Barbados’s banking system consists of the national bank (the Central Bank of Barbados, established in 1972), commercial banks, and various development-oriented financial institutions, notably credit unions. Most of the commercial banks are branches of international banks; others are regional and local banks. The national currency is the Barbados dollar.
A small stock exchange, trading shares of locally and regionally owned companies, has operated since 1987. It now trades exclusively online. Cross-border trading is facilitated by links with similar exchanges in Trinidad and Tobago and Jamaica. In the late 20th and early 21st centuries, there was considerable growth in the offshore financial sector, closely regulated by legislation.
Chief exports include food and beverages, chemicals, and electrical components. Principal imports include capital goods, food and beverages, mineral fuels, and chemicals. Barbados’s main trading partners are the United States, the United Kingdom, Canada, and Trinidad and Tobago, as well as other members of the Caribbean Community and Common Market (Caricom).
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Palm-trees-by-the-ocean-BarbadosPalm trees by the ocean, Barbados.[Credits : © Digital Vision/Getty Images]
[Credits : Encyclopædia Britannica, Inc.]
[Credits : Encyclopædia Britannica, Inc.]
Souvenir-market-stall-BarbadosSouvenir market stall, Barbados.[Credits : © Sylvain Grandadam—Robert Harding World Imagery/Getty Images]
[Credits : Encyclopædia Britannica, Inc.]
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