BRIDGETOWN, Barbados, CMC—The Central Bank of Barbados (CBB) is asking local businesses to complete the annual Balance of Payments (BOP) survey, which it says is necessary since it captures data related to transactions between Barbados and the rest of the world.
Anton Belgrave, CBB director of Research and Economic Analysis, said the BOP survey underpins the bank’s economic management.
“The most important component of the balance of payments for us is its impact on the level of foreign reserves because, as an open economy, the Barbados economy lives and dies on the level of reserves,” he added.
Last year, the CBB said that under the Central Bank of Barbados Act 2020, businesses that fail to provide the information required to carry out their functions could be fined 10,000 (one BDS$ = 0.50 cents).
Belgrave said that since then, the bank had seen a significant increase in the number of entities completing the survey, with the response rate around 75 percent compared to less than 50 percent.
“We need businesses to respond and complete the balance-of-payments survey to enhance our understanding of what is happening in the foreign exchange market and the accumulation of foreign reserves in this economy,” Belgrave added.
The businesses here have until May 6 to complete and submit the survey, the CBB added.
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