central bank of barbados tom adams financial centre, spry street, bridgetown p. o. box 1016 telephone : ( 246 ) 436 - 6870 : fax. ( 246 ) 436 - 7836 e - mail address : info @ centralbank. org. bb website : www. centralbank. org. bb opening remarks mr. cleviston haynes, governor, central bank of barbados at the th 50 annual monetary studies conference hilton barbados resort tuesday, november 6, 2018 good morning. on behalf of the management and staff of the central bank of barbados, i am delighted to extend a warm bajan welcome to all of you, as we recognise and celebrate the 50th anniversary of this annual monetary studies conference. we are honoured to jointly host this landmark conference with our colleagues at the caribbean economic research team ( cert ), the new entity established to carry on the rich tradition of its forerunners, beginning with the regional programme for monetary studies, caribbean centre for monetary studies and the most recently the caribbean centre for money and finance. in recognition of this historic landmark, today we have the rare opportunity of having in our presence at this truly regional meeting, several of the governors of caricom central banks who have reorganised their schedules to enable this conference to overlap with their bi - annual meeting. moreover, they have consented to participate in today ’ s deliberations via a panel discussion during which they will reflect on and discuss some of the critical economic and financial challenges we are currently facing as a region under the theme “ rebuilding caribbean economies : a regional perspective on emerging economic and financial issues ”. i encourage you to take advantage of my colleagues ’ accumulated knowledge and wisdom. the achievement of fifty unbroken years of service is a significant milestone and by no means an easy accomplishment. it underscores the unwavering support, dedication, passion and hard work of the past directors, coordinators, officers - in - charge, research fellows, support staff, and the academic and professional economics community to keep the momentum going for this long. i would like to take this opportunity to extend heartfelt thanks and appreciation to everyone who has contributed to the longevity of this conference and i offer my best wishes to cert, as it continues on the path forged by its predecessors. from its humble beginnings, with the first conference held in 1969 at the central bank of trinidad and tobago, the annual monetary studies conference has developed into the top economic research conference in the region. over the years

of cash is widely acknowledged, even by countries like sweden, which is leading the world in the adoption of alternative forms of payment. indeed, in his presentation at our domestic financial institutions conference earlier this year, sweden ’ s deputy central bank governor, henry ohlsson, discussed the merits of cash, citing both the need to protect the financially marginalised and the privacy that paying with cash affords. deputy governor ohlsson is not alone recognising the benefits of cash even while supporting the development and adoption of electronic payments. a 2019 study by the uk government found that despite debit cards replacing cash as the most 1 / 2 bis central bankers'speeches popular payment method in that country, there is still substantial support for retaining some level of physical currency. it is clear then, that there is a degree of consensus internationally on this issue. in the decade or so since the bank hosted its first currency exhibition, we ’ ve seen increased use of credit and debit cards, a significant reduction in the use of cheques, and the introduction of digital and cryptocurrencies. so we acknowledge and encourage the changes to the payments landscape. but at the same time, it would be premature to write cash ’ s obituary. in the future, as we seek to increase efficiency through the use of electronic payments, cash may no longer be king, but it will remain a part of the mix. i thank you. 2 / 2 bis central bankers'speeches