Home' Trinidad and Tobago Guardian : December 14th 2015 Contents A6
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The Government must declare its
reasons if it wants to fire the Central
Bank Governor says former finance
minister Conrad Enill.
He added that the governor and the
Government cannot be at loggerheads
on the direction of the economy. "One
has the responsibility of fiscal policy
and the other manages monetary policy.
So the minister and governor must co-
exist to deal with the economy s prob-
lems and tell the public what is the
correct situation and what policy choic-
es they re going to pursue on that basis."
He said the governor has leeway in
terms of how he performs his job, "And
it s not uncommon for differences to
occur between the governor and
Enill said Jwala Rambarran had sim-
ply reported data that he has, but
whether that was a basis to fire him,
Enill couldn t say since he said he didn t
have all the facts.
On claims Rambarran broke the law
in listing the largest forex consumers,
Enill said if the Government had been
asked in Parliament to state who the
biggest forex consumers are, ministers
would have had to answer.
On whether T&T is in a recession,
Enill said there was no question that
T&T is "in a different place."
He said the governor and government
should be addressing questions by the
public to guide them on financial mat-
ters "as basic as if people had to borrow
money to play mas for Carnival,
whether they should do so. In this peri-
od, they shouldn t."
Former minister of finance Mariano
Browne has said, "If there are issues
between the governor and minister,
sort it out privately. Not publicly, lest
you undermine the institution of the
Bank, destabilise T&T s smooth running
and send negative signals to the inter-
Former central bank governor Win-
ston Dookeran and former PP finance
minister said his understanding of the
act indicated there wasn t any legal
argument on the removal of a CB gov-
ernor that would apply to Ram-
"This appears to be a matter of
politics rather than laws. But I do
not think the public display in
which this has been handled can
boost confidence in the system;
handling a matter as big as this in
this way can t instill confidence,"
"There are always issues
between central bank governors
and finance ministers, but there s
a dignity in how it is to be handled
and dealt with on fundamental
disagreement of policy---not this
kind of tit for tat. It is unfortunate
to see this." Dookeran said when
he was finance minister, then-CB
governor Ewart Williams had made
statements about recession and as
finance minister, Dookeran had
chosen to ignore any public fight
in a bid to build confidence in the
Dookeran said a number of mat-
ters were raised about Rambarran
and each had to be dealt with sep-
He said the current situation
reminded him of the issue con-
cerning former chief justice Sat
Sharma, whom the Manning PNM
attempted to impeach.
Dookeran said the Central Bank
governor doesn t have to "report"
to the minister since there are
mechanisms via which both work
together. He said the CB is inde-
pendent. "There s a big issue about
that but the Bank is supposed to
be independent of political influ-
ence. During my tenure there was
a survey on trusted institutions
and maintaining that trust requires
independence. If you deal with it
in narrow political terms, you
destroy that trust."
Former PNM finance minister:
Declare reason to fire Jwala
• Being of unsound mind/incapable of doing
• Is convicted/sentenced to jail
• Convicted of any offences involving dishonesty
• Guilty of misconduct in relation to duties.
• Is absent, except leave if granted by the board
from all Board meetings, from all board
meetings in two consecutive months or any
three months in a year.
• Fails to comply with section 16.1 (regarding
declaration of interest.)
• Contravenes any provision of any prescribed
code of ethics.
• Becomes disqualified for office due to section 9
(re persons who are state/THA/corporation
office holders, financial institutions.)
• Fails to carry out duties/functions conferred on
him/her under the act.
GROUNDS FOR TERMINATION
Former finance minister,
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