Minister: Forex for manufacturers not new

Referring to a Trinidad Express article which claimed that Economic Advisory Board chairman Dr Terrence Farrell that that Central Bank should not be telling commercial banks to prioritise foreign exchange to manufacturers, Imbert said some commentators piggy-backed on Farrell’s alleged comments, “without thinking for themselves.” As he explained this practice is not something that “fell from the sky,” Imbert quoted a March 2, 2009 aide memoir from the Central Bank which supported this position. “At least for the last eight years, the Central Bank has been telling the commercial banks what to do with the foreign exchange that it injects into the system,” he said. Imbert then quoted from a November 15, 2010 letter issued by the Central Bank, under the then People’s Partnership government.

In that letter, Imbert said the manufacturing sector reported at that time, “it was experiencing acute difficulties in obtaining foreign exchange.” He added that the Central Bank requested seven years ago that commercial banks give priority for foreign exchange to manufacturers. “I want to put that to rest,” the minister said.

Imbert then disclosed he got a lot of letters about property tax from Opposition United National Congress (UNC) members.

When Opposition members queried this, Imbert replied, “Anand Ramlogan is not UNC? Gerald Ramdeen is not UNC?” Former attorney general Ramlogan is leading a legal team representing former transport minister Devant Maharaj and UNC activist Ravi Balgobin Maharaj, who are challenging the tax’s implementation.

Imbert reiterated that this country’s property tax is among the lowest in the world and “no less a person” than his immediate predecessor Larry Howai described property tax as “a fair and equitable tax” in 2014. Turning to gambling, Imbert reiterated Government’s intentions to properly regulate the gambling sector in TT. While he said he, “does not know what the inside of a casino looks like,” Imbert said Opposition MPs in the House of Representatives were very “gung ho” in telling him about casinos which operate in their constituencies.