The state­ment by the be­lea­guered Cen­tral Bank Gov­er­nor that the coun­try was in a re­ces­sion should not be a sur­prise. Any av­er­age cit­i­zen would know that if their month­ly in­come is cut they have to make ad­just­ments to meet the short­fall.

The fact that the Gov­er­nor de­cid­ed to use the eco­nom­ic in­for­ma­tion avail­able to him in his tit for tat with the Gov­ern­ment was un­for­tu­nate and some­thing one would ex­pect of an en­try lev­el em­ploy­ee.

The gov­er­nor should how­ev­er cal­cu­late if the change in the for­eign ex­change pol­i­cy had any ef­fect on the econ­o­my. How many pur­chas­es had to be can­celled due to lack of for­eign ex­change? How many busi­ness­es had to move from a cred­it po­si­tion with their sup­pli­ers to cash? How many busi­ness­es had to space out their pur­chas­es due the for­eign ex­change pol­i­cy. How much goods in­curred rent and de­mur­rage due to the lack of for­eign ex­change.

The price of oil and gas on­ly be­gan to drop ear­li­er this year but the for­eign ex­change woes be­gan long be­fore that.

Aleem Ho­sein,

San Fer­nan­do