Previous Thread
Next Thread
Print Thread
In A First, GOB Sends Home Central Bank Governor #552043
08/14/21 04:31 AM
08/14/21 04:31 AM
Joined: Oct 1999
Posts: 81,041
oregon, spr
Marty Offline OP

.
Marty  Offline OP

In a stunner move today - the government fired the governor of the Central Bank, Gustavo Manuel Vasquez - after less than 6 months in the job.

Vasquez took over the bank in April - eminently qualified with a spectacular CV - including 15 years at the IMF in Washington DC.

But, it seems the formal approach he brought to the job didn't earn him any friends in Belize's financial sector.

Reports say that Vasquez ran afoul of at least one major bank with his stern demands. But, other reports say higher up's at the Ministry of Finance found Vasquez inflexible and basically impossible to work with.

And that's why Sydney Campbell, a former governor in the Ralph Fonseca days was brought in - from the graveyard of PUP governments past - as Chairman of the Central Bank - and then promoted to Executive Chairman - to try and guide Vasquez.

For his part, reports suggest he felt that the Ministry of Finance was trying to run the independent bank like an arm of the Ministry.

So things weren't gelling, and led to today where Vasquez was informed that his instrument of appointment from the Governor General was being revoked. Basically, go home, "now". He sent an email to staff saying "I leave with my head up high as I tried my best to restore the integrity and operational autonomy of the bank and certainly faced stiff opposition form the Ministry of Finance and special financial and economic sector interests I (will) take ALL necessary actions to defend myself and my reputation." End quote.

That's a less than veiled suggestion hat all is not well in the regulatory area of the financial sector, but government sent out its own release putting a much more peaceable spin on things.

It says, "The Board of Directors of the Central Bank, after notification from the Minister of Finance, Prime Minister John Briceno, announces the departure of Mr. Gustavo Manuel Vasquez from the post of Governor of the Bank, effective today.

The current Chairman of the Bank's Board of Directors, Mr. Sydney Campbell, who himself is a former Governor of the Bank, has been directed by the Prime Minister to shepherd the Bank's operations until the appointment of the new Governor, which is expected shortly.

During this transition, the Board expects Deputy Governors, Kareem Michael and Marilyn Gardiner-Usher, along with the Bank's Senior Management and Staff, to collaborate closely with Chairman Campbell.

Mr. Vasquez had previously served as Advisor in the Office of the Governor and then as Governor since April 01 of this year.

The Prime Minister will advise the Governor General at an appropriate time regarding the designation of a new Governor of the Bank." End quote.

Now, what is interesting in all this is that Government will have to pay off Vasquez with one of those huge compensation agreements for early termination - which we're told could is starting with a demand for over a million US dollars.

Also worthy of note is that Manuel Vasquez was known to be a close friend of John and Jaime Briceno, from Orange walk like the both of them - but it seems the relationship quickly soured.

We'll see where this one goes, but it could end up in Court.

Channel 7


Re: In A First, GOB Sends Home Central Bank Governor [Re: Marty] #552238
08/24/21 04:21 AM
08/24/21 04:21 AM
Joined: Oct 1999
Posts: 81,041
oregon, spr
Marty Offline OP

.
Marty  Offline OP
Update on Central Bank Governor

It was announced today by the Central Bank of Belize that terms have been reached with former governor, Mr. Gustavo Manuel Vasquez and both parties have amicably resolved all issues surrounding Mr. Vasquez’s employment as governor of the Central Bank.

Hon. John Briceño, Prime Minister and Minister of Finance, Economic Development and Investment, welcomes that announcement. The Prime Minister assures the public that the government made every effort to align its policy objectives with those of the Central Bank of Belize under Mr. Vasquez’s tenure, but unfortunately, policy differences remained.

Government expects that a new governor of the Central Bank of Belize will be named soon.


Links
Portofino Resort- Now with a new BEACH BAR!!
Click for excellent scuba lessons with Elbert Greer!
Chaa Creek is an award-winning luxury Belize Resort, rated as one of the worlds best Eco Lodges. We are a pioneer in adventure travel to Belize since 1981!
Maruba Beach Klub and Spa is the premiere Secret Beach spa and restaurant located on the crystal blue waters of the Caribbean Sea at the center of Secret Beach, Belize
First Class Accommodations for the Budget Traveler
First Class Accommodations for the Budget Traveler

Things to do
Specials & Events
Calendar
SPTB Calendar of Events

News
Daily News
Daily Weather

Classified Ads
BelizeNews.com
San Pedro Sun
Ambergris Today
SP Town Council
Channel 7
Channel 5
Amandala
ReefTV
Love FM
The Reporter
PLUS TV
TV Newscasts
Radio Stations

Click for our
Search thousands of Belizean-only websites
To Get Your Questions Answered

Event Guides
Event Calendar
Specials & Events
Things to Do
SanPedroScoop
Cayo Event Calendar

Blogs
San Pedro Scoop!
Tia Chocolate
Tacogirl
My Beautiful Belize
I-Travel Belize
Belize Adventure
Belize Hub
Romantic Travel
Belize Happy Adventures
Conch Creative
Caribbean Culture & Lifestyle
More Blogs...
Search thousands of Belizean-only websites
White Sands Dive Shop - 5 Star PADI Dive Facility - Daily diving, SCUBA instruction and Snorkeling
Caribbean Inspired All Natural Condiments & Spice Blends, Over 100 are Gluten Free!
We handle all aspects of the purchase of your Real Estate in Belize. From in depth property searches to your final closing.
Click for Ian Anderson's Caves Branch, Welcome to a World of Adventure
Lil Alphonse has snorkel equipment to fit anyone as well as Marine Park Tickets and flotation devices to assist those not as experienced.
Coastal Xpress offers a daily scheduled ferry run to most resorts, restaurants and private piers on the island of Anbergris Caye. We also offer  private and charter water taxi service.
August
S M T W T F S
1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31
Cayo Espanto
Click for Cayo Espanto, and have your own private island
More Links
Click for exciting and adventurous tours of Belize with Katie Valk!
ShoutChat Box
Who's Online Now
0 registered members (), 107 guests, and 0 spiders.
Key: Admin, Global Mod, Mod
Forum Statistics
Forums44
Topics77,587
Posts496,362
Members20,189
Most Online7,413
Nov 7th, 2021



AmbergrisCaye.com CayeCaulker.org HELP! Visitor Center Goods & Services San Pedro Town
BelizeSearch.com Message Board Lodging Diving Fishing Things to Do History
BelizeNews.com Maps Phonebook Belize Business Directory
BelizeCards.com Picture of the Day

The opinions and views expressed on this board are the subjective opinions of Ambergris Caye Message Board members
and not of the Ambergris Caye Message Board its affiliates, or its employees.

Powered by UBB.threads™ PHP Forum Software 7.7.1