Former finance minister Larry Howai has been appointed as the new governor of the Central Bank of Trinidad and Tobago, following the abrupt revocation of Alvin Hilaire’s appointment.
On Wednesday, Finance Minister Davendranath Tancoo presented Howai with his instruments of appointment, a day after the Cabinet formally requested that the President terminate Hilaire’s tenure with immediate effect.
Welcoming the new governor, Tancoo said Howai “brings proven financial experience and an outstanding track record to his new role,” and expressed gratitude for his willingness to return to public service. “We thank the new governor on his willingness to accept the position in service of the people of Trinidad and Tobago,” he added.
Howai, who served as finance minister from 2012 to 2017, told Newsday in an interview that stabilizing the country’s foreign exchange system will be among his top priorities.
“At this stage, I really want to get as I go in, more information. There’s a lot of information I need to understand better, data I need to get before I could try to map out a plan of action,” he said.
“I will say, of course, as you know, there have been issues around foreign exchange. That will be high up on the agenda. When I go in tomorrow (June 26), there will be more meetings and different things as I try to get oriented to what the position is. As of now, the key issue for how to deal with the issue of the foreign exchange situation we face right now,” Howai told Newsday.
The Central Bank has faced increasing scrutiny over foreign exchange allocation and availability, and Howai’s appointment is expected to signal a shift in strategy as the country continues to grapple with economic challenges.
