Ramesh Basant Roi is the former boss of Yandraduth Googoolye and Vickram Punchoo. In a conversation with l’express, he confides that he is not at all surprised by their early exit from the Central Bank. Basant Roi goes on to explain who should be in charge...

You may be aware of the surprise pre-mature departure of Messrs Y Googoolye and V Punchoo from the Bank of Mauritius (BoM)...

If what the media has reported is true, I would tend to say it is the interplay of cosmic forces. It was a question of time, not a surprise as far as I am concerned although it sounded like a ‘coup’ at the Bank. On the day I had stepped out of the BoM, I had shared a prognosis with an officer in a banter. I now realize that it was a prophetic utterance.

What had motivated you to utter a premature exit of the two?

I am not infallible but I may claim to be a fairly accurate observer of human behaviour. I had always said to the staff in my immediate surrounding that the BoM is a small University in its own right. The BoM offers to its staff what any University in the country cannot. It is, in a sense, a centre for learning also. Central banking is hardly taught to students. This point is often missed out. To grow into a seasoned central banker and ‘graduate’ over time into a credible Governor, Deputy Governor or even into a Director of any Department, one needs to possess an exceptional mix of qualities. Take note that I am using the word ‘graduate’ and not ‘promote’. It is an indispensable requirement of the authorities in any country that the candidates for the top positions in central banks be thoroughly screened and found ‘fit and proper’. In the case of the BoM, it is the only institution that holds in its balance sheet US$6 billion as foreign exchange reserves of the country. The screening would need to be even more rigorous.

What are the qualities you have in mind?

To get to the positions of the Governor and Deputy Governor, the candidate has to have had years of direct involvement in economic and financial analyses and policy making. The financial industry must find in the person of the candidate a truthful and trustworthy human being; a person of integrity and intellect; a person who has produced and published papers in economics and finance; a person who has read enough about central banking and psychology, too; a person gifted with a sense of purpose and commitment; a person whose demeanour and manners inspire confidence in the BoM’s competence to make things work in the financial industry; a person capable of communicating honestly and effectively in the area of central banking; a person who knows when, why, what and how to speak and when to shut up; a person with a neutral mind; a person who is above local politics; a person bold enough to resist arm-twisting by politicians and a person who can fiercely stand up against unsound requests from politicians. These are some of the essential qualities.

Not easy to find one with such qualities...

Yes, not easy. But not impossible when all prejudices are dropped. That is why Governors of Central banks in countries that mean business are not from the ordinary pack. As long as the cat catches mice, why worry about whether it is white or black. So said Deng Xiao Ping way back in the late 1970s. The UK brought in Mark Carney, former Canadian central bank Governor to the Bank of England. Israel had brought in Stanley Fischer, a Zambian- born top economist and former First Deputy Managing Director of the IMF for the job of Governor of the Central Bank of Israel. Mervyn King, a brilliant UK monetary economist, then lecturing at the LSE, an outsider from the Bank of England, was brought to serve the Bank first as Deputy Governor for years before he was appointed Governor. I do not know any Governor of the African countries who is not a locally recognized economist trained in areas relevant to central banking. The BoM does have a few competent senior officers in the Financial Markets Department, Research Department and the Banking Supervision Department who have been thoroughly involved in policymaking for years. I cannot tell if they are still with the BoM or they have been gotten rid of.

 Why do you think the sudden change of hearts at the Government House ? You have known the Minister of Finance as BoM Board Director. Is he behind this sudden move ?

I cannot say for sure; I can only surmise. Who was the First Deputy Governor of the BoM is now the Minister of Finance. Having rubbed shoulders with some at the BoM and exchanged ideas and views and shared secrets in full fellowship, he must have finally realized that we are living in a ‘camouflage society’, a society in which superficiality, style over substance, deviousness and being ‘cool’ are not only tolerated but also valued. In the context of the present economic morass, one must expect replacement of players in the policy making team. This could be one possible reason for the change of hearts. The Finance Minister may have a say but it is the Prime Minister who decides.