AFTER PROPPING UP Government’s finances, the Central Bank is facing its own financial emergency, prompting it to ask the Freundel Stuart administration for help.
Governor Dr DeLisle Worrell has notified staff that the bank “will seek new capital injection from Government” because “accumulated losses have exhausted our capital”.
But the veteran economist, whose contract was renewed late last year, also served notice that with “salaries and related items” accounting for more than half of its expenditures, the bank would have to be reduced “in a major way” and that he was preparing a “comprehensive proposal” to present to the board of directors on January 29.
Please read the full story in today’s Daily Nation, or in the eNATION edition.
