Derick Latibeaudiere speaks out

Former Bank of Jamaica Governor, Derick Latibeaudiere has spoken out about the circumstances which led to his dismissal from the central bank.



In his first lengthy interview since he was fired on October 30, Mr. Latibeaudiere expressed his disappointment with the manner in which he was treated by the government.



Mr. Golding later told Parliament that Mr. Latibeaudiere was fired because of the exorbitant provisions in his contract, provisions which he described as highly unusual and strange.



He disclosed that the former central bank governor was being paid $38 million a year, more than the Chairman of the US Federal Reserve.



However, speaking on Real Business on Power 106 this morning, Mr. Latibeaudiere insisted that his contract was no different from that paid to some of his regional counterparts.



He pointed out that he did not receive all of the $38 million which his contract was said to value.



He also said he did not take the lease rental which was being offered as he was still anticipating discussions on the matter.



Mr. Latibeaudiere recounted the events of the day he was fired which included a letter to him from both the Finance Minister and the Prime Minister.



He said the Prime Minister is not blame free in the manner in which his dismissal was handled.



He further declined to speculate on the reasons for his dismissal from the Central Bank.



Mr. Latibeaudiere says it is important for the government to finalize the sought after standby agreement with the International Monetary Fund (IMF).



Before he was sacked, Latibeaudiere was the country’s lead negotiator in the IMF discussions.



He said he was involved in the discussions up to two hours before he was dismissed.



He is also defending his decision against a rapid reduction in interest rates.



Mr. Latibeaudiere says as the economic situation improved the interest rates would have eventually gone down.