Central Bank Governor Jwala Rambarran has been fired.
The T&T Guardian confirmed that Rambarran was dismissed by the Minister of Finance, Colm Imbert yesterday.
Word of this unprecedented dismissal came late last night, but only one day after Prime Minister Dr Keith Rowley said that a Government "ought to have confidence" in any Central Bank Governor. That comment sparked speculation that he did not repose any confidence in Rambarran.
Rambarran's dismissal comes after a series of actions that left him in an "untenable" situation, according to Rowley.
Just two weeks ago, Rowley said that Rambarran was effectively creating problems for himself by his actions during his time as governor. In a stinging statement to the media, Rowley had then described Rambarran actions as reckless and illegal.
Rowley's harsch critique came after a series of missteps by Rambarran, which pit him against Imbert. Earlier in December, Imbert criticised Rambarran for announcing that the country was in a recession without first consulting with him. One week later, Rambarran was again chastised for publicly revealing the names of the biggest foreign exchange users in the country. The Massy conglomerate signaled its intention to take legal action against Rambarran for that alleged breach of confidentiality.
While Rambarran enjoyed support from the Opposition and even gained a modicum of support in the form of an online petition to keep him in office, his continued clashes with the Government proved to be his undoing.
Support from the Opposition and an online petition may not be enough to keep Central Bank Governor Jwala Rambarran in office.
Rambarran did not immediately return calls to his mobile phone.
The T&T Guardian was informed that deputy Central Bank Governor, Alvin Hilaire will replace him for a five year term.