Hard times have hit the Central Bank of Barbados and its staff are about to feel the fallout.
After three consecutive years of losses worth $8.4 million, the financial institution, and reportedly 60 employees, are about to become a major casualty of the economic recession they have been trying to help Government shield Barbadians from.
Central Bank Governor Dr DeLisle Worrell confirmed this development yesterday, telling the DAILY NATION that faced with diminished revenues and persistent losses, a decision was taken to “shrink our operation”.
But the veteran economist, who has been at the helm of the bank since 2009 and was a longstanding employee before a stint at the International Monetary Fund (IMF), said while there would be staff cuts, those affected would have their interests protected, hinting at the likelihood of substantial separation packages.
