Home' Trinidad and Tobago Guardian : December 14th 2015 Contents SHARLENE RAMPERSAD
Leader of the Movement for
Social Justice David Abdulah
is calling for Governor of the
Central Bank Jwala Rambar-
ran to go.
Abdulah made the call at a
press conference at the party s
St Joseph Village, San Fernando
He said Rambarran s recent
revelations on which compa-
nies use the most foreign
exchange have alienated the
financial and business sectors.
"What the Central Bank
Governor has done, he has
alienated the financial and
banking sector, he has alienated
a large portion of the business
community and has generated
probably internationally as well,
a lack of confidence in the
economy," he said. "Which is
why we have called for his head
and not only now, but from
very early this year because he
is affecting the confidence in
the economy of T&T."
Rambarran was appointed to
the position of Governor of the
Central Bank on July 17, 2012.
According to the Central Bank
website, he is currently chair-
man of the Deposit Insurance
Corporation and a member of
the Board of Governors of the
Heritage and Stabilisation
Abdulah said while the party
agrees with the disclosure of
information about the coun-
try s economy, he believes full
disclosure should have been
made. He accused Rambarran
of trying to play "populis" by
releasing the names of com-
panies that used the most forex
in the country over the last few
"We are very much in favour
of information provided to cit-
izens about the economy, but
you cannot play hot and cold
with the information as the
governor has done. So when it
comes to Clico, for example,
the governor hides behind the
law and says he cannot provide
information to the country
about who bought Clico s
"He hides behind the Central
Bank secrecy act and says he
cannot talk about who has been
fired, who has been hired in
the last three years and what
qualifications they have, so he
hides behind secrecy in some
matters and in other matters
now, he is trying to play pop-
ulist by trying to out big con-
sumers of foreign exchange."
He claimed Rambarran has
deteriorated the confidence
level in T&T s economy.
"What he therefore did was
further deteriorate the level of
confidence in the economy of
T&T, all business people and
economists know that confi-
dence is a critical component
of economic stability, leading
to investment, growth, addi-
tional forex earnings and
"When there is a lack of
confidence then a difficult
financial situation is exacer-
bated a hundred times over
because people will not invest
or save locally, therefore there
is no impetus to growth."
He added there cannot be a
situation where the govern-
ment s Minister of Finance and
the Central Bank Governor are
not working together.
"We need to restore confi-
dence. If it is not done, the
shock of internation oil prices
will be much worse and the
process to the return to growth
and stability will be further
delayed. You cannot have a sit-
uation where the Governor of
Central Bank and the Govern-
ment, through the Minister of
Finance, are not working in
harmony to address monetary
and fiscal policy that are critical
to economic stability and
development. So therefore, in
our view, he has overstayed his
welcome." • SEE PAGE A9
Governor of the Central Bank,
Leader of the Movement for
Social Justice, David Abdulah
Minimum wage still to be reviewed --- McLeod News --- Page A6
Monday, December 14, 2015 www.guardian.co.tt Guardian
For breaking news, call 225-4465 Exts 2032, 2033, 2004 or email us at email@example.com
for 11TH DECEMBER, 2015
More heat for Central Bank Governor...
MSJ head: Rambarran
The Government is remaining tight-lipped on
its next move concerning Central Bank Governor
Jwala Rambarran and whether it can continue to
work with him following Prime Minister Keith
Rowley s stinging statement last Saturday on Ram-
barran s actions.
However, T&T Guardian sources said last night
the State is well "advanced" towards action.
Following what was tantamount to an indictment,
Communication Minister Maxie Cuffie was asked
by the T&T Guardian yesterday if the Government
can continue to work with Rambarran and is prepared
to do so. He said he had no comment.
Cuffie referred queries to Finance Minister Colm
Imbert whom he said has to work with Rambarran.
Imbert had no comment. Government s legal adviser
Attorney General Faris Al-Rawi was unavailable.
However, The T&T Guardian learned that the
State is "deep into the management of the situation,"
and was advanced in its deliberations.
One source said the Government knew it has to
"act with certainty in order to foster and preserve
T&T s financial stability and the economy."
Rambarran s media assistant Charlene Ramdhanie
didn t answer calls yesterday, nor did he.
Three years into his five-year term---and barely
three months into the new PNM Government s
tenure---the Government has made its displeasure
with Rambarran plain, even as it has sought to be
circumspect in language. What raised its ire was the
Central Bank governor making the politically and
financially explosive call that the country was officially
He has also been roundly criticised for his revision
of the 20-year-old forex system which the new Gov-
ernment asked him to restore to the original system,
and most recently, by big business for revealing
which companies use the largest amounts of forex.
Several business companies last week complained
to Imbert on possible breach of laws.
The two-pronged attack of the last week, culmi-
nating in Rowley s statements on Saturday, has left
the impression of a Central Bank governor under
siege, and in danger of losing his job.
Rowley, in a sharp statement, said the situation
regarding Rambarran was diminishing public con-
fidence in the Central Bank s ability to conduct the
public s business in finance and diminishing public
confidence in the "governor himself."
Rowley was quoted as saying, "If the Government
allows this to continue unimpeded, it will diminish
the population s confidence in the Government itself."
The PM also said there are laws governing the
conduct of Central Bank affairs, and if the governor
breaches those laws, the Finance Minister would
have to look at the matter and the Minister "is
looking at these matters."
Rowley said if Rambarran ends up being removed,
it would not be because of action initiated by the
Government, but as a result of his "own series of
reckless and illegal actions."
No one was
in this accident
which took place
Spain. Reports are
that the driver of
a SUV was
along St Vincent
Street when he
collided with a
to the Port-of-
The officers were
heading east. The
around 5 pm and
up to late
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