The Central Bank of Barbados (CBB) today advised that companies must now complete the Balance of Payments Survey, a survey of the international transactions of establishments that operate in Barbados, commonly known as the BOP survey.
Citing Section 69 of the new Central Bank of Barbados Act, which was passed in Parliament in December 2020, the institution reminded businesses that anyone who fails to provide information to help the Bank complete its mandate and fulfil its statutory objectives “shall be liable on summary conviction to a fine of $10,000.”
“The BOP data is critical to the country’s economic development. The Bank relies on this information for its economic forecasts and analysis, as well as to determine the policies that are needed to restore Barbados’ economy. It is therefore critical that respondents complete the survey,” Cleviston Haynes, the Governor, explained.
The BOP data quantify transactions between residents of Barbados and the rest of the world within a specific period, and therefore provide a good gauge for Barbados’ external vulnerability. Moreover, the data is also used in the estimation of the country’s Gross Domestic Product.
The survey targets firms, government departments, non-profit groups, representatives of foreign governments, and regional and international organisations. Respondents can benefit further from using the compiled information in their strategic planning and in the day-to-day management of their operations.
The Bank advised that forms for 2020 will be available from April 6, 2021, and companies should email them to firstname.lastname@example.org no later than May 18, 2021.
The cumulative findings are published on the Bank’s website www.centralbank.org.bb.