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Central Bank and the Nation Newspaper – Bank Regulator and Media House

The Central Bank of Barbados respects and embraces freedom of the press and the importance of the dissemination of timely and accurate information and as such has not banned the Nation Corporation. The front page of the Sunday Sun of May 11, 2014, carried the headline “Cut Off”. The Bank assures media practitioners in Barbados…

, , ,
Dr. DeLisle Worrell, Governor of the Central Bank
Dr. DeLisle Worrell, Governor of the Central Bank

The Central Bank of Barbados respects and embraces freedom of the press and the importance of the dissemination of timely and accurate information and as such has not banned the Nation Corporation.

The front page of the Sunday Sun of May 11, 2014, carried the headline “Cut Off”. The Bank assures media practitioners in Barbados as well as the public at large that it will continue to keep all media houses fully abreast of all developments on economic and other pertinent matters which fall under its purview, including the Nation Publishing Company, as is normal.

The Nation Publishing Company will receive all Press Releases and other communications issued by the Central Bank, and all media houses and the general public have free access to the Central Bank’s website, where all our statements, reports, data and speeches, and all other publications are posted – Central Bank of Barbados Press Release

The decision by the Governor Delisle Worrell to ban Nation reporters from attending press conferences hosted by the Central Bank has generated a lot of public comment. BU held an ambivalent position up until  reading the above press release issue today by the Central Bank.

One is forced to ask who is running the institution. Why issue a press release to state the obvious? Banning the Nation’s reporters at press conferences OBVIOUSLY prevents that media house from probing the Governor et al as they desire, a tenet of practicing freedom of the press.

BU sides with head of the private sector who commented today that the Central Bank appears to be trying to kill an ant with a hammer (our words). It boggles the mind if the Governor felt so strongly on a matter he could not see the light to issue a warning letter. In any event what we are witnessing on both sides is mediocrity at its best.

78 responses to “Central Bank and the Nation Newspaper – Bank Regulator and Media House”

  1. lawson Avatar
    lawson

    David it said it would use the money to pay off loans that were coming due …isn’t that what Bernie Madoff was doing?

  2. Due Diligence Avatar
    Due Diligence

    David

    This one?

    http://www.nationnews.com/articles/view/govt-seeking-to-raise-record-4b/

    “Govt seeking to raise record $4b
    
    TUE, MAY 13, 2014 – 12:09 AM

    WHEN THE House of Assembly returns from the Easter recess today at 10 a.m., Government will be seeking to raise the loan limit to the highest amount ever – a record $4 billion – through the issue of Treasury Bills and tax certificates which is almost double the current level set two years ago.
    And with proposed amendments to the Electronic Transactions Act also on the Order Paper, there are indications that the cash-strapped Government may not be able to pay people eligible for tax refunds in cash but may do so with the tax certificates.

    Minister of Finance Chris Sinckler is down to pilot a resolution asking Parliament to approve the raising of the money through Treasury Bills, tax reserve certificates and tax refund certificates under the Treasury Bills And Tax Certificates Act, passed in July 1987.

    The money raised, which is coming 43 days after the start of the 2014-2015 financial year, may also be used for the purpose of paying off, at maturity, bills already issued and outstanding.”

    What is a tax refund certificate?

  3. David Avatar
    David

    @Lawson & DD

    Yes and importantly it runs counter to what the IMF advised in the last Article IV. In fairness to the Governor he disagrees with the IMF position.

  4. Prodigal Son Avatar
    Prodigal Son

    This government wants 4 billion dollars more to spend. My goodness, these people are drunk with power and the hard thing to swallow is that this government has no money sense!

  5. Gabriel Avatar
    Gabriel

    Owen Seymour Arthur MSc,one of the best Prime Ministers and one of the best if not the best so far,Ministers of Finance Barbados has produced and who gave back a thousand fold to his country.A sincere,loyal son of the soil.May he continue to prosper and dumbfound all the poor rakey,barefoot,bag blind hoes Barbados ever assembled in one place at the same time in the House of Nothingarians and with a head who is one of the biggest donkeyholes the almighty ever punch a posterior hole in.

  6. Colonel Buggy Avatar
    Colonel Buggy

    The Central Bank Governor is saying that there is no ban against the Nation .
    Barbados has got so bad that you cannot believe anything anyone says. Neither the Central Bank Governor nor the Nation newspaper. Neither The Democratic Labour Party nor the Barbados Labour Party. neither the National Conservation Commission nor the Minister Dennis Lowe. Neither the National Union of Public Workers nor the Barbados Workers Union. Neither the Barbados Water Authority nor its Minister Estwick. ” Lying and Denials” has now replaced “Pride and Industry” as our National Motto
    No wonder that the Bishop , Dr. Sir Wilfred Wood is pleading for the Truth to be told in this country.

  7. Lemuel Avatar
    Lemuel

    Col. Buggy:
    Good post. I agree!!

  8. Lemuel Avatar
    Lemuel

    David:

    This 4 Billion shall increase the debt.

  9. ac Avatar
    ac

    don’t tell me that the BLP malcontent would forgo such a loan…and rather govt raise more taxes to cover the bad debt left by the previous administration….i meaning if the the BLP has a better alternative please say,,,,,,,

  10. SITH Avatar
    SITH

    What we should be watching is the FX reserve. When the Government borrows money in local currency and virtually everything on the island is imported, there is reduction in FX reserves when the local money gets spent. As I have pointed out in other posts, a flexible exchange rate is a safety valve to maintain a competitive position against other free trading currencies. Without that we become less competitive. If you are not competitive you loose business. When you loose business you loose jobs and create higher unemployment and higher social unrest. The burden of being non competitive is carried by those who loose their jobs whereas if the Barbados dollar traded freely, gains and losses in standard of living would be shared by the whole nation. If tourism is our main FX producer we had better make it competitive and quickly do so.

  11. David Avatar
    David

    Newspaper spat puts ‘serious dent in credibility’ of Central Bank of Barbados

    A spokesperson for the bank declined to comment on claims The Nation has been banned from attending press conferences; newspaper is considering legal action

    Author: Arvid Ahlund

    Source: Central Banking | 13 May 2014

    Categories: Governance

    Topics: Central Bank of Barbados, DeLisle Worrell, Barbados,Transparency

    central-bank-barbados

    A Barbados newspaper is considering legal action after the country’s central bank has purportedly banned it from attending the press conferences of its governor, citing a "lack of professional integrity".

    Bridgetown-based The Nation said on Sunday that it had received a letter from DeLisle Worrell, head of the Central Bank of Barbados, on Friday, notifying the newspaper that it would "not be invited to any future press conference or media event hosted by myself as governor of the central bank".

    The alleged ban was prompted by the paper’s claims the previous day that the CBB was looking to lay off 60 of its roughly 250 employees, associate managing editor Tim Slinger confirmed toCentralBanking.com today. According to the paper, the claim was retracted the following day.

    The central bank commented on the alleged ban yesterday, stating in a press release that it "assures media practitioners in Barbados as well as the public at large that it will continue to keep all media houses fully abreast of all developments on economic and other pertinent matters that fall under its purview, including the Nation Publishing Company, as is normal".

    "The Nation Publishing Company will receive all press releases and other communications issued by the central bank," the CBB added, but made no mention of press conferences. A spokesperson for the bank declined to elaborate on the statement or whether a ban had been issued against the newspaper.

    Slinger described the press release’s language as "technical", noting that it "doesn’t say we’re able to attend any press conferences". He interpreted it as the ban was still in force. "We’re having some legal advice on the entire matter. Our lawyers are looking into it," Slinger added.

    Ryan Straughn, a risk management consultant and a CBB economist from 2002 to 2005, agreed that the "wording of the [press] release is quite curious and is open to much speculation".

    Straughn, who added he had been in contact with the central bank, said he had been informed that "no follow up correspondence has been sent to the Nation to formally reverse the intended actions" of Worrell’s letter on Friday.

    He described the fallout as "widespread" with "lots of discussion on the radio regarding the matter", adding: "A serious dent in the credibility of the institution has occurred and will take some time and significant work to repair".

    http://www.centralbanking.com/central-banking/news/2344581/newspaper-spat-puts-serious-dent-in-credibility-of-central-bank-of-barbados

  12. St George's Dragon Avatar
    St George’s Dragon

    I might be wrong but I think the original Nation article referred to “sources” in the CB mentioning that 60 people were to go. I thought that meant the Governor, speaking off the record and that his subsequent fight with the Nation was because they didn’t treat it as off the record.
    Might just be my fertile imagination.

  13. Due Diligence Avatar
    Due Diligence

    DD Googled Barbados Tax Refund Certificate

    This is from http://www.barbados.gov.bb/ird/pages/TaxRefundC.htm

    Tax Refund Certificates

    A person due a repayment of tax under sections 68 and 68A of the Income Tax Act may opt to have the full value of the amount to be repaid issued to him by way of a tax refund certificate.
    Where the certificate by virtue of its denomination is not for the full value of the amount to be repaid, the excess shall be repaid to that person (in cash) (Sect. 69A).
    The Treasury Bills and Tax Certificates Act 1987 was passed to give effect to the above (Sect.69A).

    This is from the Nation article “Govt seeking to raise record $4b”

    “And with proposed amendments to the Electronic Transactions Act also on the Order Paper, there are indications that the cash-strapped Government may not be able to pay people eligible for tax refunds in cash but may do so with the tax certificates.”

    So, according to Barbados Government (Inland Revenue Service) website, a person due a refund may opt to have paid to him by way of a tax refund certificate.

    But, if the Nation article is correct (a big if), and if I am reading it correctly (another big if) the cash-strapped Government may not be able to pay people eligible for tax refunds in cash so is proposing to amend legislation to give Government the option to pay with the tax certificates.

    UNBELIEVABLE!!!!!!!!!!!!!!!!

    Will government now will be paying Adrian Loverage and others owed VAT refunds with VAT Refund Certificates.?

  14. ac Avatar
    ac

    ST ,george yeap it is your fertile imagination……now go get plenty rest ..nutting to worry about,,,,,the blp yardfowls love a fist fight,,,,,ever fowl and cockmaster going throw their hat in the ring , the lawyers right now laughing gleefully,,,,easy money fuh dem…

  15. Well Well Avatar
    Well Well

    Due said:
    “Will government now will be paying Adrian Loverage and others owed VAT refunds with VAT Refund Certificates.?”

    Now that would be something to see..

  16. Artaxerxes Avatar
    Artaxerxes

    @ Due Diligence | May 13, 2014 at 3:59 PM |

    “What is a tax refund certificate?”

    When tax payers file income tax returns and are entitled to an income tax refund, the tax payer can opt for a tax refund certificate, which is redeemable, with interest, sometime in the future. Similar to bonds and treasury bills, expenditure from tax certificates are used to finance government expenditure.

  17. Gabriel Avatar
    Gabriel

    A ‘flexible exchange rate’ is another way of saying devalue the Barbados dollar.US currency is not a problem in Barbados so i don’t understand this nonsense of a flexible exchange rate.Talk about making the US dollar the currency of the realm and I could give you some support on that.I will not state the obvious but there is a simple reason why Trinidad,Guyana and Jamaica have currency problems and Barbados does not.
    Former Minister of Finance Richie Haynes introduced a similar Refund Certificate during his stint of MoF in another DLP administration in the 80’s and the late great EWB was PM at the time.
    The moral of this story.Never trust the DLP with the finances of the Barbados.They tend to get it all wrong.Sandy scraped the barrel when he raided the nest egg Nicky Sealy,a true,true civil servant and a top notch engineer who knew what he was doing,Sandy took away the BWA mains replacement nest egg and put it at the disposal of his cabinet which they promptly raided and spent on paying senior civil servants and senior police
    bigwigs inflated salaries so he could win the 1991 elections.This punk got the gall to say he save Barbados from a devaluation!
    The DLP is the worst when it comes to managing anything let alone a Government of Barbados!They should perish in hell,all ‘o dem..

  18. ac Avatar
    ac

    arterexes i left a note for you on the economic blog…..go pick it up it got some golden nuggets for you to chew on,,be careful not to break yuh wooden teeth …..lol

  19. SITH Avatar
    SITH

    @Gabriel
    “A ‘flexible exchange rate’ is another way of saying devalue the Barbados dollar” Do you not have any faith in the ability of Barbados to make its dollar worth more than a US$?

    “Talk about making the US dollar the currency of the realm and I could give you some support on that.I will not state the obvious but there is a simple reason why Trinidad,Guyana and Jamaica have currency problems and Barbados does not.”

    To make the US$ the currency of the country, who do you think would change all the existing Barbados dollars for US$. Barbados dollars are worthless outside of Barbados and we are fast running out of US$ to pay for imports. Barbados is the country with the currency problem,. When you can’t trade Barbados currency freely and you keep printing more of it and at the same time keep spending FX for most of the things you consume, you eventually run out of FX. That is where we are headed. Check out Venezuela.

  20. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    Little PHVCKING Boys in big men pants

    A real man in circumstances where he felt that there was a need to ban a fellow from coming at his house, which is the right of any homeowner I will add, would have kept his phvcking mouth shut, held his house brams, and not invited the man who does put he foot up pun you furniture, tief your cutlery or, wussa still, look at your wife ass…

    Again, we are dealing with a set of little children, who do not want the nex fellow tuh play wid dem toys in de sand pit and like Putin de big bully, not content to stop people from coming in his sand pit, gone nex door to tek ovah a nex fellow pit.

    Recalcitrant children, these Delisle’s and Sinckliars and the whole bunch of them that we have entrusted our economic well being to and put the care of country and economy into these shadows of men.

    But behold a miracle.

    Along the cool sequestered way we seem to have awoken up, and through a glass dimly now wonder how these female rabbits are now in our driver’s seat managing the motor car

    A motor car that we 300,000 bajans, less these 30 cvunts called parliamentarians, and “x” Permanent Secretaries, ?? indolent public servants and 200,000 illegal guyanese, not to mention our own DPP Charles Leacock (de guyanese fellow) happen to be in…

  21. The People's Democratic Congress Avatar
    The People’s Democratic Congress

    This evil wicked unproductive parasitic TAXATION system in Barbados will – so long as it exists – continue to bring about, and help bring about too, massive and fundamental political financial commercial problems for this country.

    All the evidence of these problems so far is there for the viewing of those persons who wish to see, find out, etc.

    It is very clear that these intellectually and politically bankrupt and discredited DLP/BLP governments – when they continue TO STEAL/ROB countless portions of the remunerations of the relevant people, businesses and other entities in this country – and calling what they are doing TAXATION – that they are acting in total disregard of and in absolute contempt for a certain very cardinal and axiomatic principle.

    So, what they are dastardly wickedly NOT doing – when they ought to be properly engaging such – is refusing to make substantial use of the following principle and application of it to the government sector itself.

    This principle is that businesses/entities in this Barbadian society must (be able to) present/give (provide/pass on) ANYTHING (resources, assets, goods and services – human and other wise) under specified contractual arrangements to the relevant other people (users) from the relevant others of the SAME ANYTHING (human and or other capital, resources, assets, investments) – until their expirations their voidances, and under those same contractual arrangements be able to take from ANYTHING (MONEY: nominal remunerations/credit transfers) that which is or can be used by virtue of what it is, to give the same ANYTHING (MONEY:nominal remunerations) – until their expirations their voidances, to the relevant people/entities, and by such constancy intensity pervasity coterminity circularity of activities altogether making significant contributions to the advancement of the human society in Barbados.

    Indeed, this is what Cave Shepherd and co, BS and T, Rayside Construction, C O Williams Construction, Eddies Trading, Furniture Ltd, Tri Mart, Shop Smart, outdoor business people and all other privately owned and run businesses have been successfully doing over the years. No doubt more and more businesses will emerge to do similarly, and more and more businesses will leave the scene, leaving many others to do similarly.

    But, these backward dotish DLP BLP governments, by massively failing to honour, first, and to apply/practice, second, this great canonical principle to itself throughout (not slightly as it does) – and by continuing to demonically impose this evil wicked unproductive parasitic TAXATION system on the vast majority of people in this country – are accelerating the processes of the vicious dedevelopment and retardation of multifarious social, political, material and financial affairs of this country.

    Thus, when it was seen in the Sunday Sun, May 11, 2014, the absolute intellectual foolishness that was attributed to retired Professor Michael Howard – that the decline in tax revenue (tax revenue?? more colossal ignorance supposedly from him) in recent times cannot be blamed on the inefficiency of the VAT but on the stagnation of the economy as a whole, it must be and is totally absolutely clear to the PDC the reported rotten backward and unstudied ideas coming from him in such a case of illogical and false deductions.

    For , it is so patently clear that by the government TAXING and continuing to TAX countless portions of the remunerations of the relevant persons, businesses and other entities in this country – manifoldly means too that it is STEALING ROBBING and continuing TO STEAL ROB massively parasitically from the financial outputs of the relevant others yearly, whilst hardly contributing to this country’s growth and development, via its little national financial output yearly, and via its little commercial use of the local market system that is or can be used for the passing on of resources, goods and services to the relevant others, and under the same contractual arrangements, the receiving of remunerations from the relevant others, whilst so massively overreaching itself and gorging itself by commanding so many of the resources, goods and services provided in this country – and which are things that it cannot maintain directly or indirectly on its own.

    So, what putrid nonsense from Howard the implication that VAT is NOT massively contributing to this prolonged political economic depression in Barbados.

    PDC

  22. PLANTATION DEEDS FROM 1926 TO 2014 , MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS OF BARBADOS, BLPand DLP=Massive Fruad Avatar
    PLANTATION DEEDS FROM 1926 TO 2014 , MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS OF BARBADOS, BLPand DLP=Massive Fruad

    VAT = FRAUD, FRAUD =UDC , UDC= LAND FRAUD,LAND FRAUD MONEY

    LAUNDERING , LAUNDERING = LAWYERS, LAWYERS= MINISTERS

    MINISTERS= BLP , BLP= DLP COVER UP OF THE BLP.

    DBLP = VIOLET BECKLES LAND PONZI FRAUD CROOKS, LIARS AND

    SCUMBAGS.= LAY OFFS AND IMF LOANS , DOWN GRADES TO JUNK

    STATUS= BANKING BAD LOANS FOR NON CLEAR TITLE DEEDS =

    OFFSHORE BANK ACCOUNTS =UNIONS IN BED WITH THE DBLP AND

    WORKERS GOING HOME.

  23. PLANTATION DEEDS FROM 1926 TO 2014 , MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS OF BARBADOS, BLPand DLP=Massive Fruad Avatar
    PLANTATION DEEDS FROM 1926 TO 2014 , MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS OF BARBADOS, BLPand DLP=Massive Fruad

    http://epaper.barbadostoday.bb/ and now today , look at da day so

  24. PLANTATION DEEDS FROM 1926 TO 2014 , MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS OF BARBADOS, BLPand DLP=Massive Fruad Avatar
    PLANTATION DEEDS FROM 1926 TO 2014 , MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS OF BARBADOS, BLPand DLP=Massive Fruad

    Dr. DeLisle Worrell, Governor of the Central Bank@
    Better NEVER late, Better late than never, He spoke up to Truth support him ,So other will come out and speak the truth , MIA / OWEN and the DBLP is looking to spend what we dont have , and to TAX more than God allows .THINK PEOPLE THINK , AND DONT JUST FOLLOW THESE CROOKS LIARS AND SCUMBAGS.

  25. PLANTATION DEEDS FROM 1926 TO 2014 , MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS OF BARBADOS, BLPand DLP=Massive Fruad Avatar
    PLANTATION DEEDS FROM 1926 TO 2014 , MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS OF BARBADOS, BLPand DLP=Massive Fruad

    http://barbadosunderground.wordpress.com/2013/01/02/the-violet-beckles-affair-separating-fact-from-fiction-part-i/#comments

  26. David Avatar
    David

    Can anyone, anyone explain how the Central Bank and the Governor issued a ban on the Nation newspaper but yet welcome them with open arms at a function this week? The question is against the background of the Central Bank not making any statement which nullified the ban on the Nation. What is this tom foolery?

  27. PLANTATION DEEDS FROM 1926 TO 2014 , MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS OF BARBADOS, BLPand DLP=Massive Fruad Avatar
    PLANTATION DEEDS FROM 1926 TO 2014 , MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS OF BARBADOS, BLPand DLP=Massive Fruad

    http://barbadosfreepress.wordpress.com/2012/03/16/u-k-serious-fraud-office-investigating-harlequin-resorts/

  28. PLANTATION DEEDS FROM 1926 TO 2014 , MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS OF BARBADOS, BLPand DLP=Massive Fruad Avatar
    PLANTATION DEEDS FROM 1926 TO 2014 , MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS OF BARBADOS, BLPand DLP=Massive Fruad

    David | May 24, 2014 at 3:34 PM | @
    If they are asked more Questions , the Answers will lead to where all the Billions of VAT and other taxes went to before and After Mai and Owen, the PM Fumble today and his AG and MoF.
    It will then lead to an Audit of what was bought and what was paid for by the Crooked Parties DLP< BLP and the NEW DBLP governemnts

    Under the new Banking laws of Basel 3 Banking ,, they will have to show movement and what is laundered in different manners,
    That then will make Auditor to look at the Land in which was used , Now to apply the law before Sir Henry Forde use his pimp title to weaken the laws and the rules to Crook and steal as they please,
    And David you know the rest . We are where we are now because the POLICE and the DPP is in the pocket of the parties, ,

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