollar at 2.70:1 since 1965! We have had the same history as the member countries of Organization of the Eastern Caribbean States. We share the same geo-economic area and so we have similar ambitions and challenges. Together the OECS islands have a population of 620,000.

    Pegging our dollar at par with the EC dollar lowers transaction costs and offers increased regional trade and investment opportunities among ourselves in hard currency sparing commodities.

    Like

  14. NorthernObserver May 9, 2017 at 10:23 PM #

    “Pegging our dollar at par with the EC dollar lowers transaction costs and offers increased regional trade and investment opportunities among ourselves in hard currency sparing commodities”

    Tell us what the OECS group produces or buys where a reduction in the peg from 2 to 2.7 will produce meaningful trade? They don’t manufacture cars nor machinery, any significant construction material we use, technological equipment, supplies to the hotel industry, and we all make rum.

    And businesses from Barbados and other Caricom neighbours already own and run many of the firms in the OECS. And we compete with some for Int’l Business, one in particular St.L, is already home to several Bajan owned offshore firms.

    I cannot see the synergies.

    Like

  15. NorthernObserver May 9, 2017 at 10:31 PM #

    A fair start from the new GoCB. I think I will call him “however”….his report was “blah blah happened; however…..

    He picked where the former Gov left off, only the stated funding by the CB to the Gov was 76m over J/F/M, not $50/month tossed out by Worrell. Or maybe that will be reflected in the next economic update?

    The key document will be the Budget, and his report precedes that, thereby avoiding the journalist questions of “Governor do the measures in the Budget meet with your ideas of fiscal discipline?”

    Like

  16. Kevin May 9, 2017 at 10:34 PM #

    Do not allow the Bds$ to adjust downward. We are an import country, always have negative balance of payments every single year. When we import, we have to use foreign currency (US dollars). If the Barbados dollar is devalued or adjusted downwards, then we have to use MORE Bajan dollars to buy goods in the regional and international market. At least that’s what I think……

    Like

  17. William Skinner May 10, 2017 at 12:42 AM #

    The model being followed cannot sustain itself without increased taxation or better collection of taxes. That is the reality. It cannot sustain itself without major construction projects. We do not want to change how we think and plan so we will be perennially fighting” persistent poverty”. George Beckford addressed this conundrum 45 years ago. We walk about paying too much attention to the current pooh pooh economists , who are really promoting party economics or election economics. In order to create the dynamism that Hal yearns for we need a major mental shift.
    Dr. George Brathwaite calls for proper governance, in reality the plantation economy had its birth in slavery, not proper governance. We cannot plant corn and reap okra. Until Brathwaite and others of his training go back to Best, Beckford and others, they would remain trapped in the economies and economics of the Arthurs, Masocolls and Sinklers, who are bent on extending the plantation model.
    For those who predict Armageddon and the fall of the current world economic system, they would do well to understand that Europe was doomed once slavery was abolished. The system was given life because the model was first repainted with the industrial revolution and in its current reincarnation it will move to automation via technological innovation.
    We need to move toward realism and not intellectual one upmanship.
    We got adult suffrage in the 1950’s . Almost seventy years later, our black women are still working in the fields for wages that are an insult to any country. That is persistent poverty
    That is the economy of the BLPDLP.
    VTO (Vote them OUT)

    Like

  18. David May 10, 2017 at 3:33 AM #

    Governor Haynes raised the E word while addressing one of the fault lines in our economy- entitlements.

    Like

  19. Frustrated Businessman: enact Facilitation Martial Law! May 10, 2017 at 6:56 AM #

    Once again…………..

    With the huge amounts of Bajan cash lying unused in our economy (due to sale of Bajan public companies, return of private company deposits to depositors, gov’t printing of cash to pay bills), it would be impossible for our local economy not to grow. Just inflation alone will make the economy ‘grow’ in terms of circulating cash, even if not a single can more of corned beef is sold.

    That is not our problem. As I’ve typed before, the biggest problem the next gov’t will face is a further depletion of foreign reserves when the DLP cork is pulled from our bottled-up economy.

    Our problem is the rationalisation of gov’t spending which can only be addressed by shedding dead-weight statutory corporations in order to tern tax-spenders into tax-payers.

    Bajan individuals and companies can pay no more taxes, we have to widen the tax base at reduced tax rates by creating more tax payers.

    Consider this: if every BTB bus was given to its driver (and routes auctioned in 5-year blocks) and CBC was given to its employees, immediately the tax burden disappears and the operators have become tax-payers. The question of selling price is moot.

    “I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” – Sir Winston Churchill.

    Like

  20. angela Skeete May 10, 2017 at 7:03 AM #

    Here is a society that complsins about too much taxes but conviently forgets that they do not pay for the bulk of free education and free health at out of pocket expenses.

    Like

  21. Lee May 10, 2017 at 7:19 AM #

    We are hanging on to the coat-tails of an overvalued currency so we will have difficulty selling our products and services in markets that are not pegged to the US dollar unless we can offer higher value (by an estimated 25%). The Chinese recognized that their currency was overvalued against the US dollar . . . what . . . do our expert economists think we can swim out of this crisis without seeing that we are barbarously overvalued in almost everything we are trying to sell !!! Import prices can be controlled by helping our merchants find less expensive suppliers from non-US suppliers. In fact, the smart ones are doing it already.

    Like

  22. David May 10, 2017 at 7:39 AM #

    @Lee

    The Governor pledged his commitment to maintaining the currency peg AND the removal of the minimum savings deposit rate.

    Like

  23. Hal Austin May 10, 2017 at 7:53 AM #

    Frustrated Businessman,

    Thanks for bringing to the table another form of privatisation that is not discussed. You can also add some of the Gems hotels.
    The reality is the government wants the cash to spend recklessly and so the Simpsons et al with ready cash are preferred buyers.

    Like

  24. Bush Tea May 10, 2017 at 8:29 AM #

    @ Frustrated B May 10, 2017 at 6:56 AM #
    Skippa…
    You are operating at a level that is way above the brass bowlery currently endemic in this place… Way ahead of your time boss….

    @ Hal
    What Frustrated B proposed is NOT privatisation, and it is NOT new.
    These assets that the political jackasses, currently riding on the backs of Bajans, are selling off like PARROS, actually ALREADY belong to Bajans…. to ordinary Bajans such as the workers, customers etc.

    Handing the CBC and Buses over to staff is a good start, but the hand-over needs to be a bit more complex (as deeper analysis will show) – since CUSTOMERS, SUPPLIERS, neighbours etc are also default owners.

    The assets should be HANDED over to co-operatrives whose membership is open, and automatic, for ALL Bajans.
    These Co-ops should then allocate resources to the workers under guidelines decided collectively…. and the government should be limited to going to parliament and talking shiite – with no power to influence state assets.

    The only problem is that Caswell played the donkey and refused to BUP….

    This is why Bushie always said that the idea of Arthur ‘selling’ BNB to Bajans was a load of shiite…. Not even a BBBBB would spend his savings to buy assets from HIMSELF…. so that a shiite government would have the cash to give to white shadows.

    Like

  25. angela Skeete May 10, 2017 at 8:38 AM #

    Govt spending well lets tackle the big three health care cost . education cost .import bill and wage bill tackling those those four in an efficient manner would make a huge difference.
    Education cost and health care cost can be cut with a determination by govt that those in higher income brackets carry some of the burden with a tightening to acess and less strigent to thr most eldey children and elderly with limited income
    Imported items especially foods and clothes increase in tariff. Businesss would baulk but govt has to make those decisions in the best interest of country in order to level the playing field making sure customer choices are narrowly limited to buy bajan first.
    Wage bill might mean lay off or separation packages for those who are coming close to retirement age and a further frezze on hiring.
    The unions might baulk

    Like

  26. David May 10, 2017 at 9:12 AM #

    @Hal & FB

    The government wants forex what sell to locals what!

    Like

  27. Vincent Haynes May 10, 2017 at 9:26 AM #

    Round and round the mulberry bush we go

    ……The government wants forex what sell to locals what!

    …….With the huge amounts of Bajan cash lying unused in our economy (due to sale of Bajan public companies, return of private company deposits to depositors, gov’t printing of cash to pay bills), it would be impossible for our local economy not to grow. Just inflation alone will make the economy ‘grow’ in terms of circulating cash, even if not a single can more of corned beef is sold.
    ……………………………………………………………

    How else can those two goals operate in tandem other than through the IMF backed programme?…..any different ideas other than China&UAE?????

    Like

  28. Well Well & Consequences Observing Blogger May 10, 2017 at 9:43 AM #

    As’s…the government had 9 years to tackle all those issues, if they couldn’t do it in 9 years, they will will not be able to do it in another 9 or 90 years, they are incompetent.

    Like

  29. angela Skeete May 10, 2017 at 9:48 AM #

    It would take a govt with balls to tackke those gorilliphants that bajans take for granted. A govt whose only interest is the survivalv of country and not in pursue of election results
    Yes it can happen but who is willing to pay the price is a question of importance and which needs to be answered by society and which plays much importance to reduction of defecit.
    So while we kick the proverbial political can down the road in pretense k the reality is one that citizens refused to grasp out of fear the consequences might hit their pocket books.
    So while we play the blame game who are willing to make all of the named sacrifices that would eventually makes life easier for future generations
    Any hands up ..i do not think so

    Like

  30. David May 10, 2017 at 10:04 AM #

    On page 3 of the central bank report under International Reserves check Figure 3 -NetNet Financial Flows from 2014.

    Like

  31. David May 10, 2017 at 10:08 AM #

    Staying on page 3 under Monetary and Financial Sector the central bank report explains that liquidity increased because some banks decided to substitute some government holdings with cash.

    Really!

    Like

  32. David May 10, 2017 at 10:36 AM #

    On page 9 of the report under heading Summary of Government Operations with the exception of Goods & Services all current expenditure items increased Jan-Mar 17 over 16.

    Like

  33. Bernard Codrington. May 10, 2017 at 10:54 AM #

    @ David @ 10: 07 and 10;08 AM

    This increase in liquidity surfaces when there is economic uncertainty. Individuals save more for turbulent days ahead, such as potential loss of jobs. They refuse to borrow and Banks refuse to lend because of uncertainty of collecting debts when due, You may notice that the banks preferred to hold cash rather than lend to GOB. Essentially the raising of the reserve ratio is to force them to hold more GOB bonds. This should reduce the level of liquidity. But it is not sustainable. The way out of this is for the banks to resume lending to the private sector.

    Like

  34. David May 10, 2017 at 11:01 AM #

    @Bernard

    In theory who can fault your position but is there more? If the government is printing money greater than what the increase in reserves is to achieve what? What about the risk policy of banks by pushing the liabilty to the regulator by holding greater cash reserves versus government securities?

    Like

  35. Bernard Codrington. May 10, 2017 at 11:02 AM #

    @ David

    We are currently playing a zero sum game , where at a certain level of logic there will be no winners and no losers . But the Society as a whole loses. Who will break this chain? Will a new administration be a catalyst for this change? We can only wait and see.

    Like

  36. David May 10, 2017 at 11:09 AM #

    @Bernard

    Let us not touch the unemployment figure explained by Jeremy Stephen a moment ago. What is the number of unemployed not being capture because they have been without work for greater than one year.

    Like

  37. Bernard Codrington. May 10, 2017 at 11:13 AM #

    @ David ,

    We agree . In that submission I did state that raising the reserve ratio is also a temporary fix and will not be sustainable. Instead of CBB lending, it is now commercial bank lending to GOB.

    Like

  38. Bernard Codrington. May 10, 2017 at 11:23 AM #

    @ David 11 :09 AM

    He is so right. This happens when we turn a rule of thumb into an Economic/Statistical law that like the laws of the Medes and Persians changeth not.
    If I were to estimate the real level of unemployment it would include all those who were willing to work but found none since 2013.

    Like

  39. David May 10, 2017 at 11:34 AM #

    Unfortunately the poltical class and their minions will seek to manipulate using a 9% unemployment number. This is why many in our midst have earned the title dullard.

    Like

  40. Bernard Codrington. May 10, 2017 at 11:56 AM #

    @ David 11:34 AM

    I do not think they are dullards . They suffer from confirmation bias . They discount information that is inconsistent with their political positions.

    Like

  41. Bush Tea May 10, 2017 at 12:41 PM #

    @ David
    The government wants forex what sell to locals what!
    +++++++++++++++++++++++++++++++++++++++++++
    Exactly.
    A Parro wants cash to get a quick fix, what care ’bout what family what??!!

    The point is that an INTELLIGENT family would deal with that parro’s donkey URGENTLY…. right after he sold the family TV …and BEFORE he got rid of the damn stove…..

    Like

  42. Gabriel May 10, 2017 at 1:59 PM #

    Allan Chastanet was on the news giving his verybsound and sensible reasons for closing down Radio St Lucia.CBC radio and TV should be put on the chopping block but dare we hope?Even in Guyana there is a choice of local TV programming.In Barbados we know one only.Its called DLPTV for good reason.

    Like

  43. Bajan in NY May 11, 2017 at 4:57 PM #

    Shocked at the relative low level of posts attached to this topic. Just saying.

    Like

  44. Bajan in NY May 11, 2017 at 4:58 PM #

    Sorry….delete level and insert number

    Like

  45. David May 11, 2017 at 5:06 PM #

    We are not!

    Like

  46. Bernard Codrington. May 11, 2017 at 10:15 PM #

    Bajan NY @ 4:58 PM

    The issues raised in the presentation were raised and debated in BU household over the past two years. Most BU bloggers would be repeating the same points. I think the MOF presentation may generate more discussion. If his proposals are the same as before expect a similarly low level of discussion.

    Like

  47. Prodigal Son May 11, 2017 at 11:08 PM #

    Actually, Bajan in NY, I came on here to make the same point. I kept checking in for new posts but was surprised to see that a topic like this is garnering few comments….but let it be a topic on President Donald J Trump….lol!

    Have we as a people become so disbelieving of any news that comes from this government that we dont bother to comment on the Central Bank report. I can tell you hardly anyone in my circle believes this report………………businesses are suffering, many are closing, there is hardly anything happening in the economy yet the economy grew by 2% and the unemployment rate is 9%?

    No wonder not many care to comment!

    Like

  48. Prodigal Son May 11, 2017 at 11:21 PM #

    As I passed by Bay Street and looked at the spot where this Hyatt is to be built, I question how on earth a 15-storied hotel as displayed in the model is going to hold on that small plot of land.

    Does anyone wonder why every project Mark Maloney undertakes utilises taxpayers’ land?

    Hard Rock…………………taxpayers’ land at Brandons

    Coverley houses……….taxpayers’ land at Coverley

    Hyatt Hotel……………….taxpayers’ land at Bay Street

    Bushy Park racing track……land taxpayers will have to pay for eventually

    Can the average black man ask the government for a plot of land?

    How can we find out how much this inept government got for our land?

    Or was it given away? ………….as if any of these morons in the DLP ever even brought a piece of legislation to purchase a square foot of land in the interest of the taxpayers of this country?

    Like

  49. NorthernObserver May 12, 2017 at 1:05 AM #

    @BC “If his proposals are the same as before expect a similarly low level of discussion.”

    If we get another load of miscalculated projections, where you need a miracle or two for them to be realised, I would expect a firestorm. But Bajans don’t seem particularly interested in public financial management. Until…. it effects them.

    In Oistins a few weeks back, I was chirping a bunch of locals on topical issues. When I asked one about devaluation, she tells me “my son in Amurika, does send me US$500 a monph. Now I does get nearly $1000 bajan dullers at de bank, but effin dey devalue, I might get $2000? Dat would be good for me”.

    Like

  50. NorthernObserver May 12, 2017 at 1:13 AM #

    @Prodigal
    “Can the average black man ask the government for a plot of land?”

    Since when is Maloney “average”? And when could an average person of any skin tone ask for, and receive, public land? Maloney is widely known to be well connected to the government of the day.

    Like

  51. William Skinner May 12, 2017 at 7:33 AM #

    No good news will result in robust
    discussion because the party hacks
    of the BLPDLP only care about their
    Party. If the Central Bank had reported
    that the economy had declined to 0 percent
    growth then the party hacks will be out
    in full force. Barbados means nothing to
    the BLPDLP sycophants . That is why
    Independent thinkers must continue
    to hammer them into political oblivion.
    VTO(Vote Them Out) Try SB CUP
    Independents .

    Like

  52. Frustrated Businessman: enact Facilitation Martial Law! May 12, 2017 at 8:20 AM #

    If our World Heritage status and our history are to be taken seriously there needs to be import duty, tax and VAT-free inputs allowed for historic building restorations approved by Town Planning and the National Trust.

    The whole of Bay Street and Bridgetown could be re-purposed in a historically relevant way that would attract the more sophisticated tourists that travel to BDS instead of other sun, sea, sand destinations that don’t have the architectural legacy that we do.

    Our bureaucratic morons in gov’t and civil service have no idea how to turn ideas into reality.

    There will be no economic recovery under Fumble’s Fools.

    Like

  53. David May 12, 2017 at 8:54 AM #

    @William

    Have you read the central bank report? Do you understand why the economy grew according to said report?
    Do you understand that the growth was not because of any structural intervention? Do you understthat the socalled low unemployment number must be given context?

    Like

  54. William Skinner May 12, 2017 at 9:37 AM #

    @ David
    I am not saying anything other than
    than the report as bad as it is , was
    not as bad as we probably thought it
    would or could have been. Unlike
    you and many others I have long
    decided that the plantation economy
    cannot function any differently. We
    went through similar crisis before and
    chose to apply the same or similar
    remedies .The BLPDLP are bankrupt of
    ideas as to how to move the economy
    forward. You can analyze as is your
    right but you need to identify any
    policy put forward by the BLPDLP that
    can move the country forward. I will
    be happy to see it.

    Like

  55. Hants May 12, 2017 at 9:56 AM #

    Tourism goals ‘on target’

    VISITORS SPENT US$984 342 million in Barbados last year, up by US$83 million from 2015 –

    http://www.nationnews.com/nationnews/news/96722/tourism-goals-target#sthash.2j6kJJTo.dpuf

    Like

  56. lawson May 12, 2017 at 12:18 PM #

    visitors spent 984342 million last year ???? they calculating the old british way

    Like

  57. Vincent Haynes May 12, 2017 at 12:50 PM #

    Absolutely nothing substantially new in the presentation of the acting Governor of the Central Bank,other than what Ellis on Brasstacks brought to the fore this morning re the increase on the banks holdings.

    Why have we not heard any comment on this area as to how it will affect or not affect us going forward.

    The future for the Economy lies with the IMF as Prof. Howard indicated on pg 5 of yesterdays Nation.

    What else is there for us to say other than to wait for the budget speech when we will see what we will see.

    Like

  58. Gabriel May 12, 2017 at 1:19 PM #

    When Owen Arthur refused to be taken in by Petro-Caribe,he was taken to task by the DLP and DC. The chickens have come home to roost with the passing of Hugo Chavez and the rise of his deputy and out-of-his-league Nicolas Maduro,the desperation to survive in the once very wealthy country Venezuela has driven its citizens to resort to daily street protests and acts of violence. I recall the many privately owned planes seen at Maiquetia aerodrome in the 60’s/70’s and I recall the many Venezuelans schooled here at the Lodge, Codrington and St Winifred’s.I recall the many Venezuelans who lived in Barbados,married locals and invested in homes, estates and hotels here.Barbados benefitted handsomely by courting Venezuelan tourists.All the stores in Bridgetown carried the sign “Habla Espanol”.What obtains now is a far cry from the Venezuela of that bygone era.
    David Jessop has put it in perspective as he sees it.

    http://www.antillean.org/caribbean-divided-venezuela-response-oas-petrocaribe-194945/

    Like

  59. David May 12, 2017 at 1:28 PM #

    @Vincent

    The increase in the bank reserve position means nothing if the central bank continues to print money as discussed with Bernard.

    Like

  60. Bush Tea May 12, 2017 at 1:41 PM #

    The continued printing of money by the Central Bank serves to DEVALUE the currency currently in existence. Bank reserves may be ‘increasing’ numerically, but it may well be decreasing significantly in real VALUE.
    The biggest threat of printing money is to those rich folks who have amassed fortunes in the banks…

    It is like you spent your whole life doing everything possible to accumulate a warehouse of gold …only to find some shiitehound – name Stinkliar, comes along with the Midas touch … making you into a pauper ….and causing everyone to starve….

    Like

  61. Bernard Codrington. May 12, 2017 at 2:26 PM #

    @ Bush Tea @ 1:41 PM

    Are you sure you are not an economist masquerading as a grass whacker? The threat is to all depositors the rich and the poor. More so the poor. The rich hold real assets such as real estate and accounts in offshore banks.
    I love this submission. I cannot stop chuckling.

    Like

  62. Bush Tea May 12, 2017 at 3:06 PM #

    @ Bernard
    Cuhdear man!!!
    Bushie has been called all kinds of dastardly things on BU
    …and they have all bounced off the protective visor with ease…

    BUT now you have attacked the bushman’s achilles heel with a wicked vengeance…

    Tek it back PLEASE..
    Cuss muh…!!!
    But…
    Don’t call the Bushman an ‘economist’ (whatever the hell THAT is)…ANYTHING else!!
    uh beg yuh!!!

    The threat is to everyone, but poor Bajans have LOANS from the banks and CU’s … not huge deposits. When the shit hits the fan …and the jobby is redistributed, those loans will suddenly become less onerous 🙂 ….

    Besides – what can you do to a ‘poor’ man? tek way his debt?
    ha ha ha

    Whereas the boys with the multi-decimal deposits will discover what poverty feels like…
    (Real estate is a liability when held by brass bowls – check our government, ….and foreign deposits are but an illusion….)

    One government now demonstrably less competent, and clearly more idiotic than ours …. is Trumps’…
    Do you put any store in US$$ deposits right now…?

    Like

  63. lawson May 12, 2017 at 3:16 PM #

    Rich people dont keep their money in barbados dollars, they pay their workers in barbados dollars

    Like

  64. Bush Tea May 12, 2017 at 3:24 PM #

    LOL @ lawson
    Boss, REALLY rich people do not count their dollars in ANY kinda dollars….

    When the jobby meets with the fan you could have yen, marks, pesos or euros…. yuh donkey will be eating grass…
    LOL
    ha ha ha

    Like

  65. NorthernObserver May 12, 2017 at 3:33 PM #

    “Do you put any store in US$$ deposits right now…?” Always. Trump cannot destroy the currency, they will destroy him long before the dollar. And on a comparative basis, it remains stronger than any other world currency (even as you noted the pumping of greenbacks into the economy by the last administration, hasn’t dampened its relative value).

    Real Estate is an OK hedge…why?….cause the good Lord ain’t mekking de rock nah bigger. Maybe smaller effin de water levels rise? Unlike currency, where by printing one can increase supply, thereby causing its tradeable value to fall, they cannot yet print land. Not that real estate value cannot fall with economic decline, but its fixed supply means in the longer term is always has value.

    The risk is holding local currency, or things denominated in local currency which cannot move. Your GEL shares are safe, because they operate beyond Bim’s shores, so the day the kitchen gets too hot, your main man can ditch the BSE for a foreign one.

    And here I was for years thinking that BBE= Barbados Best Economist !!!!

    Like

  66. Bush Tea May 12, 2017 at 3:46 PM #

    The US dollar does not need Trump for its destruction.
    All that is needed for that, is the international decision to trade oil in another currency or basket of currencies.

    In the past, the US president either started a war, killed a head-of-state, or applied overt military pressure to ‘win friends and influence people’.

    Trump will be so emasculated by the time this happens (as scheduled in a few months), that it will be like a normal sunrise…

    If real estate is a good hedge, then the Barbados Government is on solid ‘Clico’ ground….
    You obviously are not familiar with the realities on the ground here…

    Like

  67. Hants May 12, 2017 at 3:52 PM #

    Moody’s downgrades credit ratings for Canada’s Big 6 banks ( 3 of which have banks in Barbados).

    http://www.cbc.ca/news/business/canadian-banks-moody-s-downgrade-1.4110115

    Like

  68. NorthernObserver May 12, 2017 at 4:21 PM #

    It is a dream….most of the oil owning oligarchs have their money in $US, why seek to decrease its value?
    Hedge does not mean…a portfolio consisting largely of…however you are correct, I am not familiar with all the various real estate holdings in the Clico bag over which the GoB may have “ownership”.
    I owe you $500,000Bds. If I offered you a Bajan home which I paid $700,000 for in 2001 and is likely worth $550,000 today, $500,000 in Bajan cash or US$250,000…which you taking first?

    Like

  69. NorthernObserver May 12, 2017 at 4:32 PM #

    @Hants
    that was yesterday. Long overdue. What the article didn’t mention is the problems with the so called “alternative lenders” [City Home etc] has forced the ratings agencies to be aware of what is happening in the overheated Van & Tor markets. And while the main banks have a far less risky portfolio (how the alternative lenders got business to begin with), the big 6 could get slammed if there is a fallout. Yet today, they are so diversified, they stand to be hawks in waiting, should the smaller players get squeezed.
    The longer term risk is “fin tech” in general, and if the USA included ‘financial markets’ in NAFTA negotiations.

    Like

  70. millertheanunnaki May 12, 2017 at 5:47 PM #

    @ lawson May 12, 2017 at 12:18 PM
    “..visitors spent 984342 million last year ???? they calculating the old british way..”

    Lawson, you cheeky ‘albino’ monkey of the proboscis variety! Why don’t you keep your nose out of the Bajan business called Pure Bull-shit for Consumption by Dummies?
    Only a white-bill ‘coot’ with the sharpest eyes in the mud of misinformation would spot this massive windfall in Barbados’s foreign reserves.

    Imagine visitors spending the forex equivalent of Bds $984,342,000,000 in the Bajan economy and yet less than $700,000.00 ended up in the foreign reserves kitty!

    Now where did that just less than $1,000,000,000.00 (or is it the long form $1,000,000,000,000.00) go to?

    Hope it didn’t end up like the $300 million in Deliar’s rabbit hole because that kind of foreign dosh would have been the philosopher’s stone of all elixirs to all of Bim’s economic problems not only to payoff its overdue list of foreign creditors but to provide all the supplies needed to keep that printing press at full throttle for a ‘thousand million’ or even a ‘million-million’ more days.

    With that kind of money circulating in the economy the dizzying heights from the multiplier effect both Stinkliar and Fumble would have been able to tell the toothless pit bull- rechristened Poodle Eastwick- to ‘ka he mudda time longer than twine scunt’ to the UAE for her special day instead of Sunbury Great House.

    It seems as if the Bajan political bull-shitters have a real serious problem not only with the decimal system but also with zero(e)s whether ‘to’ the old British power of ‘nought’ or to the born again American ‘naught’.

    But one thing is certain; nothing from nothing must leave ‘Nil’.

    All those mighty thousand of millions of earnings from the tourist dollar but ‘yet’ the Bajan Mickey mouse dollar is still worth what Paddy shot at while aiming at the Devaluation target.

    Like

  71. lawson May 12, 2017 at 6:48 PM #

    Miller the olde brit thinking was a million million was a billion so it okay in that context I guess,….. they arent making more land they are making less land if the water levels are rising like they say…, best buy in st thomas. Now why would you build a hotel at sea level and invest all that money seems odd,
    dont invest in land invest in a boat you will never go hungry, and you can always get out of dodge.

    Like

  72. Bush Tea May 12, 2017 at 6:55 PM #

    Don’t mind Miller…
    …who just don’t understand new DLP maths..

    The same way that $10 from each Bajan will raise $20M, don’t you see how this figure will be generated if each tourist pays for a taxi to the Cave?

    What is a few decimal places …or zeros, between brass bowls?
    Whaloss !!

    Like

  73. NorthernObserver May 12, 2017 at 8:20 PM #

    lawson…u live in Gatineau? Or did parts of Ottawa flood too? Some idiot will sue the GoCda for allowing people to build on a flood plain?

    Like

  74. lawson May 12, 2017 at 11:46 PM #

    you are making my point barbados is a flood plain but who they gonna sue, that will pay lol in canada our way is we owe everyone who is stupid thats why everyone wants to come here

    Like

Join in the discussion, you never know how expressing your view may make a difference.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: