A representative of De La Rue Currency, left, with scholarship winner Lana Ramlal and Central Bank Governor Ewart Williams.

While oil and gas will provide the opportunities for economic transformation, it’s what we have in our heads that will help us secure it, said Central Bank Governor Ewart Williams.

“This is more than a cliche,” Williams said.

“It’s also true that attaining first world status has more to do with the quality of our education system in general and the number of people exposed to tertiary education and, in particular, graduate training, than to our natural resource endowment.”

Williams was speaking at a brief function to award Varuna Lana Ramlal the 2005 Central Bank/De La Rue scholarship at the Central Bank on Thursday.

The scholarship, which covers tuition, books, materials and a subsistence allowance, is worth US$8,500.

Williams said the scholarship is intended to promote graduate work in economics, business and finance, disciplines which are critical to T&T’s efforts to be the regional financial centre.

“As a by-product, it will also help keep our best and brightest at home rather than have them go off to do graduate work abroad, where the risk of losing them permanently, is greater,” Williams said.

Ramlal, 21, who’s pursuing her Masters in financial economics at the UWI, St Augustine, beat a shortlist of four other applicants for the scholarship.

Ramlal has first-class honours from her first degree at UWI in which she did a double major in economics and management studies.

The scholarship, only in its second year, is sponsored by De La Rue Currency, a UK-based company which produces banknotes for about 150 countries, including T&T.

The Central Bank manages the scholarship and monitors the recipient’s academic performance through the Department of Economics, UWI.

On finishing her Masters, Ramlal is required to complete a two-month internship either at the Central Bank or at a public sector institution designated by the Central Bank.

Karen Roopnarine was the scholarship’s first awardee. She’s now a full-time economist in the research department at the Central Bank.