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Barbados: Financial System Stability Assessment

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  • International Monetary Fund

Abstract

This report evaluates the stability of the financial system in Barbados. The findings reveal that Barbados has a relatively well developed financial system, including a large offshore sector. The onshore system is dominated by large, regionally active banks. Banking services to the population are also provided by the credit union sector. The system also includes a mature but concentrated insurance sector with extensive international affiliates, and other nonbank financial institutions provide credit and other instruments for savers. With a deteriorating fiscal situation and weak growth prospects, Barbados faces considerable macroeconomic vulnerabilities. Sovereign risk is a concern, given a large public debt, high fiscal deficits, and slow growth, and policy options are limited by a fixed exchange rate regime.

Suggested Citation

  • International Monetary Fund, 2014. "Barbados: Financial System Stability Assessment," IMF Staff Country Reports 2014/053, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2014/053
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=41340
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    Cited by:

    1. Anthony Wood & Kimarie Clement, 2015. "A Review of the Financial Regulatory Framework of Barbados," Monetaria, Centro de Estudios Monetarios Latinoamericanos, CEMLA, vol. 0(1), pages 111-145, january-j.

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