Jul 2012 Financial News

Cabinet chooses Governor today

Jul 12, 2012

It has come down to the wire, but the Cabinet has been placed in a position of being forced to choose one of the two candidates for the job of Central Bank Governor to replace Ewart Williams who is due to demit office on Monday. The two candidates whose names have been previously mentioned in the media are: former University of the West Indies senior lecturer in economics, Dr Dhanayshar Mahabir and executive chairman of Barbados-based CIBC First Caribbean, Michael Mansoor. Both men are receiving strong support from within Cabinet and there is an expectation that the debate on the choice of Governor will be vigorous, government officials said yesterday.

Cabinet is due to meet in Tobago today. The choice of a substantive Governor must be made today because the Central Bank Act does not allow for the appointment of an acting Governor. It allows for one of the two deputy Governors to “exercise the powers and functions of the Governor,” only in the “event of absence or inability of the Governor for whatever cause arising.” It would be unprecedented in the Caribbean for a Central Bank Governor to demit office without a replacement being appointed. The person chosen would have to start the job almost immediately. Speaking last Friday, Williams said that ideally there should have been a period of handover in which he gave his successor the benefit of his views on the challenges the new governor would face.

“I’m not sure I know why the announcement of my successor has been delayed,” said Williams, adding that he spoke to Minister of Finance Larry Howai on Thursday last “and I gave him the assurance that I would be around and if my successor wants to talk with me when he comes in, I will make myself available.” The Central Bank Governor is appointed by the President on the advice of the Cabinet. The Central Bank Act makes the Governor both the chairman of the Central Bank board of directors and as the chief executive responsible for the day-to-day management of the Bank.


Source:
Trinidad Guardian
Thursday July 12, 2012

http://www.guardian.co.tt/business/2012-07-12/cabinet-chooses-governor-today