Chamber, Amcham respond to dismissal of Central Bank Governor

Wednesday, December 23, 2015 - 20:00

The Chamber of Industry and Commerce says it is looking forward to continued cordial relations with the Central Bank, saying it is heartened that the Government moved speedily to reappoint a new Governor after the dismissal of Jwala Rambarran.

The following is a statement from the Chamber of Industry and Commerce:

"Through a series of media reports the Trinidad and Tobago Chamber of Industry and Commerce became aware of the termination of the contract of the Governor of the Central Bank of Trinidad and Tobago.

Under any prevailing circumstances the relationship between both the Central Bank and the Ministry of Finance must be one that engenders trust, transparency, openness and mutual cooperation. 

This becomes even more critical in an environment such as ours, where economic structural adjustment is required to secure the country’s return to a trajectory of positive growth.

In light of the foregoing, the T&T Chamber is heartened by reports of the Government’s expeditious appointment of a new governor. 

We therefore look forward to continued cordial collaboration with the Central Bank to ensure - among other things - that the interests of the business community are successfully served in a manner that benefits our valued members as well as the country as a whole.

The T&T Chamber would also like to take this opportunity to extend best wishes to all citizens of Trinidad and Tobago for a Merry Christmas and great prosperity for the New Year, 2016!"

Meanwhile the American Chamber of Industry and Commerce had this to say:

"AMCHAM T&T notes yesterday’s Cabinet decision to revoke the appointment of Jwala Rambarran as Governor of the Central Bank of Trinidad and Tobago and subsequent appointment of Dr Alvin Hilaire as Governor. 

We trust that the Government decided on this course of action after considering several other options to have the Central Bank and Ministry of Finance harmonise their relationship to ensure complementarity of fiscal and monetary policy in the pursuit of economic growth and stability.

Considering the gravity of these decisions and their implications on the country, we expect that the Government will continue to strengthen the institutions of state and the rule of law, which are requirements for improved competitiveness.