The Caribbean Centre for Monetary Studies was formally established in May 1995 and became operational on August 1, 1995. The Centre evolved out of the previous Regional Programme for Monetary Studies (RPMS), which had well served the Caribbean for the past 27 years. The initial RPMS programme was established in 1968 as a partnership between Caribbean Central Banks and the Universities of the West Indies (UWI) and Guyana, to facilitate high quality research in monetary, financial and central banking issues in the region.

National, regional and global developments such as structural adjustment and stabilization programs in recent years have generated a wide range of policy issues which had to be addressed by Caribbean policymakers. To address these challenges, it became necessary to modify the organizational structure of the old program to provide for greater flexibility, accountability and timeliness in fulfilling the new imperatives. It was in this context, therefore, that the old RPMS was transformed into the Caribbean Centre for Monetary Studies in May 1995. The new Centre was established with the central aim of building on the solid research foundation of the old RPMS, while enhancing efforts in the area of central bank training and the creation of an adequate and specialist regional capacity for information and data gathering.

In broad terms, the objectives of the Caribbean Centre for Monetary Studies are: (1) to conduct research into monetary, financial and central banking issues of relevance to the Caribbean; (2) to take an active part in training personnel at the regional central banks and other related financial institutions; and (3) to develop specialist regional understanding of the functioning of the financial systems in the region and assisting in upgrading the research and forecasting capability in the region.

COMPOSITION

9 members: The Centre has as its members the Central Bank of The Bahamas, the Central Bank of Barbados, the Central Bank of Belize, the Eastern Caribbean Central Bank, the Bank of Guyana, the Bank of Jamaica, the Central Bank of Suriname, the Central Bank of Trinidad and Tobago, and the University of the West Indies.

STRUCTURE

The Caribbean Centre for Monetary Studies is governored by a Committee consisting of the eight CARICOM Central Bank Governors. This body decides on all policy matters pertaining to the Centre and approves its annual work program and budget.

An Executive Committee is also in place and is intended to have technical oversight of the program. It serves as a link between the Centre's management and its ultimate authority, the CARICOM Central Bank Governors.

The Executive Director of the Centre is responsible for the preparation and implementation of the work program and the general administration of the Centre. The program of activities is executed by staff at the Centre, the Centre's research associates and consultants.

The University of the West Indies (UWI) provides accommodation, accounting services, libraries and other physical facilities required for the efficient conduct of the Centre's activities. However, the Centre remains a separate and distinct entity within UWI and is financed largely from contributions by member central banks. The Memorandum of Understanding does, however, permit the Centre to seek supplementary financing for some of its activities.

GENERAL PUBLICATIONS