Governor of the Central Bank Ousted

Gustavo Manuel Vasquez

Shock waves went through the Central Bank of Belize this evening when staff received an email from their Governor, Gustavo Manuel Vasquez telling them his appointment had been terminated by the Governor-General on the instructions of the Ministry of Finance effective immediately.  According to the email, Vasquez had been in discussions with the government which wanted to buy over the remains of his contract, and that up to Thursday, those discussions had continued with no resolution.  Vasquez also assured the staff he had “tried to restore the integrity and operational autonomy of the Central Bank,” but that he had faced opposition from the Ministry of Finance and unnamed special finance and economic sector interests.  It seems Vasquez will not simply be going quietly, for he ends his communication by vowing to take “all necessary actions to defend myself and my reputation and that of the Central Bank.”  Gustavo Manuel Vasquez just took over the post on April first, succeeding Ambassador Joy Grant. At news time, the Board of Directors of the Central Bank issued a release announcing the departure of Vasquez. The release says that the Prime Minister will advise the GG at an appropriate time regarding the designation of a new Governor of the Bank.  Current Chairman, Sydney Campbell has been directed by the PM to shepherd the Bank’s operations until the new governor is appointed.