Press Release: 58th Bi-Annual CARICOM Central Bank Governors’ Meeting

Published: Saturday May 14th, 2022

The 58th Bi-annual meeting of the CARICOM Committee of Central Bank Governors held discussions centered around policy measures to encourage sustainable economic growth and maintain financial stability within the region.

The Governors were hosted by the Central Bank of The Bahamas in a virtual format on May 12, 2022. The Governors discussed thekey features of the economic recovery noted in the region during 2021, as COVID-19 restrictions eased globally.  However, theynoted ongoing challenges posed by supply chain shortages andgeopolitical tensions. The acceleration in inflation, and its likely impact on monetary and fiscal policies was also discussed. Further, the Governors reviewed the latest regional financial stabilityindicators, and considered issues for further research and collaboration to improve the analytical frameworks for financial stability.

The Governors reviewed the ongoing progress among regional central banks on cybersecurity information sharing arrangements. The Governors also observed the increasing attention being given to the development of central bank digital currencies, and endorsed the importance of strengthening collaboration and sharing experiences on this topic. In addition, they supported continued work to identify frameworks to improve regional cross-border payments and settlements arrangements.

The Governors welcomed insights from the International Monetary Fund (IMF) on the global outlook and policy priorities for the region, notably around potential responses to inflation, fiscal consolidation strategies and ongoing COVID-19 risks.  Updates on the capacity development activities of multilateral partners were also received and Governors affirmed the importance of maximizing the regional benefits from such engagements.