Forty-four year-old economist Jwala Rambarran is the new Central Bank Governor.

He will replace Governor Ewart Williams whose ten-year stint ends on Monday.

After much speculation, Prime Minister Kamla Persad-Bissessar made the announcement yesterday as the Government wrapped up its two-day Cabinet and Government meeting at the Coco Reef resort in Tobago.

Rambarran was one of four names before the Government and he was chosen by Cabinet consensus yesterday.

"We need new thinking and dynamism which we believe Mr Rambarran will bring by thinking outside the box in these very challenging times," Persad-Bissessar said in making the announcement.

Persad-Bissessar described 44-year-old Rambarran as an "economic strategist" with over 20 years experience in the various financial disciplines including consulting, an academic with the International Monetary Fund and with the local Central Bank.

"He has been named in the top 50 alumni of UWI (University of the West Indies) for contributions to Caribbean economic development," she added.

She said Rambarran also has specific understanding of Central Banks and financial institutions as well as specific expertise in the economic policy overlaps.

"He is effective in networking and communicating," she said.

Persad-Bissessar said Rambarran's age worked in his favour. At 44, Rambarran is said to be the youngest person to hold the post of Governor of the Central Bank.

She said Congress of the People (COP) leader Prakash Ramadhar has pointed out that his age should not be a bar to performance and appointment.

"We have never been adverse to promoting and giving opportunities to young persons, " she said, adding that American President Barack Obama assumed office at 47 years old.

"Mr Ramadhar pointed out something that was very important. All these older, more experienced persons were running banks and financial institutions in the larger nations and those economies collapsed," she said.

"In the global dynamics, we need a breath of fresh air," she said.

Finance Minister Larry Howai yesterday welcomed Rambarran to the finance arena.

"His appointment came after long and deliberative process of the Cabinet," he said.

"Cabinet thought it was wise to spend some time and evaluate all the candidates," he said.

"This decision is in the best interest of Trinidad and Tobago."

He thanked outgoing Governor Williams, saying under his tenure a lot of initiatives were undertaken to stabilise the economy.

"I would like to thank him for the contribution he has made and wish him God's blessing as he continues his career," he said.

Howai said Rambarran's role was critical to the development and growth of the national economy.