Submitted by BAJAN TRUTH
I just want to record that I was very disturbed by the Central Bank Governor’s presentation on the economy last week, especially about the 30m dollar drain on foreign reserves etc. He is supposed to be a neutral professional with responsibility for sharing objectively on the economy. He stated there was a 2% drop in the economy for this quarter. A recession according to economic textbooks is if growth is less than 2% over a year. We experienced negative growth a further 2% after losing 10% last year. You cannot state truthfully that the economy is steady. Who is he fooling?
I was very disturbed because as a businessman I cannot rely on these reports to guide decisions or anticipate outcomes. I was concerned to hear him say that 30 million is a strain on the foreign reserves, that must mean our foreign reserves are in more serious trouble than he has revealed if 30 million can place a strain on it, and we are really a long way away from the 2.5 billion we normally acquire yearly. They must have dropped considerably for 30million to be a strain. What is the true state of our foreign reserves?
Factual information was lacking from his presentation on the real performance issues with the economy. As a professional he should have done better.
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