Wednesday, April 24, 2024

Worrell joins Bermuda’s Financial Policy Council

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HAMILTON – Barbadian economist Dr DeLisle Worrell, the immediate past Governor of the Central Bank of Barbados, has joined Bermuda’s Financial Policy Council (FPC).

Announcing Worrell’s appointment on Monday, Premier and Finance Minister David Burt said: “Bermuda is fortunate for the expertise brought to the council by Dr Worrell. His insight will add to the significant knowledge base already present among the distinguished members.”

Worrell joins a seven-member council which was created three years ago to advise on the development of the financial stability framework in Bermuda, and make policy recommendations designed to support the general economic and financial wellbeing of the country.

Besides Burt, other members of the council include Sir Andrew Large, the former deputy governor of the Bank of England, and Jeremy Cox, chief executive officer of the Bermuda Monetary Authority (BMA) and brother of former Premier Paula Cox.

The council is supported by the Ministry of Finance and the BMA.

Worrell founded the research department of the Central Bank of Barbados in 1973, and served with the bank until 1998, by which time he was deputy governor. He served as governor of the bank from 2009 to 2017.

His areas of expertise include economic modelling and forecasting, financial risk analysis and stress testing, exchange rates and currency unions, monetary, fiscal and exchange rate policies; competitiveness, and pricing and price formation.

In April, at its seventh and most recent meeting, the council took note of the possible impacts arising from increases in global interest rates, the rise of protectionist policies among the major economies and recent cyber incidents.

In respect to the latter, a spokesman said council members urged the Bermuda government and the BMA to continue to strengthen their cyber resilience capabilities, noting the complexities inherent in cyber-risk.

The council’s next meeting is scheduled for next month. (CMC)

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