WHEREAS the Central Bank of Trinidad and Tobago is established under Chap 79:02 of the laws of Trinidad and Tobago as a body corporate with the purpose to promote monetary credit and exchange conditions that are most favourable to the development of the economy;
AND WHEREAS as the institution that manages monetary credit, exchange conditions and interest rates, Central Banks worldwide are expected to be independent of political interference;
AND WHEREAS the Bank is managed by a Board of Directors and the day to day management of the Bank is entrusted to the Governor who shall be appointed by the President for a period of five (5) years;
AND WHEREAS section 10(1) of the Central Bank Act stipulates that the Governor shall be answerable to the Board for his acts or decisions;
AND WHEREAS there has been no public disclosure by the Board of Directors or otherwise with regard to apparent reasons for the dismissal of the Governor owing to his actions or decisions;
BE IT RESOLVED that the Senate condemn the actions of the Government in its dismissal of the Governor of the Central Bank on December 24, 2015.
(By Senator Wade Mark)
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