(Trinidad Express) the foreign exchange shortage has been dealt with, says Finance Minister Larry Howai. At least in the short-term, that is.
Howai gave the assurance during an interview with TV6, following a luncheon hosted by the Powerful Ladies of Trini-dad and Tobago (PLOTT), at the Chamber of Industry and Commerce, West-moorings, on Friday.
He said separate amounts of US$75 million, US$100 million and US$50 million had been injected into the system over the last week to help eliminate a shortage of some US$250 million.
“The immediate problem has been rectified,” he said.
Howai added a meeting with the Central Bank would take place in order to determine a more long-term solution and avoid an ongoing crisis.
Howai also sought to clear up reports with regard to Republic Bank, saying the bank had simply decided all purchases of foreign exchange at any of their branches would have to be “cleared” before proceeding with the transaction.
However, Howai said the bank had since relaxed its position following the injection of funds into the systen and reverted to its usual process.
Responding to questions about 2015-2016 budget preparations, Howai said the budget speech is currently being drafted and documents being prepared.
He said the budget was being prepared on the basis of a US$45 per barrel oil price, which he described as a “reasonable” figure as averages for next year put oil prices at around US$50 per barrel.
