cleviston haynes : cash will remain a part of the mix speech by mr cleviston haynes, governor of the central bank of barbados, bridgetown, 4 june 2019. * * * just over a decade ago the bank hosted its first currency exhibition, as ensuring a steady supply of money in circulation is a natural extension of one of our core functions. thirteen years later, much has changed. for some, the assertion that “ cash is king ” has been replaced by the question “ is cash dead? ” in many ways this is not surprising. alternatives to cash are increasingly popular. credit cards, debit cards, mobile wallets, etc., appear to be displacing traditional payment instruments such as cheques and cash. globally, smartphone apps and other technological advances seem poised to transform payment systems as we know them. now, for the younger persons here today, the idea of paying for something using your phone probably doesn ’ t seem extraordinary, but this is something i certainly did not imagine when we were your age. nevertheless, the bank understands the need to adapt in general. more specifically, we have to adapt to the requirements of the new digital age. being able to collect and make payments more efficiently is a key part of the digital transformation that the economy will undergo. it has the potential to enhance productivity and overall competitiveness. we are committed to working with government to improve the payments infrastructure, including through the reduced use of cheques and cash. this should contribute to speedier, secure settlement of transactions. so why an exhibition celebrating cash? while we aim to decrease significantly the use of cash, we cannot ignore that at present it accounts for a significant percentage of the transactions made in barbados. currency in circulation is about 7 % of gdp. however, there is already increasing usage of credit and debit cards the transactions through the automated clearing house. while cash remains relevant now, it is facing increased competition as an instrument for payments. but we believe that there will remain a place for cash. a wholesale shift to digital payments or even debit and credit cards has implications for financial inclusion. for the traditionally unbanked, access to cash allows participation in the economy. the same is true of many older persons and other vulnerable members of society. cash also serves as a backup in the event that the networks that power other forms of payment go down during and after a natural disaster or due to technological glitches or security breaches. the importance of retaining some level

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