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Transparency, honesty should be promoted

Sunday, December 27, 2015

While I have had my fair share of foreign exchange deprivation and can join the fault-finders in knocking dismissed Central Bank Governor, Jwala Rambarran, it is difficult for me to ignore the injustice being perpetrated as this matter unfolds. 

It seems far too convenient the way justification to remove the senior office holder "fell into place." Surely ‘confidentiality’ is meant to refer to transactional data rather than summarised statistical data. If not, then where would it end? Would GDP data be deemed to be a breach because it includes company incomes? The supposed objections from the business community (many of whom have a duty of transparency by virtue of being listed on the stock exchange), seemed to arrive at the Minister of Finance's hands at the speed of light. That aside, I found it baffling that these corporate giants would find the disclosure of foreign currency consumption so objectionable. Was it that the total purchases did not square with other declarations or statements of these respected companies? If an entity has legitimate uses for foreign currency and is upfront and honest on its financial statements, then why all the fuss? Isn't free information a foundation pillar of markets and capitalism that should be promoted? Or perhaps our conglomerates did not like being seen to be foreign exchange buyers rather than earners. 

What it all reveals to me is that we live in a pretend society with too many games being played while the players try to pass themselves off as acting in good faith.

Rishi-Nirvan Balroop



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