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Businessmen: US$ supply has improved

Wednesday, June 11, 2014

Two members of the business community yesterday stated the supply of US foreign currency had improved. Anthony Aboud, chief executive officer, Genetics Pharmaceuticals Ltd, yesterday said the company received the full amount of US foreign currency it requested from the bank. Aboud added that within the last two weeks, the company had been able to settle its bills comfortably through his commercial bank.



“Remember, I am settling invoices with foreign suppliers. It depends on the quantity of the bill. Within the last couple of weeks, we were getting to settle our supplier bills in full, which is good,” he said. Aboud’s remarks came as Central Bank Governor Jwala Rambarran told members of the business community at June 6 T&T Chamber of Industry and Commerce breakfast meeting to expect relief by the end of June. The Central Bank injected US$50 million and US$200 million in May.


Asked whether the credit rating with his suppliers was altered as a result of being unable to settle bills on time, Aboud said: “Not recently, but I would say about five or six months ago, it was a little tough, but that is probably indicative of when it comes close to Christmas time. “You always find it would get a bit tighter because people tend to import around Christmas time.” Aboud said hoarding US foreign currency was not an option as it made no sense.


“We need our TT for operations, too. You can’t just put US in an account and wait. What we are trying to do now is become more US currency earners. “We are trying to export more. By exporting more, we would earn US dollars. We would not have to drain on the system; we would become self-sufficient eventually.” The businessman said being upfront with suppliers has assisted in maintaining a good relationship and a good credit rating.


Dominic Hadeed, managing director of Blue Waters Products Ltd, who also banks with a commercial bank, said the supply of US foreign currency had improved. “It’s back for us, how it used to be prior to the change in the system that caused the problem.”