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TTMA head: Consultation needed before any changes to forex distribution

Thursday, January 11, 2018

One business group is suggesting that consultation should occur before any changes are made to the system for distributing US currency.

This comes after Finance Minister Colm Imbert said that the government was considering exercising tighter control over the distribution of foreign exchange

Christopher Alcazar, President, T&T Manufacturers' Association (TTMA) in emailed responses said, "while the TTMA is pleased to see focus to ensure our scarce foreign exchange is made available to those entities which can generate a greater income of foreign exchange for the country, TTMA is very cautious in its approach and maintains its call for disclosure, transparency and private sector consultation before implementing any change from the current system."

Quoting from budget statement 2018, Alcazar noted that Imbert had stated that foreign exchange would be made available to exporters through the Eximbank and that manufacturers, "have made several attempts to gain a clear perspective on how the system can work while to date we are still patiently awaiting consultation and feedback to our proposals."

Alcazar said he was hopeful that there would be prompt action on the Eximbank initiative since, "this signals the government's serious intent and commitment to economic recovery and changes the conversation from forex consumption to forex generation."