MP Tancoo calls on Business community to demand fair access to forex

The Opposition’s Shadow Minister of Finance, MP Dave Tancoo is calling on the local business community to demand from the Government and the Central Bank, fair access to foreign exchange (forex). Tancoo’s comment comes in the wake of a publication by the T&T Chamber of Commerce entitled, “Challenges in Accessing Foreign Exchange” based on a survey of 111 of the Chamber’s Member-companies.

According to MP Tancoo, “what we have today is the small and medium-sized business community being sacrificed at the altar of political and economic exploitation by this PNM Government. This has led to the destruction of the middle class and has disincentivized small and medium sized investors.”

The Opposition MP said that he has cautioned the government on multiple occasions about the foreign exchange cartel that continues to dominate access to forex in Trinidad and Tobago. “Approximately 75% of respondents to the survey state that they receive under 50% of their forex requirements from commercial banks, while just over 10% secure 90-100% of their forex needs. This is clear evidence that there is a deliberate, unspoken policy by this Government for the marginalization and destruction of the MSME sector.”

Tancoo says that it is obvious that this deliberate PNM policy has led to the polarization of our economy into the hands of a small group of persons and business conglomerates that are eclipsing and swallowing up smaller businesses.

“This ravaging behaviour is not conducive to attracting investment and, as the survey shows, it has actually damaged the ease of doing business in Trinidad and Tobago. When this is added to the constant hijacking of business VAT refunds by the Government, runaway crime, continuous delays at the Port etc., a clear picture emerges as to the economic crisis that this country is in.”

The Oropouche West MP added, “The fact that the country is in a foreign exchange crisis with foreign exchange reserves now at the same level as our foreign debt and with no new revenue sources on the horizon, it is not a question of ‘whether’ but rather ‘when’ Imbert will again raid the Heritage and Stabilization Fund to prop the forex reserves and create the illusion of forex stability.”

Tancoo says that the TTChamber survey produced all the evidence needed to show that the T&T economy is in crisis and is falling apart after ten (10) years of mismanagement and failure by this PNM regime. “With the proof now before the business community, I am calling on them to demand fair access to foreign exchange; to demand that Colm Imbert stop his old talk and empty promises about economic recovery and forging pathways to prosperity. This Government is unable and unwilling to restore confidence in the economy, or even to attract local and/or foreign investment that is desperately needed. The only solution is change; we need change now”