International Monetary Fund Washington, D.C.

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1 2004 International Monetary Fund May 2004 IMF Country Report No. 04/153 Barbados: Statistical Appendix This Statistical Appendix for Barbados was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on April 16, The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Barbados or the Executive Board of the IMF. The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information. To assist the IMF in evaluating the publication policy, reader comments are invited and may be sent by to publicationpolicy@imf.org. Copies of this report are available to the public from International Monetary Fund Publication Services th Street, N.W. Washington, D.C Telephone: (202) Telefax: (202) publications@imf.org Internet: Price: $15.00 a copy International Monetary Fund Washington, D.C.

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3 INTERNATIONAL MONETARY FUND BARBADOS Statistical Appendix Prepared by staff team consisting of Carlene Francis, Saqib Rizavi, and Wendell Samuel (all WHD) Approved by Western Hemisphere Department April 16, 2004 Contents Page Basic Data...3 Statistical Appendix Tables I. Real Sector 1. Sectoral Origin of Real GDP at Factor Cost Index of Industrial Production Selected Sugar Statistics Tourism Statistics Retail Price Index Selected Labor Statistics Public Service Wage Increases...11 II. Public Sector 8. Central Government Operations Central Government Revenue and Grants Central Government Transfers Operations of the National Insurance Scheme National Insurance Scheme: Investments and Cash Balances Public Sector Financing Requirement and Debt Operations of Selected Nonfinancial Public Enterprises...18

4 - 2 - III. Financial Sector 15. Summary Accounts of the Consolidated Financial System Summary Accounts of the Consolidated Banking System Summary Accounts of the Consolidated Nonbank Financial Intermediaries Financial System Credit to the Private Sector Liquidity Position of Commercial Banks Selected Interest Rates Summary Accounts of Offshore Banks...29 IV. External Sector Annex 22. Summary Balance of Payments Total Exports Total Imports Services, Investment Income, and Current Transfers Direction of Trade Summary of the Tax System as of March 31,

5 - 3 - Barbados: Basic Data I. Social and Demographic Indicators Area (sq. km) 431 Nutrition Arable land (percent of land area) 64 Calorie intake (per capita a day 3,086 Population (2002) Health (1994) Total (thousands) 271 Population per physician 749 Annual rate of growth, 2001 Population per hospital bed 136 (percent a year) 0.4 Density (per sq. km.), Access to electricity (1988) GDP per capita (US$), ,589 Percent of population 96 Population characteristics (2001) Access to safe water (1993) Infant mortality (per thousand live births) 12 Percent of population 100 Income distribution Education (percent) Poverty rate (percent) 13.0 Adult literacy rate (25 and over 99 Percent of income received: Primary school enrollment rate 100 By highest 20 percent of households 44.0 Unemployment (percent) (2002) 10.3 Distribution of labor force, in percent (2002) Agriculture 4.0 GDP (2003) Industry and mining 18.8 Millions of Barbados dollars 5,391.0 Services 77.2 Millions of U.S. dollars 2,695.5 II. Economic Indicators, (In percent of GDP) Origin of GDP Agriculture and mining Manufacturing and construction Services (Annual percentage changes, unless otherwise indicated) National accounts and prices Real GDP Real GDP per capita GDP deflator Consumer price index (period average) Consumer price index (end of period) Unemployment rate (in percent) (In percent of GDP) Public sector (fiscal year basis) 1/ Government revenue Government expenditure Of which : off-budget Government balance Of which : budgetary balance Public enterprises balance (after transfers) Nonfinancial public sector balance Government and government guaranteed debt Of which : government debt

6 - 4 - Barbados: Basic Data (12-month percentage changes, unless otherwise indicated) Money and credit Liabilities to private sector Of which Money Quasi money Net domestic assets of the banking system 2/ Of which Credit to the public sector (net) 2/ Credit to the private sector 2/ Liabilities to private sector in percent of GDP month T-bill rate 3/ (In millions of U.S. dollars, unless otherwise indicated) Balance of payments Current account Merchandise trade balance Exports Imports 989 1, ,025 Services (net) Travel (credit) Investment income (net) Current transfers (net) Capital and financial account Long-term capital Public sector Private sector Overall balance Current account (in percent of GDP) Gross international reserves (millions of U.S. dollars) Gross international reserves (in months of imports) Public external debt (in millions of U.S. dollars) Public external debt (in percent of GDP) IMF data (as of 3/31/04) Membership status: Intervention currency and rate Quota Fund holdings of Barbados dollars (as percent of quota) Outstanding purchases and loans SDR department Net cumulative allocation Holdings Article VIII U.S. dollar at BD$2.0 per U.S. dollar SDR million SDR million percent None SDR 8.04 million SDR 0.01 million Sources: Barbadian authorities; and Fund staff estimates. 1/ Fiscal year begins April 1. 2/ In relation to liabilities to the private sector at the beginning of the period. 3/ Average rate of discount (end of period).

7 - 5 - Table 1. Barbados: Sectoral Origin of Real GDP at Factor Cost (In millions of Barbados dollars at 1974 prices) GDP Primary sector Sugar Other agriculture and fishing Mining and quarrying Secondary sector Manufacturing Construction Electricity, gas, and water Services Wholesale and retail trade Tourism Transport and communications Business and general services Government services (In percent of GDP) GDP Primary sector Sugar Other agriculture and fishing Mining and quarrying Secondary sector Manufacturing Construction Electricity, gas, and water Services Wholesale and retail trade Tourism Transport and communications Business and general services Government services (Annual percentage changes) GDP Primary sector Sugar Other agriculture and fishing Mining and quarrying Secondary sector Manufacturing Construction Electricity, gas, and water Services Wholesale and retail trade Tourism Transport and communications Business and general services Government services Sources: Central Bank of Barbados; and Fund staff estimates.

8 - 6 - Table 2. Barbados: Index of Industrial Production 1/ (1982 = 100) Weights Total Mining and quarrying Electricity and gas Manufacturing Food Beverages and tobacco Wearing apparel Wooden furniture Chemicals Petroleum products Nonmetallic mineral products Electronic products Other manufacturing Source: Central Bank of Barbados Annual Statistical Digest. 1/ End of period.

9 - 7 - Table 3. Barbados: Selected Sugar Statistics (Crop years: July June) Sugar production (thousands of metric tons) Sugarcane milled (thousands of metric tons) Area harvested (thousands of hectares) Average yield Cane/sugar Cane/hectare harvested (metric tons) Quota (thousands of metric tons) EC United States (Calendar years) Factory receipts (BDS$ million) Factory receipts per metric ton (BDS$) 1,155 1, Production cost per metric ton (BDS$) 1,482 1,367 1,549 1,796 2,073 Profit or loss per metric ton (percent of cost) 3/ Export receipts (BDS$ million) 1/ Exports of sugar and fancy molasses (thousands of metric tons) Export unit value per metric ton (BDS$) 1, ,022 1,234 Average employment during out-of-crop season Sugar estates Sugar factories Sources: Barbados Agricultural Management Co. Ltd.; Barbados Sugar Industry Ltd.; and Ministry of Finance and Economic Affairs.

10 - 8 - Table 4. Barbados: Tourism Statistics (In units as indicated) Total tourist days (thousands) 1/ 4,344 4,510 4,229 3, Stay-over arrivals (thousands) Cruiseship arrivals (thousands) Average length of stay (days) 2/ Total bed capacity (thousands) Total bed occupancy rates (percent) Daily expenditure per head (in U.S. dollars) Total tourist expenditure (in millions of U.S. dollars) Stay-over tourists Cruiseship tourists (Annual percentage change) Total tourist days Stay-over visitors Cruiseship passengers Tourist expenditures Daily expenditure per head (In percent of GDP Total tourist expenditure (In thousands) Stay-over visitors by country of residence United States Canada CARICOM United Kingdom Other Stay-over visitors by intended length of stay days days Over 7 days (In percent of total arrivals) Stay-over visitors by country of residence United States Canada CARICOM United Kingdom Other Stay-over visitors by intended length of stay 1 3 days days Over 7 days Sources: Barbadian authorities; and Fund staff estimates. 1/ Stay-over arrivals multiplied by average length of stay, plus cruise-ship arrivals. Assumes average length of stay of tourists in establishments which are not surveyed is the same as that for surveyed establishments. 2/ Derived from a survey of establishments. Tourists staying in establishments that are not surveyed represent about one third of total stay-over arrivals.

11 - 9 - Table 5. Barbados: Retail Price Index (May 1994 = 100) Education Household Medical Recreation Fuel Operations Clothing and and Misand and and Trans- Personal cellaneous Total Food Tobacco Housing Light Supplies Footwear portation Care Services Weights (Averages) (End of period) 2000 January February March April May June July August September October November December January February March April May June July August September October November December Weights 1/ (July 2001=100) (Sept.) Source: Barbados Statistical Service. 1/ The Retail Price Index was revised from July 2001 with a new base period of July 2001=100, instead of May 1994=100.

12 Table 6. Barbados: Selected Labor Statistics (Household Survey Basis) 1/ (In thouands) Total population Total adult population 2/ Male Female Labor force Male Female Employed Male Female Unemployed 3/ Male Female (In percent) Participation rate 4/ Male Female Employment by industry Agriculture and fishing Manufacturing Construction 5/ Electricity, gas, and water Commerce and tourism Transport, storage, and communications Financial institutions Government and other services Unemployment rate 6/ Male Female Source: Barbados Statistical Service. 1/ Based on the 1990 population census and quarterly or semiannual labor force survey estimates. Results of the1990 census are used to estimate the proportion of adult population in intercensus years. 2/ Persons 15 years of age or over, end of year. 3/ Unemployed persons comprise those actively seeking work with a three-month period prior to the date of interview. 4/ Employed and actively seeking work unemployed in relation to the labor force. 5/ Includes mining and quarrying. 6/ Number of persons unemployed in relation to sum of number of workers employed and unemployed.

13 Table 7. Barbados: Public Service Wage Increases 1/ (In percent) Rate of Change Wage Increase of Retail Price Index Real Wage Increase October 1, / Sources: World Bank, Barbados-Requirements for Industrial Development, 1991; Ministry of Finance and Economic Affairs; and Barbados Statistical Service. 1/ Beginning in 1994, the reported wage increases are estimated. 2/ A nominal wage cut as part of the fiscal adjustment in the context of a 16-month stand-by arrangement supported by the IMF.

14 Table 8. Barbados: Central Government Operations 1/ 1998/ / / / /03 Budgetary revenue 1,530 1,610 1,705 1,703 1,716 Tax revenue 1,464 1,515 1,615 1,613 1,620 Nontax revenue Budgetary expenditure 1,576 1,693 1,803 1,917 1,997 Current expenditure 1,329 1,427 1,502 1,571 1,672 Wages and salaries and NIS contributions Of which National insurance contribution Goods and services Interest Domestic Of which : external Transfers Capital expenditure and net lending Of which: net lending Budgetary balance Float and extra-budgetary expenditure 2/ Overall balance Financing Foreign financing (net) Disbursements Amortization Domestic financing Banking system Rest of financial system National Insurance Scheme Privatization proceeds Budgetary revenue Tax revenue Nontax revenue Budgetary expenditure Current expenditure Capital expenditure and net lending Budgetary balance Float and extra-budgetary expenditure 2/ Overall balance Of which : primary balance Financing Memorandum items: Overall balance of rest of nonfinancial public sector 3/ Nonfinancial public sector overall balance Government and government guaranteed debt Of which : central government debt Fiscal year GDP at market prices 4,807 5,018 5,172 5,154 5,246 Sources: Ministry of Finance; and Fund staff estimates. (In millions of Barbados dollars) (In percent of GDP) 1/ Fiscal years (April March). Ratios expressed relative to fiscal-year GDP. 2/ Represents the difference between the budgetary deficit measured from above the line and the cash deficit measured on the basis of identified financing flows. Includes statistical discrepancy. 3/ After government transfers, based on financing data. Excludes the NIS.

15 Table 9. Barbados: Central Government Revenue and Grants 1/ (In millions of Barbados dollars) 1998/ / / / /03 Total revenue and grants 1, , , , ,716.0 Current revenue 1, , , , ,716.0 Tax revenue 1, , , , ,619.9 Taxes on net income and profits Companies Individuals Other Levies Employment levy 2/ Training levy Environment levy Taxes on property Land tax Property transfer tax and other Taxes on domestic goods and services Value-added tax Consumption tax Highway revenue Hotel and restaurant sales tax Airport services Other Taxes on international trade Import duties Stamp duties Nontax revenue Property income Of which Central bank profits Other nontax revenue Capital revenue and grants Sources: Ministry of Finance; and Fund staff estimates. 1/ Fiscal years (April March). 2/ Includes Public Employees Fund.

16 Table 10. Barbados: Central Government Transfers 1/ (In millions of Barbados dollars) 1998/ / / / /03 Current transfers Nonfinancial public enterprises National Housing Corporation Post Office Civil Aviation (net) Barbados Investment and Development Corporation Transport Board Caribbean Broadcasting Corporation National Conservation Commission Printing Office Public financial institutions Pensions (contributory) Other public institutions Barbados defense and police Schools, colleges, and the University of the West Indies Tourism promotion Sanitation and public health service Export promotion Welfare and other agencies National Sports Council Nonprofit institutions (child care) Other nonprofit institutions Other transfers to individuals Welfare grants (including NAB) Scholarship bursaries and examinations Schools bus fares Other Sugar industry Subscriptions and contributions Other, including contributions to regional international organizations Capital transfers Nonfinancial public enterprises National Housing Corporation Barbados Agricultural Development and Marketing Corporation Barbados Agricultural Management Co. Ltd Civil Aviation Barbados Water Authority Barbados Investment and Development Corporation Transport Board Other Public financial institutions Other public institutions Tourism and sports Abroad Sources: Ministry of Finance; and Fund staff estimates. 1/ Fiscal years (April March).

17 Table 11 Barbados: Operations of the National Insurance Scheme 1/ (In millions of Barbados dollars) 1998/ / / / /03 Current revenue Contributions Of which Central government insurance contributions Interest, dividends, etc Current expenditure Benefits Administration Current surplus Capital expenditure Overall surplus Total financing External financing Domestic financing Financial intermediaries Treasury bills Central government debentures Other Sources: National Insurance Scheme; and Central Bank of Barbados. 1/ Fiscal years (April March).

18 Table 12. Barbados: National Insurance Scheme: Investments and Cash Balances (In millions of Barbados dollars) Total assets 1, , , , Cash balances Deposits Domestic investments , , Debentures Treasury bills Other Foreign assets Source: Central Bank of Barbados.

19 Table 13. Barbados: Public Sector Financing Requirement and Debt 1998/ / / / /03 (In millions of Barbados dollars) Gross financing requirement Consolidated public sector deficit Central government Rest of the public sector 1/ Amortization payments on the public debt ,014 Domestic External Gross financing requirement 1,079 1,031 1,065 1,195 1,558 Disbursements of domestic debt 1, ,029 1,004 1,195 Drawdown of deposits Disbursements of external debt Privatization proceeds End-of-period public debt Government and government-guaranteed debt 3,055 3,415 3,789 4,204 4,398 Central government 2,788 2,934 3,278 3,733 3,969 Rest of the public sector 1/ Domestic 2,286 2,489 2,625 2,719 2,984 External ,165 1,485 1,414 (In percent of GDP) Gross financing requirement Consolidated public sector deficit Central government Rest of the public sector 1/ Amortization payments on the public debt Domestic External Gross financing requirement Disbursements of domestic debt Drawdown of deposits Disbursements of external debt Privatization proceeds End-of-period public debt Government and government-guaranteed debt Central government Rest of the public sector 1/ Domestic External Sources: Barbadian authorities; and Fund staff estimates and projections. 1/ Excludes the National Insurance Scheme.

20 Table 14. Barbados: Operations of Selected Nonfinancial Public Enterprises 1/ (In millions of Barbados dollars) Prel. 1998/ / / / /03 I. National Housing Corporation Current revenue Transfers from central government Current expenditure Current surplus or deficit (-) Capital revenue 2/ Transfers from central government 2/ Capital expenditure 2/ Overall surplus or deficit (-) II. National Petroleum Corporation Current revenue Current expenditure Current surplus or deficit (-) Capital expenditure Overall surplus or deficit (-) III. Barbados National Oil Company Current revenue Current expenditure Other Current surplus or deficit (-) Capital expenditure Overall surplus or deficit (-) IV. Civil Aviation Current revenue Transfers from central government Current expenditure Current surplus or deficit (-) Capital revenue Transfers from central government Capital expenditure Overall surplus or deficit (-) V. Barbados Water Authority Current revenues Current expenditure Current surplus or deficit (-)

21 Table 14. Barbados: Operations of Selected Nonfinancial Public Enterprises (In millions of Barbados dollars) Prel. 1998/ / / / /03 Capital revenue Transfers from central government Capital expenditure Overall surplus or deficit (-) VI. Post Office Current revenue Transfers from central government Current expenditure Current surplus or deficit (-) Capital revenue Transfers from central government Capital expenditure Overall surplus or deficit (-) VII. Barbados Industrial Development Corporation Current revenue Transfers from central government Current expenditure Current surplus or deficit (-) Capital revenue Transfers from central government Capital expenditure Overall surplus or deficit (-) VIII. Transport Board Current revenue Transfers from central government Current expenditure Current surplus or deficit (-) Capital revenue Transfers from central government Capital expenditure Overall surplus or deficit (-)

22 Table 14. Barbados: Operations of Selected Nonfinancial Public Enterprises (In millions of Barbados dollars) Prel. 1998/ / / / /03 IX. Port Authority Current revenue Current expenditure Current surplus or deficit (-) Capital revenue Capital expenditure Overall surplus or deficit (-) X. Barbados Agricultural Management Co. Ltd. Current revenue Transfers from central government Current expenditure Current surplus or deficit (-) Capital revenue Transfers from central government Capital expenditure Overall surplus or deficit (-) XI. Hotels and Resorts, Ltd. (Gems of Barbados Project) Current revenue Transfers from central government Current expenditure Current surplus or deficit (-) Capital revenue Transfers from central government... Capital expenditure Overall surplus or deficit (-) XII. Needhams Point Development--Hilton (Consortium) and Bridgetown Port Expansion Current revenue Transfers from central government Current expenditure Current surplus or deficit (-) Capital revenue Transfers from central government Capital expenditure Overall surplus or deficit (-) Sources: Ministry of Finance: annual reports and financial statements of the enterprises; and Fund staff estimates. 1/ Fiscal years (April March). 2/ Includes an estimate for the National Housing Corporation for FY 2000/01 and FY 2001/02. 3/ Includes an estimate for the Barbados Agricultural Management Corporation for FY 2001/02. 4/ Includes an estimate for Hotels and Resorts, Ltd. for FY 2001/02.

23 Table 15. Barbados: Summary Accounts of the Consolidated Financial System (In millions of Barbados dollars) Net international reserves , , ,845.9 Central bank (net) , , ,501.4 Commercial banks (net) Net domestic assets 3, , , , ,642.0 Domestic credit 3, , , , ,532.6 Public sector (net) Central government National Insurance Fund deposits Other Private sector 3, , , , ,051.3 Other assets (net) Medium- and long-term foreign liabilities Liabilities to private sector 3, , , , ,348.4 Money , , , ,531.0 Currency in circulation Demand deposits , ,202.0 Quasi-money 1, , , , ,448.7 Time and savings deposits 1, , , , ,448.7 Other time deposits and bonds , , (Annual percentage changes) Liabilities to private sector Of which Money Currency in circulation Demand deposits Quasi-money (In percent of GDP) Liabilities to private sector Of which Money Quasi-money Other time deposits and bonds (Changes in percent of beginning-of-year liabilities to the private sector) Net domestic assets Of which Public sector credit Private sector credit Money and quasi-money Money Quasi-money Memorandum items: Velocity (GDP/M2) GDP (millions of Barbados dollars) 4,963 5,182 5,140 5,197 5,391 Source: Central Bank of Barbados.

24 Table 16. Barbados: Summary Accounts of the Consolidated Banking System I. Banking System Net international reserves , , ,845.9 Central bank (net) , , ,501.4 Assets , , ,501.4 Liabilities Commercial banks (net) Net domestic assets 2, , , , ,273.2 Domestic credit 2, , , , ,242.4 Public sector credit (net) Central government (net) National Insurance Fund deposits 1/ Other Private sector credit 2, , , , ,612.1 Credit to rest of the financial system Other items (net) Medium- and long-term foreign liabilities Broad money (M2) 2/ 2, , , , ,979.6 Narrow money , , , ,531.0 Currency in circulation Demand deposits , ,202.0 Quasi-money 1, , , , ,448.7 Time and savings deposits 1, , , , ,448.7 II. Monetary Authorities (In millions of Barbados dollars) Net international reserves , , ,501.4 Assets , , ,501.4 Of which: CMCF Liabilities Net domestic assets Net claims on public sector Central government (net) Decentralized agencies (net) Credit to commercial banks Credit to rest of financial system Net unclassified assets Medium- and long-term foreign liabilities Monetary base ,085.4 Liabilities to commercial banks Currency in circulation outside banks

25 Table 16. Barbados: Summary Accounts of the Consolidated Banking System (In millions of Barbados dollars) III. Commercial Banks Net international reserves Assets , ,338.6 Liabilities , Net claims on monetary authorities Net domestic assets 2, , , , ,717.8 Net claims on public sector Central government (net) , ,127.8 Other general government (net) Decentralized agencies National Insurance Fund deposits Credit to private sector 2, , , , ,612.1 Credit to rest of financial system Liabilities to rest of financial system Net unclassified assets , ,297.8 Medium- and long-term foreign liabilities Liabilities to monetary authorities Liabilities to private sector 2, , , , ,650.6 Demand deposits , ,202.0 Time and savings deposits 1, , , , ,448.7 (Changes in percent of beginning-of-year liabilities to the private sector) Net domestic assets Of which: Credit to public sector Credit to private nonfinancial sector (Annual percentage changes) Net domestic assets Of which: Credit to public sector Credit to private sector Liabilities to private sector Demand deposits Time and savings deposits Source: Central Bank of Barbados. 1/ Funds collected by the National Insurance Board, including the Transport Levy. 2/ Excludes deposits of nonbank financial institutions.

26 Table 17. Barbados: Summary Accounts of the Consolidated Nonbank Financial Intermediaries (In millions of Barbados dollars) I. Consolidated Accounts Monetary reserves and currency holdings Net domestic assets , , ,192.9 Public sector (net) Central government Other public sector Private sector , , , ,290.6 Net unclassified assets Medium- and long-term foreign liabilities Liabilities to rest of financial system Liabilities to private sector , , ,155.6 II. Trust and Mortgage Finance Companies Monetary reserve and currency holdings Net domestic assets Claims on central government Credit to rest of financial system Credit to private sector Mortgage loans Residential Industrial and commercial Other Other loans Net unclassified assets Liabilities to commercial banks Liabilities to private sector Time deposits III. Barbados Mortgage Finance Company Monetary reserves and currency holdings Net domestic assets Credit to private sector Net unclassified assets Liabilities to rest of financial system Trust companies Banks and other financial institutions

27 Table 17. Barbados: Summary Accounts of the Consolidated Nonbank Financial Intermediaries (In millions of Barbados dollars) IV. Finance Companies and Merchant Banks Monetary reserves and currency holdings Net domestic assets Credit to private sector Net unclassified assets Liabilities to rest of financial system Liabilities to private sector Time deposits V. Credit Unions Monetary reserves and currency holdings Net domestic assets Credit to private sector Loans Investments Net unclassified assets Liabilities to the private sector Deposits Shares Source: Central Bank of Barbados.

28 Table 18. Barbados: Financial System Credit to the Private Sector (In millions of Barbados dollars) Total credit to private sector 3, , , , ,902.7 Commercial banks 2, , , , ,612.1 Agriculture and fisheries Manufacturing Distributive trades Construction Mortgages Tourism Professional and other services Other (including personal) 1, , , Nonbank financial institutions , , , ,290.6 Mortgages Other Source: Central Bank of Barbados.

29 Table 19. Barbados: Liquidity Position of Commercial Banks (In millions of Barbados dollars) Cash reserve requirement Required reserves Actual reserves Cash in vaults Deposits with central bank Excess reserves Government securities requirement Required holdings 1/ Actual holdings ,050 1,188 1,307 Treasury bills Debentures 2/ Other securities Excess holdings Cash reserve requirement 3/ Required reserves Actual reserves Excess reserves Memorandum item: Cash reserves deposit base 3/ 3,332 3,674 3,926 4,286 4,735 Government securities requirement 4/ Required holdings 1/ Actual holdings Excess holdings Memorandum item: Securities deposit base 4/ 3,363 3,689 4,119 4,327 4,771 Source: Central Bank of Barbados. 1/ Eligible securities include Treasury bills and debentures, and securities issued by the statutory bodies. 2/ From February 01, 2001, the central bank removed the stipulation which required commercial banks to hold a specified amount of their deposits in debentures. 3/ As a percentage of the cash reserves deposit base, calculated as the average of three consecutive end-wednesday deposits. 4/ As a percentage of the securities deposit base-end-month stocks.

30 Table 20. Barbados: Selected Interest Rates (In percent per annum: period averages) Average Lending Rates Weighted Average Average Change in Memo: U.S. Interest Rates Central Bank Selected All Deposit Savings Three-Month Treasury Retail Price Prime Three-month Treasury Bill Period iscount Loans Loans Rate Deposits Deposits Bill Rate Index Lending Deposits Rate I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV Sources: Central Bank of Barbados, Economic and Financial Statistics; and IMF, International Financial Statistics.

31 Table 21. Barbados: Summary Accounts of Offshore Banks (In millions of Barbados dollars) Sept I. Balance Sheet (end of period) Assets 40,790 43,785 57,260 65,551 59,867 Due from financial institutions 17,966 18,335 27,874 31,469 28,480 Other banks 2,390 1,842 2,450 2,616 2,426 In Barbados ,079 1,110 Abroad 1,977 1,226 1,790 1,537 1,315 Head office and branches abroad 15,576 16,494 25,424 28,847 26,048 Loans and advances to nonresidents 1,566 1,664 2,034 3,193 3,558 Investments abroad 20,351 22,418 25,942 30,052 26,747 Unclassified assets 907 1,367 1, ,087 Liabilities 40,790 43,785 57,260 65,551 59,867 Deposits 2,508 2,255 2,688 2,842 2,364 Demand Time and saving 1,732 1,502 1,870 1,977 1,662 Due to head offices and branches abroad 16,367 11,869 13,137 16,497 18,181 Due to other financial institutions Capital and reserves 20,726 22,931 27,272 29,234 29,192 Unclassified liabilities 1, , , , ,746.2 II. Profits and Loss (flow during period) Earnings 3,350 3,985 3,740 2,455 2,412 Interest on loans and discounts Other (mainly investment) income 3,108 3,690 3,487 2,224 2,156 Expenses 1,967 3,619 1,807 2,955 1,741 Interest paid on deposits Interest on borrowings Other expenses 1,168 2, ,238 1,326 Net operating surplus 1, , Source: Central Bank of Barbados.

32 Table 22. Barbados: Summary Balance of Payments (In millions of U.S. dollars) Current account Merchandise trade balance Exports Of which: Domestic exports Sugar and molasses Other Imports Services (net) Travel (credit) Investment income (net) Of which: Interest on public debt Current transfers (net) Capital account and finincial account Long-term capital Public sector Central government Government guaranteed Private sector Direct investment Commercial banks Short-term capital Commercial banks Other private (including errors and ommissions) Overall balance (deficit -) Memorandum items: Current account (percent of GDP) Gross international reserves (in millions of U.S. dollars) Gross international reserves (in months of imports) Public external debt (in millions of U.S. dollars) Public external debt (percent of GDP) Sources: Central Bank of Barbados; Barbados Statistical Service; and Fund staff estimates.