A statement issued by the Central Bank is now confirming Dr Alvin Hilaire as the new Governor of the Central Bank, following the dismissal of Jwala Rambarran.
Rambarran was dismissed by Acting President Christine Kangaloo following a Cabinet decision yesterday.
The following is the Central Bank's statement:
"The Central Bank of Trinidad and Tobago wishes to announce the appointment of Dr. Alvin Hilaire as Governor and Chairman of the Board of the Central Bank of Trinidad and Tobago (CBTT) with effect from December 23, 2015. Dr. Hilaire has been appointed by the President for a term of five years.
Dr. Hilaire is a career Central Banker having worked with CBTT for a cumulative period of approximately twenty (20) years, holding positions of Senior Economist, Chief Economist and Director of Research and most recently, Deputy Governor since April 2013. Dr. Hilaire has extensive experience in macroeconomic policy development and implementation and monetary policy matters.
Regionally, Dr. Hilaire has made significant contributions to developing the economies of small vulnerable CARICOM countries through his work as Chairman of the CARICOM Development Fund, where he was influential in increasing financial assistance to these islands.
Dr. Hilaire is also well respected internationally, having spent eleven (11) years at the International Monetary Fund (IMF), serving as a Senior Economist and as the IMF Resident Representative to Guinea and Sierra Leone. He has worked on IMF financial programmes in several other countries, including Croatia, Colombia, Cameroon, Ecuador and Nicaragua.
Dr. Hilaire holds a Doctor of Philosophy in Economics from Columbia University in New York and graduated with First Class Honors from the University of the West Indies at St. Augustine.
The Bank’s Management and staff look forward to working with Governor Hilaire as the Bank continues to pursue its mandate."