Bridgetown
The financial system in Barbados is strong and its major institutions have adequate capital and reserves says Central Bank Governor, Dr Delisle Worrell.
In an address to the Domestic Financial Institutions Conference at the Barbados Hilton Hotel this morning, Worrell said the Central Bank continues to see the adverse effect of the prolonged recession, on credit quality.
He said the process of resolving the CLICO insolvency is on going, while other insurance companies are profitable.
According to Worrell, all of the financial services including the Government and the Central Bank are preparing for the next Financial Stability Assessment Programme, planned for next year.
The assessement is jointly conducted by the International Monetary Fund and the World Bank, it takes a comprehensive overview of Barbados'financial systems.
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