Transparency is influenced by the operating procedures used to implement monetary policy. It is furthered by announcements of policy changes, along with statements explaining the rationale underlying policy actions, and by timely and sufficiently detailed reporting of the substantive discussions leading to the policy decisions.
The jury is still out on whether these major schemes have created additional financial flows for development. For many Caribbean countries, remittances have become an important and promising source of non-traditional external financing. In fact, the Caribbean is among the larger recipient of remittances in proportion to its GDP.