CARICOM Central Bank governors have signed a Memorandum of Understanding (MoU) to establish the Cybersecurity Information Sharing Group as a means of combating cyberthreats across the region’s central banks.
This is according to a statement issued following the two-day 63rd Biannual Meeting of the Caricom Committee of Central Bank Governors held in Bridgetown on November 7 and 8.
Committee members include Central Bank of Trinidad and Tobago Governor Dr Alvin Hilaire, Governor of the Bank of Jamaica Richard Byles, Governor of the Bank of Guyana Dr Gobind Ganga, and Governor of the Central Bank of Barbados Dr Kevin Greenidge, who serves as chair.
“The meeting brought together senior officials to address pressing economic issues and strengthen the region’s financial systems, with a focus on key topics such as financial stability, cybersecurity, and regional economic performance,” it stated.
“A significant portion of the agenda focused on financial stability, particularly the data issues regarding non-bank financial institutions. Furthermore, governors discussed the modernisation of payment systems and advancing interregional payments to bolster the Caribbean’s competitiveness. The governors highlighted the importance of enhancing financial resilience and cooperation across the region,” it stated.
On the issue of cyber resilience, several presenters emphasised the need for robust security measures across the financial sector in light of rising cyberthreats.
“The governors also reviewed regional economic developments and discussed growth outlooks against the backdrop of slowing global growth projections for 2025, ongoing geopolitical tensions, and the Caribbean’s vulnerability to climate change. The discussions acknowledged the need for adaptive strategies to navigate these uncertainties and sustain economic stability,” it stated.
“Investment to fuel development was another focal point, with the governors agreeing on the importance of mobilising excess liquidity and addressing barriers to private sector investment. They expressed interest in exploring the appropriate modality to accelerate and expand financing of infrastructure projects and sustainable development initiatives across the region,” it stated.
The 63rd meeting was held alongside the 55th Annual Monetary Studies Conference (AMSC), where the governor of the Central Bank of The Bahamas John Rolle, governor of the Central Bank of Belize Kareem Michael, and Ganga (Guyana) participated in a panel discussion on “The role of central banks in facilitating the mobilisation of regional investment to support development.”
The panel was moderated by Greenidge.
At the close of the meeting, Greenidge handed over chairmanship of the Caricom Committee of Central Bank Governors to president Richard Doornbosch of the Centrale Bank van Curaçao en Sint Maarten.