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Governor Dr The Most Honourable Kevin Greenidge is again defending the Central Bank’s decision to establish an instant payment system, arguing that the country could not afford to leave it to market forces.
He also said that last month’s introduction of BiMPay was fulfilling the monetary mandate as outlined in the National Payment System Act passed by Parliament in 2021 and also via the 2020 amendment of the Central Bank Act.
He gave these explanations yesterday in the working paper Why Barbados Built An Instant Payment System, And Why The Central Bank Had to Do It.
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