Citing policy differences, Belize government welcomes departure of central bank governor

The Belize government has broken its silence regarding the dismissal of the governor of the country’s central bank, Gustavo Manuel Vasquez, saying that “policy differences” had made it untenable for the parties to continue working together.

Earlier this month, the main opposition United Democratic Party questioned what it termed the “abrupt and unceremonious” departure of the governor of the Central Bank of Belize, who had been in the post for less than six months.

Vasquez had also informed members of staff that he was being removed from the post which he has held since being selected to succeed Ambassador Joy Grant in April.

“When you are a member of the central bank board, like a director or a governor, the only two things that disqualify you is if you become a member of the National Assembly or if you become a director, officer or other employee of a licensed bank or licensed financial institution,” said former attorney general Michael Peyrefitte as he questioned Vasquez’s departure.

A brief statement posted by the Government of Belize Press Office late Monday said the departure was amicable.

“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,” the statement said.

Vasquez’s departure leaves the governor’s chair empty, but the Belizean government said a replacement would be named soon.

Vasquez’s letter to the staff was read out during the news conference by the UDP, outlining efforts to protecting his integrity, his reputation, as well as that of the central bank.

“If you follow this letter, and if this letter is real and in time, clearly what he is trying to say is that he believes that his integrity is maintained and that he tried his best to restore the integrity and operational autonomy of the central bank,” said Peyrefitte.

CMC