(Trinidad Express) Prime Minister Stuart Young says one of his top priorities in his new office is addressing the issue of foreign exchange allocations.
Young said he and Finance Minister Vishnu Dhanpaul will be holding talks with the Central Bank and the Bankers Association of Trinidad and Tobago, in an attempt to address the issue, next week Tuesday, at Whitehall at 2 p.m.
Speaking at his first post-Cabinet news conference at Whitehall yesterday, Young said, “I’m hoping all the CEOs, the chief executive officers of the banks that operate in Trinidad and Tobago to meet with myself, the Minister of Finance, right here at Whitehall because I intend to address immediately.”
He assured that in the interest of transparency, the media will be invited to witness the beginning of that meeting and will be informed about the outcome of that meeting.
“The fact is that we have less foreign exchange than we used to. That is the fact of life. However, how do we look at the allocation of the foreign exchange that is available to us amongst our citizens of Trinidad and Tobago?” he said.
The business community yesterday welcomed Young’s plan to hold discussions with Dhanpaul and bankers on the country’s foreign exchange woes.
President of the Chaguanas Chamber of Commerce Baldath Maharaj said he welcomes the Government’s intention to address the forex crisis and the UK visa imposition, but added that swift action is needed as the business community remains under immense pressure.
“While we recognise these efforts, the business community remains under immense pressure and requires immediate, practical solutions to ensure stability and growth. The ongoing forex shortage continues to disrupt business operations, with SMEs (small and medium-sized enterprises), manufacturers, and importers struggling to access much-needed foreign currency,” he said via WhatsApp yesterday.
Maharaj added these forex limitations lead to delayed supplier payments, rising operational costs, and supply chain disruptions that are crippling industries, forcing many businesses to scale back or shut down.
“The chamber urges the Government to implement solutions that provide equitable forex distribution, prioritise businesses engaged in trade and manufacturing, and incentivise export earnings.
“Additionally, a more transparent and technology-driven forex allocation system should be explored to curb inefficiencies and speculation. Any discussions on this issue must involve direct consultation with the private sector to ensure practical and sustainable outcomes,” he said.
Maharaj also acknowledged Young’s assurance that the matter of the UK visa imposition is being addressed by Foreign and Caricom Affairs Minister Dr Amery Browne. Young was asked about the issue at the news conference yesterday.
“This policy has placed an unnecessary burden on business travellers, restricting trade, investment opportunities, and market access for local companies.
“Given T&T’s geographic location, most travel to Europe and the East requires transit through England, making this visa requirement not only inconvenient but also a hindrance to commerce and international connectivity.
“England must recognise the historical and economic ties between our nations, and demonstrate greater gratitude for the contributions our country has made—whether through our vital oil and gas resources, or through the historical reality that our ancestors played a role in building Britain through slavery and colonial exploitation,” Maharaj said.
He added that beyond forex and travel restrictions, businesses continue to grapple with rising crime, supply chain inefficiencies, and a high tax burden, all of which stifle economic growth.
“The Chaguanas Chamber calls on the Government to take decisive action to create a more stable and competitive business environment. We stand ready to contribute to discussions, and urge that concrete solutions be implemented with urgency to restore investor confidence, support businesses, and ensure long-term economic prosperity for T&T,” Maharaj said.
