(Trinidad Express) There will be no devaluing of the TT dollar as this will not increase the availability of foreign exchange in the country.
This from Minister of Finance Colm Imbert yesterday, who said “all a devaluation will do is cause a massive spike in the cost of living and make everything more expensive”.
In a media release, Imbert stated he had taken note over the last two weeks of commentary on (1) the availability of foreign exchange, (2) the policy for distribution of foreign exchange, and (3) the exchange rate of the TT dollar.
Commentators, economists and business groups operating in the country have noted an ongoing US dollar shortage and the difficulty it poses to them.
He said the “reality is that the (International Monetary Fund’s) recommendation that the TT Government should allow the TT dollar to float, which would result in an immediate devaluation of the TT dollar, is not new”.