Program for Improving Central Bank Reporting and Procedures on Remittances: Barbados

Abstract

The importance of international remittance flows to Latin American and Caribbean economies has increased substantially, both in terms of macroeconomic stability given the magnitude of these capital inflows, and of economic development in view of their impact on financial inclusion and poverty alleviation. The present Report, International Remittances in Barbados, is one of the descriptive documents in the series, and was prepared with the active participation of the Central Bank of Barbados. This report is based on the findings of a mission that visited Barbados in November 2009, comprising two teams that worked jointly. This document describes the remittance market in Barbados, including: the economic context, the institutional and legal framework of this market; characteristics of the issuers, of the recipients and providers of remittances, the means and channels of payment; costs of remittance, disclosure, transparency and consumer protection, as well as the methodology for the measurement of these flows.