Central Bank Governor fired !

Central Bank Governor fired !

Central Bank Governor Jwala Rambarran’s appointment has been revoked after a meeting held by Cabinet last night.

The dismissal, which was signed off by acting President Christine Kangaloo, comes after Government questioned the legality of Rambarran’s decision to disclose that the country is in a recession and reveal the country’s top foreign exchange users in a statement earlier this month.

In his statement released December 12, 2015, Rambarran announced that the country was officially in a recession, however Finance Minister Colm Imbert said this should have been done after consultation with Government.

Legal sources have questioned the legality of his actions and whether they contradicted the provisions of the Central Bank Act and Financial Institutions Act.

In a recent interview with media, Prime Minister Dr Keith Rowley had indicated that if Rambarran was found in breach of his duties the Government would not be afraid to act.

Massy Group indicated that they would be seeking legal advice on the matter and numerous groups have been calling for Rambarran’s dismissal, while others have defended his actions, claiming that the Government was trying to oust Rambarran from his position.

According to media reports, Alvin Hilaire will replace him for the next five years.


Related Articles

Leave a Reply