The clamour for the Central Bank to release larger quantities of foreign exchange to the market and the simultaneous urging of the monetary and fiscal authorities to allow the value of the TT...
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Forex supply returning to normal
Members of the business community yesterday reported an improvement in the supply of foreign exchange following several weeks of problems. Representatives of the T&T Manufacturers’ Association (TTMA), Supermarkets’ Association of T&T, T&T Chamber of Industry and Commerce and other business groups gave that positive update yesterday after meeting with Central Bank Governor Jwala Rambarran and Larry Nath, president of the Bankers Association of T&T (BATT) yesterday.
However, TTMA CEO Ramesh Ramdeen said although the group has been given the assurance of relief, his members will continue to monitor the situation. “The framework, that they have given us, the assurance they are putting in place, tells us that we should expect some level of normalcy before the end of this month,” he said. Last Friday, members of the business community voiced concerns about the supply of US foreign currency saying they were not pleased with the supply on the market. Rambarran and Nath had said then that the supply would improve by the end of June. Ramdeen said he has been meeting with TTMA who indicated that the supply of US foreign currency had returned to normal. “They no longer have to go to three and four and five banks to get money, it is not back to 100 per cent at this point in time, but as I said the framework that is in place gives us the assurance that before the end of the month, we think that things will normalise.”
Ramdeen said the TTMA will be monitoring the situation closely. “We are going to track it, we are not going to take the word of the Governor and Mr Nath wholesale. We are going to continue to track it from our end, examine what is happening on the market,” he said. Gregory Aboud, president of the Downtown Owners’ and Merchants Association said his members felt “encouraged” by Nath’s remarks about the supply of US foreign currency. “I believe Mr Nath has addressed the questions which have been circulating and the doubts and fears which have been so prevalent. Perhaps the most profound thing which was said by Mr Nath was that there was no need for substantiation or documentation for payment and this was an open free market and that all needs would be met. “This is a necessary statement and we are extremely grateful for the comments and we are waiting to experience the relief which was promised,” Aboud said.