The Cabinet has taken a decision to recommend to the President that Jwala Rambarran be fired as Central Bank Governor.
Acting President Christine Kangaloo has signed off on Rambarran's dismissal as President Anthony Carmona is overseas on vacation.
Under the Constitution she has all the powers of the President and therefore is the competent authority to act upon the Cabinet's recommendation.
One of the key factors affecting the Cabinet's decision was that the Government had several legal opinions which indicated Rambarran had breached the provisions of the Central Bank Act and the Financial Institutions Act.
Deputy Central Bank Govenor Dr Alvin Hilaire will serve as interim Central Bank Governor until a replacement is found.