Dr Alvin Hilaire’s contract as governor of the Central Bank has been renewed for another term. Dr. Hilaire’s contract would have come to an end this week. This will be Hilaire’s third term as Governor, although has served at the CB for the past eight years.
The economist had his two appointments to the post as in 2015, he was appointed Governor after Jwala Rambarran was terminated . He described that period as ‘traumatic’ for the bank as it was the first time that had happened, and in December 2020, he was re-appointed after the Government changed the years of the term reducing it from five to three years. He has worked with the Central Band cumulatively for 20 years including as Senior economist, and has contributed extensively to macroeconomic policy development.
Hilaire is quoted as saying that the appointments to the Central Bank’s top offices should be vetted by the public, perhaps through Parliament, to ensure greater accountability: “Central banks are very interesting creatures, they are set up by law, and they have a very specific mandate. In order to do that mandate, they need to have certain powers, but they also need to be accountable.”
During Hilaire’s tenure, the Central Bank executed the successful demonetisation of the $100 bill and now all the other bills, during the covid 19 pandemic. He has been focused on increasing financial literacy and addressing digital currencies with a view to having greater financial inclusion.