What is the Barbadian Dollar (BBD)?

Credit Ratings & Outlook

In the latest credit ratings from December 1970, Moody's gives Barbados a Baa3 rating, with a negative outlook. Finally, S&P last issued a BBB- rating, with a negative outlook.

Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.

GDP

In 2010 the total GDP was $4,109,500,000 in US Dollars, while the per capita GDP was $14,998. It fell by 0.00% over the previous year.

Unemployment

The latest unemployment rate for 2010 is 9.40%.

Consumer Price Index

The latest consumer price index for 2010 is 132.37.

Political Structure

The current head of the government is Prime Minister Freundel Stuart, and the head of state is Queen Elizabeth IIGovernor-General Elliot Belgrave (in a ceremonial role).

Currency Details

The Barbados dollar, often denoted by BBD or Bds$, is the national unit of currency of Barbados. The dollar is divided into 100 cents and has had a fixed rate of exchange with the United States Dollar since 1975.

The Barbados dollar was created after the establishment of the Central Bank of Barbados (CBB), which took place in 1972 by Act of parliament. Previously, Barbados and several other Eastern Caribbean islands had been under the Eastern Caribbean Currency Authority (ECCA) and the West Indies dollar was used.

Many coins in circulation of Barbados are struck at the Royal Canadian Mint.

Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.

What does it look like?

Political Structure

Queen Elizabeth II is recognized as Queen of Barbados, and in turn, head of state in the nation. Represented by a Governor General, the Queen is said to be styled “By the Grace of God, Queen of Barbados and of Her other Realms and Territories, Head of the Commonwealth.” The present government is proposing that Barbados become a republic within the Commonwealth , with a ceremonial president instead of a Queen.

While the Queen is head of state, executive power lies in the hands of the prime minister and his cabinet. The prime minister is usually the leader of the winning party in the elections for the House of Assembly, which is the lower house of parliament (with 28 seats for members that are elected every five years). The Senate has 21 members, appointed by the governor general.

Barbados is a full and participating member of the Caribbean Community (CARICOM).

Key Economic Factors Economic Overview

While in the past Barbados’ economy was largely dependent on sugarcane cultivation, in recent years things have evolved. In particular, the economy has diversified in the fields of light industry and tourism, as well as finance and information services (which have proven to be important earners of foreign exchange). In terms of policy, the government of Barbados has mostly been targeting unemployment, encouraging foreign direct investment, and trying to privatize remaining state-owned enterprises.

• Industries: Tourism, sugar, light manufacturing, and component assembly for export.
• Agricultural products: Sugarcane, vegetables, and cotton.
• Imports: Consumer goods, machinery, foodstuffs, construction materials, chemicals, fuel, and electrical components.
• Exports: Sugar and molasses, rum, other foods and beverages, chemicals, and electrical components.
• Trading partners: Trinidad and Tobago, United States, United Kingdom, Jamaica, and Japan.