Cleviston Haynes: Launch of "Both Sides of the Coin: The Story of
the Central Bank of Barbados 1972-2017"
Welcome remarks by Mr Cleviston Haynes, Governor of the Central Bank of Barbados, at the
Launch of "Both Sides of the Coin: The Story of the Central Bank of Barbados 1972-2017",
Bridgtown, 6 December 2019.
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Ladies and gentlemen.
I have titled my remarks "Why Write Our History?"
One of the early decisions I took as Governor was to approve the continuation of work on this
publication. I did so because I believed then and now that it is important to tell the story of this
Bank. I did so also because the author, my friend and former colleague, Harold Codrington, had
toiled long in the vineyard in a labour of love to document the history of an organisation which,
former Prime Minister Owen Arthur, on the occasion of the Bank's 25th Anniversary, described
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as "the Barbadian institution of the 20 Century".
Harold's career as a central banker and my own were intertwined, spanning over 35 years. For
much of that time our careers moved in parallel until finally, he received the reward of retirement.
My reward is coming.
Through these years he was an accomplished research economist who served in several
capacities, benefitted from countless experiences, worked on several major economic and
financial projects and held many senior responsibilities. He was blessed with an encyclopaedic
memory, maintained a filing system for important documents, and engendered the confidence of
those with whom he worked. In short, he was a valued resource for the organisation and had
even before this publication become the historian within the Bank.
These attributes have enabled him to produce a publication that is a compelling humanistic story
of how the Bank has evolved over more than four decades and how the Bank's employees have
contributed to the economic, social, and financial fabric of Barbados. The story of many of my
colleagues and first generation of central bankers are interwoven in Both Sides of the Coin. It
captures not only our critical work in our core business but also how active we were in
developing the arts, engaging in public outreach, and uplifting our communities. It reflects the
recognition of our founding fathers that a central bank in a developing economy must support
nation building. Hence the title of the book, Both Sides of the Coin.
By telling the story, we record a significant portion of Barbados' post-Independence economic
history. The author traces our contribution to Barbados' economic diversification, in particular,
our leadership in supporting the establishment of, and later defending, our international financial
services sector, highlights our support for businesses through the credit guarantee schemes and
details the decisions on the creation of our currency.
He reflects on the implementation and long-term maintenance of our fixed exchange rate and
shares the factors that underpin our economic growth. Our oversight function in exchange
control matters, the value of our research and our advice to government, and, of course, our
many social and cultural programmes also feature prominently in the work.
Our contribution on the world stage does not go unnoticed. The book refers to the many staff
who worked at or with international organizations. In her recollections, former Governor, Dr.
Marion Williams, recalls candidly her experience in defending Barbados and other small islands
in the international arena on significant issues that posed severe threats to our very survival.
Together, these revelations show how we represented our country beyond these shores.
We would not have made such an indelible mark at home and abroad without the hard work and
dedication of our staff and leaders, and I would wish to pay tribute to all central bankers who
brought us to this stage in our history. Many of them, we feature in the work. Special
commendations as well to our leaders: Sir Courtney Blackman, the late Dr. Kurleigh King, Mr.
Calvin Springer, Mr. Winston Cox, Dr. Marion Williams, and Dr. DeLisle Worrell. They all brought
different leadership styles to manage the Bank but had one goal in mind: creating and
maintaining an institution of world-class excellence. Harold captures their contributions, and they
all tell a story of creating an exemplary institution, that promoted strong leadership, produced
excellent output, nurtured talented staff, and built a resilient economy and society. Their
recollections are very insightful, and they reveal the heart, soul and conscience of who we are.
We learn a lot from their experiences.
Writing a book is not an easy task, as Harold admits in the preface. Authors must research,
conceptualise, brainstorm, draft and redraft, edit, agonise about the completeness and accuracy
of their story, and withstand the judgements of their critics. Harold, you'll hear soon the critiques
of your readers. I thank you for your commitment to telling our story and chronicling our first 45
years of existence between 1972 and 2017.
I also thank your family for the many sacrifices they endured while you penned this history. You
highlight that your wife, Dolores, nudged, encouraged, and pushed you to cross the finishing line.
Dolores, we thank you for your support, and for sharing Harold's and the Bank's vision to publish
this history.
I thank the reviewers, commentators, critics, editors, and endorsers, and everyone who lent their
time and talent to this publication. We remain forever in your debt.
So, I pose the question again: Why did we write this book? I have already shown how it
showcases our contribution to national development. But it also chronicles our growth from
infancy, to teenaged years, to adulthood into middle age. In the author's words: the book tells of
our establishment, consolidation, maturity, and modernization; it reveals our purpose and
mission, it educates and informs. By tracing our journey from the beginning, we are also
preserving the institutional knowledge of the first generation of central bankers, many of whom
are retired or about to retire. The experiences of this first generation and the information on our
near fifty- year journey should inspire the next generation of central bankers.
Let me hasten to add that Both Sides of the Coin is an unvarnished chronicle. The author
captures our highs and lows, our achievements and failures, our weaknesses and strengths and
our public spats and celebrations. From the robust and contentious Parliamentary debate that
preceded our formation, to the public sparring with labour, the dispute over the building of our
home, to the untimely and unprecedented firing of our fourth Governor, Harold reveals it.
I commend Both Sides of the Coin to every Barbadian who wishes to understand the role,
mission, vision, and values of their central Bank.
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As we approach our 50 birthday in 2022, we know that the changing economic and financial
landscape at home and abroad will transform the face of central banking. This transformation
includes the evolution of digital currencies, further liberalization of our exchange controls,
strengthened regional integration, digital transformation, the emergence of new industries, local
and international challenges, and different societal norms. The impact of environmental
degradation on our people and their livelihoods and the reforms of economic and financial
management will also influence what central banks do.
Change is inevitable even in central banking, but may the enduring principles of excellence, hard
work, commitment, collaboration, and contribution to national development - the cornerstones of
this institution - forever live on. This publication is a useful reminder to our successors of these
critical tenets that underpin the creation of an institution of excellence.
The late United States President Theodore Roosevelt once said: "The more you know about the
past, the better prepared you are for the future. "This observation is a universal truth, and Both
Sides of the Coin helps us and future generations to understand the past forty-five years of the
Central Bank of Barbados: its work, its mission, its vision, its journey and its people, like many of
you and me. That perspective is, in a nutshell, why we wrote this book.
Please enjoy the rest of the evening and get yourself a copy.
I thank you.