Central Bank of Barbados

Sinckler: Printing money not good for economy

“It is, in fact, something that needs to be brought to a halt as soon as is practicable in the circumstances," he said. 

"It is not a sustainable policy; it doesn’t work well, it doesn’t look good, it doesn’t smell good – it is not good.”

His comments came during his presentation of the Appropriations Bill 2017 in the House of Assembly on Monday afternoon.

Court of Appeal justices explain ruling against former Central Bank Governor

The final chapter in the near three-week court saga involving the Minister of Finance and the former Governor of the Central Bank officially came yesterday when the Court of Appeal delivered the reasons for dismissing the appeal.

No immediate end to money printing for government

Word of this came from Minister of Finance, Chris Sinckler who said government has been working to reduce the reliance on CBB financing but it is not something that will happen overnight.

The former Governor of the CBB, Dr. Delisle Worrell had issued warnings to government, during his last month in office, advising against the continued borrowing to the tune of $50Million dollars a month. He said that this was not an economically sound decision.

Finance Minister remains mum on Governor’s dismissal

Sinckler deflected all questions from the media during the press conference held this afternoon at Cabinet Office, simply stating he offers thanks to Dr. Delisle Worrell for his "long-standing service to the Central Bank of Barbados specifically, and in Barbados in general".

In response to a question about potential backlash resulting from Dr. Worrell’s dismissal, Sinckler said he had not been made aware of any such occurrences in the regional or international business community.

He praised the court for the "responsible" way in which the matter was dealt with.

Cleviston Haynes to act as new Governor at Central Bank of Barbados

The Ministry of Finance and Economic Affairs today advised that Dr. DeLisle Worrell has been relieved of his duties as Governor of the Central Bank of Barbados.

This is consequent upon the termination of his instrument of appointment by Minister of Finance and Economic Affairs, Christopher Sinckler.

Dr Delisle Worrell given his walking papers

Attorney-at-law for Dr. Worrell, Gregory Nicholls confirmed to Loop News that his client received official notice of termination on Thursday evening.

The dismissal came on the heels of a ruling handed down by a panel of Justices at the Court of Appeal.

Shortly before 5 p.m. yesterday Acting Chief Justice Sandra Mason, Justice of Appeal Andrew Burgess and Justice of Appeal, Kaye Goodridge announced that the court will not overturn the Justice Randall Worrell's discharge of the injunction he had previously granted.

Details of appeal dismissal to be given in separate hearing

As it stands now, the injunction which prevented Finance Minister, Chris Sinckler, from firing Dr. Delisle Worrell is no longer in place following a decision handed down by a panel of Justices at the Court of Appeal on Thursday.

Acting Chief Justice Sandra Mason, Justice of Appeal, Andrew Burgess and Justice of Appeal, Kaye Goodridge made the ruling but announced the basis for the dismissal will be outlined in a subsequent hearing scheduled for Friday, March 3, 2017.

Sinckler free to remove Central Bank Governor

It was no doubt a rough two weeks for the legal team representing Dr. Worrell but the Court of Appeal has decided there will be no more injunctions blocking Sinckler from dismissing Dr. Worrell from his position.

The decision to dismiss the appeal was handed down after 4 p.m. today by a panel of Justices at the Court of Appeal.

UPDATE: Central Bank Governor's appeal dismissed

Lead attorney Gregory Nicholls and the panel of High Court Justices have been in a legal tussle on the claim that firing the Governor will result in harm to his “international reputation” and is also not in the interest of the public.

The panel of Justices, which include Acting Chief of Justice Sandra Mason and Justices of Appeal Kaye Goodridge and Andrew Burgess, put forward the point that Nicholls would have to “contextualise the harm” which the Governor would suffer if the ruling handed down by Justice Randall Worrell should be overturned.

Central Bank losing its credibility, says economist

Straughn spoke to Loop News on the sidelines of the Barbados Chamber of Commerce and Industry (BCCI) breakfast forum on Wednesday morning where he noted the CBB was failing in its mandate to maintain the currency peg.  

His comments were made against the backdrop of the ongoing court battle between the Governor of the CBB, Dr. Delisle Worrell and the Finance Minister, Chris Sinckler who are alleged to be loggerheads over the fiscal policies of the country.