BRIDGETOWN, Barbados, CMC—Caribbean Group (CARICOM) Central financial institution governors ended a two-day assembly right here on Friday. The assembly addressed urgent financial points and strengthened the area’s monetary methods, with a concentrate on vital matters similar to monetary stability, cybersecurity, and regional financial efficiency.
An announcement issued following the 63rd Bi-Annual Assembly of the CARICOM Committee of Central Financial institution Governors famous that “a good portion of the agenda centered on monetary stability, notably the info points relating to non-bank monetary establishments.
“Moreover, Governors mentioned modernizing cost methods and advancing interregional funds to bolster the Caribbean’s competitiveness. The Governors highlighted the significance of enhancing monetary resilience and cooperation throughout the area,” the assertion mentioned.
It mentioned on the matter of cyber resilience, a number of presenters underscored the necessity for stable safety measures throughout the monetary sector amid rising cyber threats.
“The Governors marked a serious milestone by signing a Memorandum of Understanding for the Cybersecurity Data Sharing Group, signaling a dedication to a unified method in combatting cyber threats throughout the area’s central banks.”
The assertion mentioned that the governor’s assembly coincided with the fifty fifth Annual Financial Research Convention (AMSC) and reviewed regional financial developments.
The governors mentioned development outlooks towards the backdrop of slowing international development projections for 2025, ongoing geopolitical tensions, and the Caribbean’s vulnerability to local weather change.
“The discussions acknowledged the necessity for adaptive methods to navigate these uncertainties and maintain financial stability,” the assertion mentioned, including that funding to gasoline improvement was one other point of interest, with the governors agreeing on the significance of mobilizing extra liquidity and addressing limitations to non-public sector funding.
“They expressed curiosity in exploring the suitable modality to speed up and develop financing of infrastructure initiatives and sustainable improvement initiatives throughout the area.”
Richard Doornbosch of the Centrale Financial institution van Curaçao en Sint Maarten has taken over the chairmanship of the CARICOM Committee of Central Financial institution Governors.
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