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Sunday, July 27, 2025

Indarsingh on forex problems: Government not to blame

by

20140507

Min­is­ter in the Min­istry of Fi­nance Rudranath In­dars­ingh is call­ing for di­a­logue be­tween the busi­ness com­mu­ni­ty and com­mer­cial banks on prob­lems with the sup­ply of for­eign ex­change.Speak­ing at the launch of the Cou­va-Point Lisas Cham­ber of Com­merce's Sug­ar to En­er­gy Fes­ti­val 2014 in Cou­va yes­ter­day, In­dars­ingh said: "With­out get­ting in­to much con­tro­ver­sy I think this is be­ing cre­at­ed by the bank­ing sec­tor.

"Think they need to be very true and trans­par­ent with the busi­ness com­mu­ni­ty be­cause I think the whole process–they want to have con­trol of the process–and I hope with the pas­sage with time it will be re­solved as di­a­logue and dis­cus­sion con­tin­ue with all stake­hold­ers."He said he was cer­tain gov­ern­ment pol­i­cy was not to blame for the prob­lem.

In­dars­ingh com­ment­ed on the is­sue right af­ter Cou­va busi­ness­man Li­aquat Ali com­plained about the prob­lems he was ex­pe­ri­enc­ing to get for­eign ex­change to for busi­ness trans­ac­tions. Ali said his busi­ness could soon face dif­fi­cult times if banks keep squeez­ing the sup­ply of for­eign cur­ren­cy.In­dars­ingh said Fi­nance Min­is­ter Lar­ry Howai, of­fi­cials of the T&T Man­u­fac­tur­ers As­so­ci­a­tion (TTMA) and Cen­tral Bank Gov­er­nor Jwala Ram­bar­ran were due to meet yes­ter­day to dis­cuss the sit­u­a­tion.

Ch­agua­nas Cham­ber pres­i­dent Ritchie Sookhai won­dered what had hap­pened to the for­eign ex­change the Cen­tral Bank said it had put in­to the sys­tem."The Cen­tral Bank is claim­ing that the com­mer­cial banks have it. If we do the maths it may look like dis­tri­b­u­tion may not be fil­ter­ing to every­one, but then again those are all al­le­ga­tions. I don't want to con­firm or de­ny any­thing right now," he said.


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