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Is forex really in short supply?
The Government is lamenting that the country is facing a drastic shortfall of foreign exchange in particular US dollars.
This is clearly evident by the Finance Ministry curtailing the sale of US dollars to the ordinary citizen for travel and online purchasing.
One has to wait as long a one month in some cases to acquire US$1,000 from the commercial banks. However, I do not see any shortage of new vehicles in the automotive distribution centres.
The purchase of new vehicles by these agencies would consume a very huge amount of US dollars. Just take a look and one will see hundreds, if not thousands of new vehicles in their showcases and storage yards.
There is likewise, no shortage of imported food items, including luxurious items, in the supermarkets. These stocks require valuable and diminishing foreign exchange.
Yet, I and other ordinary citizens, have to be queuing up and literally begging for a few US dollars from the commercial banks.
Something does not smell right here.
DAVID JV RAGOONATH
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