Jwala – Home for Christmas

Jwala Rambarran

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On Wednesday evening, or on Christmas Adam (the day before Christmas Eve) Jwala Rambaran was sent home for Christmas. This event followed his December 12, 2015 announcement that the country was officially in a recession. While this is true, he did not think that it was appropriate to advise the new Minister of Finance, Mr. Colm Imbert or to consult with the new Government before spilling the beans.

 

To make matters worse, Mr. Rambarran went on to call out the names of specific companies that were gobbling-up most of the country’s foreign exchange. This caused most of the business chambers to cry foul as there was a clear breach of their confidentiality. Some legal minds are indicating that these actions are criminal in nature and may carry a fine as high as TT$600,000 in addition to 2-years jail time according to the provisions of the Central Bank Act and Financial Institutions Act. . So it will be interesting to see what will be in store for Mr. Rambarran in 2016.

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As we remember the birth of Christ, we must also recall his famous words, “Every kingdom divided against itself is brought to desolation; and a house divided against a house falleth.” {Luke 11:17} Recently Prime Minister Dr. Keith Rowley said that a Government should have confidence in any Central Bank Governor. Hence his dismissal came after a series of actions that left him in an “untenable” position. Therefore following a Cabinet meeting, instructions were sent to the acting President Christine Kangaloo to revoke his appointment.

 

Dr. Alvin Hilare In his stead, Dr. Alvin Hilaire has been appointed as the new Governor of the Central Bank. He is a career Central Banker having worked with CBTT for a cumulative period of approximately 20 years, holding positions of Senior Economist, Chief Economist and Director of Research and most recently, Deputy Governor since April 2013. Dr Hilaire has extensive experience in macroeconomic policy development and implementation and monetary policy matters.

Dr Hilaire is also well respected internationally, having spent 11 years at the International Monetary Fund (IMF), serving as a Senior Economist and as the IMF Resident Representative to Guinea and Sierra Leone. He has worked on IMF financial programmes in several other countries, including Croatia, Colombia, Cameroon, Ecuador and Nicaragua.

 

Dr Hilaire holds a Doctor of Philosophy in Economics from Columbia University in New York and graduated with First Class Honors from the University of the West Indies at St. Augustine. It is believed that he will be a good team player in assisting T & T in these difficult times.

 

 

 

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