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Governor of the Central Bank Dr Alvin Hilaire.

Finance Minister Colm Imbert has announced that the government has decided to renew Dr Alvin Hilaire’s contract as Central Bank Governor for the next three years.

Imbert said Hilaire’s term, which comes to an end just before Christmas, will be renewed for the new three-year period in keeping with the amendment to the Central Bank Act that allows for the appointment of a Central Bank Governor for no less than three years and no more than five years as opposed to the former provision of a set five-year term.

Imbert rubbished suggestions that Permanent Secretary in the Finance Ministry Vishnu Dhanpaul will be appointed Central Bank Governor.

He also announced that lecturer in finance at the University of the West Indies (UWI) Dr Dorian Noel will be appointed as Deputy Governor.