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Although insisting that the Central Bank has not surpassed its legal limits of financing the Government through “printing money”, regional economist Marla Dukharan has advised the Mia Mottley administration to put “urgent emphasis” on reigning in its deficit.Amid public discourse about whether the Central Bank was printing money, Dukharan stressed that was one of the roles of that institution, and all indicators pointed to it being done within the parameters of the Central Bank Act.“The problem arises when the Central Bank prints money in excess to finance the Government and/or where...

In the face of increased financial regulations, the Barbados Police Co-op Credit Union Ltd (BPCCUL) has advised its members, and those of other credit unions, to provide all information needed to remain in full compliance with the authorities.The advice came from BPCCUL’s Chairman Hally Haynes, in an address to members during its recent virtual annual general meeting.Haynes said that compared to previous years, the regulatory framework supporting credit unions on the island has increased their oversight significantly and this has led to increased transparency regarding members’ information...

Frustrated with the state of the country’s fragile social security system, Barbadians are demanding tighter scrutiny over investments made by the National Insurance Scheme (NIS), and stiffer penalties for employers and self-employed persons who fail to honour their commitments.This was the consensus Monday evening at a town hall meeting at the Combermere School where the NIS’ top brass took suggestions from the general public as the organisation faces a potential crisis. “I think that what we have to do now is to try to encourage people, without threatening them, to file and pay Nationa...

The Massy operations in Barbados remain the second largest source of revenue for the Trinidad and Tobago-headquartered Massy Group. This is revealed in published highlights of its unaudited consolidated financial statements for the third quarter of the current financial year.For the nine-month period ended June 30, Massy Holdings Limited and its subsidiaries posted total revenue of TT$9.201 billion, an increase over the TT$8.144 billion registered for the corresponding period in 2021.The revenue figures revealed that TT$1.656 billion was generated from the Barbados subsidiaries of Massy. The l...

Consumers will see a reduction in their electricity bills this month, with the average residential customer saving about $39, Barbados Light & Power (BL&P) Managing Director Roger Blackman revealed on Friday.According to Blackman, the decline is a combination of savings from the operations of the power company’s Clean Energy Bridge (CEB) plant at Trents, St Lucy, a drop in international oil prices which directly affects the Fuel Clause Adjustment (FCA) – a mechanism used by the utility company to recover the cost of fuel used in the production of electricity – and the reduction i...