It is nice to be back to blogging after a short break.
One came across this interesting bit of battle in Central Bank of Barbados. The Board of Governors asked the Finance Minister to fire the current Governor Worrell. On being fired, Worrell used the Court to remain in job:
Minister of Finance Chris Sinckler, represented by Solicitor General Jennifer Edwards, will head to the High Court today to have a temporary injunction preventing him from firing Central Bank Governor Dr DeLisle Worrell lifted.
It is the latest development in a blow-up at the Central Bank which was exposed a week ago by the SUNDAY SUN in which it was revealed that the board of directors was no longer prepared to work with Worrell, who is the chairman.
The directors met with Sinckler days earlier and insisted that if Worrell was not terminated, they were prepared to step down.
Moreover, a major rift had also developed at the bank between the governor and his top management team who claimed he had not held management meetings for almost two years.
Meanwhile former Prime Minister Owen Arthur says Barba-dos is facing a serious financial crisis that must be resolved within the next 90 days in order to avoid a financial calamity. According to Arthur, that is the distinct possibility of the country running out of foreign reserves.
He said the weekend upheaval involving Central Bank Governor Worrell might give the country a chance to correct the disastrous financial policies pursued by the Government.
Arthur, a former Minister of Finance, told the DAILY NATION in New York on Monday that the bad policy of printing money had played a role in both the current crisis Barbados was facing and the Freundel Stuart administration’s move to oust the governor.