The governor of the Central Bank of Trinidad and Tobago has been fired after releasing the names of companies that have bought one-third of the foreign exchange sold in the last three years.

Finance Minister Colm Imbert said Thursday that former Central Bank Governor Jwala Rambarran violated several laws when he took the unprecedented action of naming the companies nearly a month ago.

Rambarran has said local laws gave him the authority to release the names. He also said people had a right to know that a large part of the foreign exchange was being used in the import and distribution trade.

Former bank deputy governor Alvin Hilaire has been named the bank's new governor.