Trinidad Central Bank Names Hilaire to Replace Rambarran

Trinidad & Tobago’s central bank named Alvin Hilaire as its new governor to replace Jwala Rambarran who state television C News reported late Wednesday had been fired without giving an explanation.

While the central bank didn’t respond to a request by Bloomberg News for comment, the move follows a controversy that erupted this month when Rambarran disclosed the names of companies that have been among the biggest purchasers of U.S. dollars in the Caribbean nation. Finance Minister Colm Imbert said he was contacted by business representatives who complained the comments represented a breach of privacy. On Dec. 8, the central bank rejected those accusations in a statement.

Rambarran, a former chief economist at Caribbean Money Market Brokers, has said he would challenge any attempt to remove him from the bank, where he has served since 2012.

Following news of the dismissal, Standard & Poor’s revised its outlook on the Caribbean island nation to negative from stable, although it cited the impact of falling energy prices, not personnel changes at the central bank.

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