(Trinidad Guardian) Minister of Finance Colm Imbert has announced the forex window at the EximBank for essential imports, created during the Covid-19 pandemic, has been resumed in a restructured format. The new window came into effect on November 1.
“The Government’s allocation of US dollars to the EximBank for this essential imports facility will now be US$25M per month, a US$5M reduction from the COVID-19 list of imports. This is considered to be adequate at this time. It should also be noted the forex window for export manufacturers is not being adjusted and will remain,” a release sent out by the Ministry of Finance said.
The eligibility criteria have been revised. The release said pandemic-related items such as hand sanitisers and face masks are no longer considered essential. The core list of essential items, which includes certain foods and pharmaceuticals, will remain unchanged for now but will be subject to periodic reviews to assess the need for additions or deletions.
Minister Imbert said the government will examine the role of local manufacturing, considering ways to make it easier for local businesses to access foreign currency needed for production.
The current forex window for export manufacturers remains the same.
Imbert has been teasing the idea of this change for a while.
“During COVID, we created a special window at the Eximbank to provide USD for essential imports, such as food and medicine. Covid is over, so we are reviewing the feasibility of that forex window,” Imbert posted on X on October 27.
“Our EXIMBANK was established to facilitate the growth and expansion of our export and manufacturing sectors; to enhance our foreign exchange earnings, and create employment through assistance to our EXPORTING companies and NOT to facilitate wholesalers of imported finished goods,” he posted on X on October 29.