CB Governor says T&T officially in recession

[De Dragon]

Imagine a reason cited for firing the head of your Central Bank as a refusal to kowtow to the MoF! At least Shamfa Cudjoe had the stones to say that "we in charge now, deal with it'! Imbert showing that he is a little dictator with the blessing and even backing of the PM.

A CFO cannot send out a press release stating the companies financial troubles without the CEO knowing about it and him perusing through the numbers. That is grounds for dismissal I quote youre posts because u seemed mature to dialogue with If u think otherwise then its like reasoning with UML

What trouble is the Central Bank in? Were the figures falsified? What exactly did Colm Imbert expect to do with the news? Like I said, the Government seems hellbent on ignoring the message and intent on shooting the messenger. This one headed for court I feel. The problem with our entire governance system is that too many egotistical people are in charge and every little thing has to pass their desk before is disseminated. There is no real autonomy.

[Habit7]

What trouble is the Central Bank in? Were the figures falsified? What exactly did Colm Imbert expect to do with the news? Like I said, the Government seems hellbent on ignoring the message and intent on shooting the messenger. This one headed for court I feel. The problem with our entire governance system is that too many egotistical people are in charge and every little thing has to pass their desk before is disseminated. There is no real autonomy.

Issues of policy. 49. The Bank shall keep the Minister informed of the monetary and
banking policy pursued or intended to be pursued by the Bank.

CENTRAL BANK ACT CHAPTER 79:02 http://www.central-bank.org.tt/pdf/Legi ... %20Act.pdf

[RASC]

*Side Note to Younger Tuners Who May not have known*



Tuner is really and truly returning to the old days.
Under manning these UNC stalwarts where on the clock 24/7... You couldn't get a rest. Geez now look at them.

I haven't seen De Dragon post so many times back to back to back in years!

They've suddenly found their voices again, this is truly remarkable!

[DVSTT]

Why was Jwala fired? What was so wrong about him revealing the companies that were using most of the forex? Don't citizens have a right to know where the money is going?

[RASC]

Why was Jwala fired? What was so wrong about him revealing the companies that were using most of the forex? Don't citizens have a right to know where the money is going?

check them.
I swear being a victim comes easy to them, I dunno how they do it!

[De Dragon]

Why was Jwala fired? What was so wrong about him revealing the companies that were using most of the forex? Don't citizens have a right to know where the money is going?

More importantly, what was Imbert going to do with the information?

[Allergic2BunnyEars]

Honestly I don't see why the population needs to know that Pricesmart used X US dollars. To me that's a private matter and I would be upset if my bank gave out my info just so.

[desifemlove]

Why was Jwala fired? What was so wrong about him revealing the companies that were using most of the forex? Don't citizens have a right to know where the money is going?

he potentially breached rules. if he can prove otherwise, fine. and he said there's a recession withuot telling Imbert or Dr. R. He's supposed to discuss ting with them, not publicly say ting without their knowledge.

[desifemlove]

Honestly I don't see why the population needs to know that Pricesmart used X US dollars. To me that's a private matter and I would be upset if my bank gave out my info just so.

cos multi-national firms use FOREX to smuggle drugs, not legitimate products from around the world..... #UNClogic

[eliteauto]

Honestly I don't see why the population needs to know that Pricesmart used X US dollars. To me that's a private matter and I would be upset if my bank gave out my info just so.

it's how so called "intelligent" armchair analysts somehow link the largest users of forex to being the cause of a lack of forex

[The_Honourable]

In PNM's book, you have a man who is not qualified, unreliable and who knows what else he is capable off. He needs to be removed but it's not that easy. Poor taste but that plan was actually brilliant.

Imbert and Rowley already accepted backlash before it happened... but to them it is for the greater good.

Why was Jwala fired? What was so wrong about him revealing the companies that were using most of the forex? Don't citizens have a right to know where the money is going?

Jwala would have been safe if he just identified the sectors the US dollars was going too but he identified by name. Allergic2BunnyEars is correct, that's like the bank giving away your information on how much US dollars you does deal with.

But as i mentioned in an earlier post, Jwala never really told us anything. He just gave us the impression that these greedy multinational companies sucking up the US and nothing for the small man. He gave us figures for one period only. He should have given previous periods so the public can compare and see if these companies in fact disturbed the Forex market because of increases they got. Suppose these companies actually got a decrease from previous periods? Then can we blame them? Maybe is there another reason that Forex was disturbed but the central bank don't want to reveal it?

Sometime earlier in the year, the governor said that under the old foreign exchange system, there were 8 authorized dealers. Under the new system, 4 more dealers became authorized bringing it to a total of 12. He never indicated who the new dealers were. Are these "new dealers" the culprits?

[antlind]

Fellas really? Do we need 16 pages to talk about Jwala? Let's talk about the new Gov and hope he does a better job. He certainly seems to be more qualified than Jwala. And he has the support of Imbert. So let's hope things work out for all of us.....the citizens of T&T.

[pugboy]

Why is it they all seem to have worked wit the imf and in real dirt countries like guinea etc ?

[De Dragon]

Why is it they all seem to have worked wit the imf and in real dirt countries like guinea etc ?

Because they super-qualified at managing economies like ours....................

[Redman]

Honestly I don't see why the population needs to know that Pricesmart used X US dollars. To me that's a private matter and I would be upset if my bank gave out my info just so.

Also...these companies BUY the frigging forex...it eh donated....ALL the banks make a big spread...with little or no risk.

And all the companies sell goods and services to the same public(bought with forex) to vex they using the forex ....


JR mistake was to disclose SOME of the names, and frankly he is in a tough position since he was supporting (either buy agreeing or buy not contradicting)Howais claim that the econ was growing...it smacks of political allegiance.

[zoom rader]

Honestly I don't see why the population needs to know that Pricesmart used X US dollars. To me that's a private matter and I would be upset if my bank gave out my info just so.

Also...these companies BUY the frigging forex...it eh donated....ALL the banks make a big spread...with little or no risk.

And all the companies sell goods and services to the same public(bought with forex) to vex they using the forex ....


JR mistake was to disclose SOME of the names, and frankly he is in a tough position since he was supporting (either buy agreeing or buy not contradicting)Howais claim that the econ was growing...it smacks of political allegiance.

Dem same business have been taking US out and banking it abroad. That's why they wanted him out for spilling the beans. Now this government is protecting those businesses and given them the green light once again to take more money out. When things get bad it's ordinary citizens have to pay for it.
This government pandering to these businesses that do little for trini.

[16 cycles]

So has any side / anyone proposed long term and short term solutions for the issues with forex ???

[Redman]

ZR...by your logic....the biggest hoarder is the HSF fund

[zoom rader]

ZR...by your logic....the biggest hoarder is the HSF fund

Won't be a fund any longer, when this government finish with it there won't be any left. Their financiers have been eyeing that fund for some time now.

[Redman]

good thing it mortgaged to pay sis....
but wait is the unc yuh complaining bout?

[Habit7]

Ppl need to remember in the selective list of forex users Jwala named, US$1.8 billion was by WE TRINBAGOIANS with our credit cards. That was more than any other company.

Maybe if Jwala gave a true full disclosure and name how much each one of us spent on our credit cards those UNC supporters who taking a bullet for him now, would have drag him out of CBTT themselves and call him a PNM sleeper cell operative.

[boxy]

Ppl need to remember in the selective list of forex users Jwala named, US$1.8 billion was by WE TRINBAGOIANS with our credit cards. That was more than any other company.

Maybe if Jwala gave a true full disclosure and name how much each one of us spent on our credit cards those UNC supporters who taking a bullet for him now, would have drag him out of CBTT themselves and call him a PNM sleeper cell operative.

The word THIS doesnt even do that sentence justice

[megadoc1]

Ppl need to remember in the selective list of forex users Jwala named, US$1.8 billion was by WE TRINBAGOIANS with our credit cards. That was more than any other company.

Maybe if Jwala gave a true full disclosure and name how much each one of us spent on our credit cards those UNC supporters who taking a bullet for him now, would have drag him out of CBTT themselves and call him a PNM sleeper cell operative.

That's it folks, end of discussion!

[De Dragon]

Ppl need to remember in the selective list of forex users Jwala named, US$1.8 billion was by WE TRINBAGOIANS with our credit cards. That was more than any other company.

Maybe if Jwala gave a true full disclosure and name how much each one of us spent on our credit cards those UNC supporters who taking a bullet for him now, would have drag him out of CBTT themselves and call him a PNM sleeper cell operative.

That's it folks, end of discussion!

Why? Do we really expect that hundreds of thousands of credit card holding citizens would not outweigh 10 companies? Think about why these companies are in uproar about this disclosure, and are threatening legal action. Think of why he was dismissed with the Ag. President mulling over the issue for only 1 day .Think of the timing of the dismissal. Think of the previous CB Governor who used insider information to safeguard his and his cronies' CLIOCO investment funds, while allowing a mega-conglomerate to collapse and forcing the Gov't to prop it up to the tune of 20+ BILLION dollars, yet receiving no sort of sanction whatsoever.

[EmilioA]

A corner grocery get rob before XMas. The bandits steal 50,000 in US dollars. That is just some corner grocery not part of any chain. Multiply that by hundreds of corner stores.

I have a feeling a good bit of that forex is simply being hoarded by our so called small business community.

[desifemlove]

I did hear dat Rowley is now "bullying" the head of the Integrity Commission..lololol....Doh worry, Mrs. Kams will come and hold yuh head and protect yuh from the big "bad dog"...lol..

[De Dragon]

I did hear dat Rowley is now "bullying" the head of the Integrity Commission..lololol....Doh worry, Mrs. Kams will come and hold yuh head and protect yuh from the big "bad dog"...lol..

[The_Honourable]

Dismissed Central Bank Governor Jwala Rambarran has broken his silence saying he first found out that he was being dismissed by an online media report, and signalling that he would be challenging in the High Court, the Cabinet's decision to dismissing him.

Rambarran issued the media statement this afternoon.

The following is the full statement:

"By instrument of revocation dated Wednesday 23 rd of December, under the hand and seal of the Acting President, Her Excellency Christine Kangaloo, which I received at around 6:30pm on Thursday 24th December, my appointment as Governor of the Central Bank was terminated and revoked.

Having regard to the economic and democratic importance of the independent position of the Governor of the Central Bank and the intense public interest surrounding my removal, I believe it is my duty to place my preliminary views on these matters into the public domain.

Firstly, I wish to state, I only became aware of my termination as Governor through an online media report at about 10:30 pm on Wednesday 23rd December. At that point, I had not received the courtesy or formality of being officially informed:

(i) that the Acting President was supposedly considering my removal from office;

(ii) of any purported reason or rationale for my removal from office; and

(iii) that the referral of such a complaint was even being contemplated by Cabinet.

Secondly, at no point in time did the President and/or Acting President, who is entrusted with the sole discretion to effect the termination of my appointment as Governor, contact me to solicit my views on any purported allegations or complaints. Indeed, to date, I am still not aware of the contents of Cabinet documents and supporting material that were sent to the Acting President. Consequently, any such decision taken by the Acting President resulting in my removal as Governor of the Central Bank has been taken without my participation and to my complete exclusion, thereby depriving me of a fair, reasonable or any opportunity to make representations to correct or contradict any purported allegations against me.

I am in the process of consultations with my lawyers who have already expressed their concerns with respect to the complete failure of Cabinet and/or the Acting President to abide by due process of law.

Specifically, in relation to the Cabinet, there are concerns as to its complete failure to inform me of its intention to make a recommendation to the Acting President under Section 12 of the Central Bank Act and to afford me an opportunity to treat with any issue that it had relative to its view that I had breached the Central Bank Act.

This was notwithstanding that I met with the Minister of Finance on Tuesday December 22nd at 2:30 pm at which time he had ample opportunity to raise such issues. Indeed, had I been provided with such an opportunity I could have furnished the Minister with a legal opinion by eminent Queen's Counsel.

Further, I am extremely concerned about the surreptitious nature of my removal and the timing thereof which appears to be strategic and calculated with the incumbent President out of the jurisdiction. I am deeply troubled that the Cabinet opted to refer this complaint at a time when the person acting as President is both a former PNM Minister and Member of Parliament and was recommended to be President of the Senate by the current PNM administration. The principles of apparent bias are well established in this country and founded upon the maxim, "not only must justice be done; it must also be seen to be done."

Objectively speaking, pertinent questions arise as to whether the Cabinet should have referred this complaint to the Acting President having regard to the proximate relationship between the entity making the complaint and the decision maker.

For the record, I must also point out that the statement issued by the Central Bank dated December 8th obviously could not represent an exhaustive list of my reasons and considerations for making the necessary disclosures in the absence of any formal complaints against me at that time. Its use, therefore, cannot possibly be construed as allowing me a meaningful opportunity to be heard in relation to the matters placed before both the Cabinet and the Acting President.

Regrettably, I am now forced to defend my position in the High Court of Justice in the hope that the entrenched and established rules of procedural fairness and the sacrosanct principles of natural justice will be upheld.

I take this opportunity to thank the public, whose interests I have stood by and made pertinent disclosures, for their unwavering and continued support."

Source: http://www.cnc3.co.tt/press-release/jwa ... -dismissal

[BRZ]

If we are truly in a recession , then shouldn't the government dissuade people from playing carnival and spending thousands and thousands to jump up and get drunk for a few days?

[De Dragon]

Jwala in dey rukungkungkutung! Let's see how this one eventually plays out. I suspect that by the time a decision is made, the relationship between himself and the MoF/PM would have been irretrievably damaged, and thus reinstatement would be untenable. Therefore it will come down to money and costs.