CB Governor says T&T officially in recession

[The_Honourable]

Question

How do you think local banks will react in a recession? Especially with loans and mortgages?

[Redman]

Why don't you be objective and blame the idiots in charge right now for their incompetence?

Because objectively we all know it their fault that OIL is at 35 and that the world is economically in a mess.

Objectively...

KAMLA 2025.
FTW

[Allergic2BunnyEars]

Yeah
Kpb screwed up.for.five years with oil.at 100....now she expects us to believe they can do better with oil at 50?

Steups

How long was oil 100 vs how long it was >100?

If you guys cant figure out a general statement then so be it....but

The actual average WTI for UNC s reign was 87.76.
Thus far the average since elections is about 43
about 50%-
But given the fact that based on in 2014 Hassanali confirmed that we were paying about 113 while the average WTI for the period was in fact 101,we was paying above WTI prices for sub WTI crude.
Yes Ive compared the imports from the consolidated data from MOE
Pro rating the average over payment % would put that 87 at 98.


I guess SIS had the contract.

Well UNC did run the country successfully on $9 a barrel. offcourse that was under Pandey

ED -Maybe you should compare the size of the Budget at that time...BEFORE making these statements.
of course...then you might realize ....you are off course

Blame Kamla for everything.

Well a)she put herself as the best person for the job.
and b)the campaign was KAMLA 2015.....so I figured dais everybody collective name in de UNC.
and c) it was a direct response toj.o.e.'s post.
but its ok---soak up the view from the opposition side for a bit...

Why don't you be objective and blame the idiots in charge right now for their incompetence?

How is that being objective?

[1UZFE]

Redman thats why i told u before. U made a subjective statement. If yuh quoting Facts quote facts dont revert to random figures. Or u is EmilioA under low?
Plz reveal how long was d oil prices < or >100usd under d PP (not d average the period) then reveal how long it was >100 under d pnm.

Den again as i said before this is ole talk forum.
#welikeitso

[Cantmis]

Men quoting random figures ! Give me some evidence

[Redman]

Redman thats why i told u before. U made a subjective statement. If yuh quoting Facts quote facts dont revert to random figures. Or u is EmilioA under low?
Plz reveal how long was d oil prices < or >100usd under d PP (not d average the period) then reveal how long it was >100 under d pnm.

Den again as i said before this is ole talk forum.
#welikeitso

lol

I repeat...
If you guys cant figure out a general statement then so be it....


I clearly indicated it was a GENERAL statement.

Would your panties be in a knot if I said 103.463829???

Can you identify the random figures that you are referring to?

[1UZFE]

As i said before this is really d ole talk foRUM.
#iswetimenow

[Redman]

well you certainly post as such.

#nuttingtocontributebutoletalk

[1UZFE]

My retorts are based on d readership
#welikeitso
#ggpnm

[Redman]

really ?
That sounds like a subjective opinion....
or a random guess?

#heavenforbid

The 87 average is pulled from the daily WTI close.
As reported by the EIA...
For the period May 24 2010 to Sept 1 2015.
The 43 is the average of the same figures from Sept1-Dec 15 2015.

The 113 is calculated from numbers given by Hassanali in a biz guardian article last year August where he indicated the volume of oil imported by petrotrin and the price paid in 2014.
The average is taken for the same period based on the EIA numbers.

[The_Honourable]

Merry Christmas Jwala

Cabinet fires Central Bank Governor

The Cabinet has taken a decision to recommend to the President that Jwala Rambarran be fired as Central Bank Governor.

Acting President Christine Kangaloo has signed off on Rambarran's dismissal as President Anthony Carmona is overseas on vacation.

Under the Constitution she has all the powers of the President and therefore is the competent authority to act upon the Cabinet's recommendation.

One of the key factors affecting the Cabinet's decision was that the Government had several legal opinions which indicated Rambarran had breached the provisions of the Central Bank Act and the Financial Institutions Act.

Deputy Central Bank Govenor Dr Alvin Hilaire will serve as interim Central Bank Governor until a replacement is found.

Source: http://www.cnc3.co.tt/press-release/cab ... k-governor

[RASC]

I'm sure he's going to try to sue.
Good Riddance BTW.
Jwala-Have Yourself a Merry Christmas!

[antlind]

He would have received some sort of severance package.
So for sure his replacement will not admit that we are in a recession. That would be a career limiting move.

[Country_Bookie]

Guess they waited till Carmona was on vacation as they knew he wouldn't sign off on this.

Jwala just won the lotto. The wording of the Central Bank Act and the Financial Institutions Act are very vague and don't specify what constitutes a violation and what is disclosure in the public interest. The disclosure about the recession was a factual statement so that wasn't a violation. His lawsuit will argue that naming the biggest forex users was in the public interest in the context of the shortage of US over the last 18 months and the CBTT getting the blame despite making regular US injections. It will be difficult for the govt to prove it was misconduct in office since he had a reasonable basis for releasing the info.

[PapaC]

If the Government of the day recommends the CB Govener be removed, can the President refuse to remove them?
I know Carmona not here right now so it will look like they waited for him to go to do it, but does he have a choice in the matter?

[Dizzy28]

I am not a fan of Jwala as he basically personifies one of the main issues of the PP which was to put unsuitably qualified persons in positions of power and authority.
However the whole way by which the PNM went about this, waiting for Carmona to leave and then have their politically appointed Ag. President sign off the dismissal leaves a sour taste in the mouth.

[Chimera]

He get the best of both worlds. He eh hadda fight up with trying to explain trinidad economic problems as well as gonna get some nice $$$$ when he sue

[antlind]

Bottom line is that he is gone. History. I hope the new Gov can put processes in place to free up foreign exchange for the average joe, while trying to convince everyone that we are not in a recession.

[zoom rader]

Another Injun bites the dust under this illegal government. Nothing hasn't changed , PNM good ole boys club still in effect.

[Country_Bookie]

Bottom line is that he is gone. History. I hope the new Gov can put processes in place to free up foreign exchange for the average joe, while trying to convince everyone that we are not in a recession.

How exactly do u free up something that doesn't exist?

[pete]

It will become very easy to get when it hits 10:1

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[Numb3r4]

Is this thread even relevant now? I mean if the new CB says we are not in a recession then things are good...right...right...

[Numb3r4]

Now the manner in which the CB was changed...well muted authoritarianism...all I have to say...

Things desperate if you can't hold out for the rest of his term....you know smartly maneuver around him.

Wasn't it Jwala's plan to make the Forex more accessible to a greater number of folks and then they had the plan reverted to the old system??? So how are they going to get the Forex into the hands of the average Joe.

[Allergic2BunnyEars]

Now the manner in which the CB was changed...well muted authoritarianism...all I have to say...

Things desperate if you can't hold out for the rest of his term....you know smartly maneuver around him.

Wasn't it Jwala's plan to make the Forex more accessible to a greater number of folks and then they had the plan reverted to the old system??? So how are they going to get the Forex into the hands of the average Joe.

I think he was removed not for saying we are in recession but more for his timing. Can you really say Jwala was acting in the interest of Trinidad and Tobago by not mentioning recession after 2 then 3 quarters of negative growth? Essentially he waits an entire year?

[Numb3r4]

^^^
I agree, to be quite honest we've been in a recession for more that a year now, economist Seereeram said it could have been declared 2 years now, and Brown said it could have been done 18 months now, so I think as a professional who is aware of the world of work and accustomed to handling my finances I have been saving my money knowing that we are not immune to international events it was bound to happen.

His timing was an issue I agree as I said before but the manner in which it was handled.....not good....get him to go public with the reason why he waited a year and then determine if he acted in good faith or out of some form of political malice.

[EmilioA]

I hear Kamla have plenty forex. maybe she go share.

[Habit7]

BREAKING: Alvin Hilaire is new Central Bank Governor

BY: LOOP NEWS
10:46, December 24, 2015
2245 VIEWS

Sources state that Dr. Alvin Hilaire has been confirmed as the new Central Bank Governor for the next five years.

Hilaire has served as Deputy Governor of the Central Bank since 2013.

This move comes after the Cabinet reportedly took a decision to dismiss Jwala Rambarran as Governor of the Central Bank yesterday.

Acting President Christine Kangaloo is said to have signed off on the recommendation by the Cabinet yesterday at 1pm.

One of the key factors affecting the Cabinet's decision was that the Government had several legal opinions which indicated Rambarran had breached the provisions of the Central Bank Act and the Financial Institutions Act.

Rambarran came under fire from various sectors for disclosing the top users of foreign exchange in the country

Sources told LoopTT that a meeting was held with staff to announce the new appointment of Hilaire a short while ago.

LoopTT was told the announcement solicited a standing ovation from those in attendance.

Hilaire reportedly told the staff that he was happy for the new position and called on the workers to remain professional and execute their duties to the best of their abilities.

A new Deputy Governor will be announced in due course.

Workers told LoopTT that they were pleased with the announcement as they say Hilaire has the qualifications and is very efficient to steer the wheel of the Central Bank.

http://www.looptt.com/content/breaking- ... k-governor

No chill

[K74T]

[The_Honourable]

I am not a fan of Jwala as he basically personifies one of the main issues of the PP which was to put unsuitably qualified persons in positions of power and authority.
However the whole way by which the PNM went about this, waiting for Carmona to leave and then have their politically appointed Ag. President sign off the dismissal leaves a sour taste in the mouth.

Agreed

Jwala is a clown but that move was poor... yet brilliant if you really think about it

[pete]

Precedent has been set tho. If another government is voted in and doesn't like the governor just wait for the president to be out of the country and appoint someone who will buss the governor's throat for you.

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