In T&T: Rambarran takes up post

17 July 2012


Familiar face represents new guard, as former Governor laments “amount of work which was still needed.”

Economist Jwala Rambarran assumed duties as this country’s ninth Central Bank Governor yesterday.

Rambarran, 44, was selected by the People’s Partnership Government last Friday to replace outgoing Governor Ewart Williams who spent a decade at the Bank.

Whilst there was no official ceremony for Rambarran’s appointment, he told the Express he did receive a letter of appointment from President George Maxwell Richards.

He met with Finance Minister Larry Howai and Williams for a handover meeting yesterday. He described it as a cordial meeting which entailed discussion of incoming financial legislative agenda. He was also provided with a brief on issues and challenges.

In his exit interview with reporters last week, Williams had lamented the amount of work which was still needed in the country’s financial sector, most importantly new insurance legislation.

Rambarran previously worked at the Central Bank as a senior economist.

In his new role as Governor, he would lead a team of deputy governors under whom he has worked: Dr Shelton Nicholls, Joan John and chief economist Alvin Hilaire.

Rambarran’s appointment has been met with a differing views among economists and other commentators, some citing his inexperience and young age.

In announcing his appointment last week, Prime Minister Kamla Persad-Bissessar had said, “we need a breath of fresh air, new thinking and the dynamism, which we believe Mr Rambarran can bring in these very challenging times.”

In a statement issued yesterday, Howai said he looks forward to working with Rambarran given the need to synchronise fiscal and monetary policies for the continued development of the economy of Trinidad and Tobago.

Howai said, “Whilst the Central Bank is an autonomous organisation it is only by the two strong institutions, the bank and the government working together that the full potential of our country can be realised.”

The Central Bank also issued a statement welcoming Rambarran, noting he had worked with the Bank for approximately 14 years and pledging that the Bank’s management stood ready to work with the new Governor in the pursuit of the Bank’s mandate.

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