Enill: Central Bank has nothing to hide

JUNIOR Finance Minister Conrad Enill yesterday said the Central Bank’s operations must remain confidential in order to protect Trinidad and Tobago’s economy. Speaking during debate in the House of Representatives on a motion raised by Siparia MP Kamla Persad-Bissessar, Enill said: “There is a strict provision imposed by the Central Bank Act imposed on every director, officer and employee of the bank to preserve and aid in preserving secrecy with regard to all matters relating to the affairs of the bank or of any financial institution or of any customer thereof which may come to his knowledge in the course of his duties.

It is against the background of this strict secrecy provision that the Central Bank has declined to give information requested by members of the public under the Freedom of Access to Information Act. The Minister explained that because the Central Bank is “the repository of some of the most sensitive information which, if exposed, could adversely affect the economic well-being of this country,” both the Central Bank and Freedom of Access to Information Acts recognise the need for confidentiality in certain circumstances, particularly with respect to protecting the economic interests of the State. Declaring that the Central Bank had “nothing to hide,” Enill disclosed that Prof Selwyn Cudjoe received all the standard fees of a Central Bank director. He said Cudjoe was “carrying out public duties at great sacrifice and comes to Board meetings at his own expense.”