The Central Bank of Belize published an update on the 64th Bi-Annual Meeting of CARICOM Central Bank Governors, hosted in hybrid format by the Centrale Bank van Curaçao en Sint Maarten in Philipsburg, Sint Maarten on May 22–23, 2025. The note highlights a cooperation agreement with the World Bank and International Finance Corporation (IFC) to develop a regional green taxonomy and an in-principle agreement to adopt the CARICOM Payment and Settlement System (CAPSS) to enable instant cross-border payments in local currency across CARICOM. Governors discussed global trade policy uncertainty and potential impacts for the Caribbean, including supply chain disruptions, inflationary pressures, and wider economic risks, and pointed to the need for a coordinated regional response. The update also flagged progress reports from regional working groups covering banking supervision, cybersecurity information sharing, fintech, and reserves management, alongside continued work on a centralized electronic know your customer (e-KYC) and customer due diligence (CDD) system to improve customer mobility and competition. CAPSS progress included a proof-of-concept demonstrating real-time cross-border payments between the central banks of The Bahamas and Barbados, with a more robust validation phase endorsed involving at least two additional central banks. On climate finance, governors held preliminary discussions on a proposed USD 200 million regional bond to finance climate-resilient infrastructure, to be issued by the CARICOM Development Fund, with a draft term sheet under review. Next steps include expanding CAPSS testing through the additional validation phase and producing a finalized position paper on the proposed regional bond for the CARICOM Heads of Government meeting in July 2025. The next governors’ meeting is scheduled for Curaçao in November 2025 alongside the 56th Annual Monetary Studies Conference.
Central Bank of Belize 2025-05-23
Central Bank of Belize highlights CARICOM governors’ deal with World Bank and IFC on a regional green taxonomy and in-principle adoption of CAPSS
The Central Bank of Belize reported on the 64th Bi-Annual Meeting of CARICOM Central Bank Governors, highlighting agreements with the World Bank and IFC on a regional green taxonomy and adopting the CARICOM Payment and Settlement System (CAPSS) for instant cross-border payments. Discussions covered global trade policy impacts, regional economic risks, banking supervision, cybersecurity, fintech, and a centralized e-KYC system. Governors also discussed a proposed USD 200 million regional bond for climate-resilient infrastructure, with further CAPSS testing and a finalized bond position paper planned for the CARICOM Heads of Government meeting in July 2025.