Bankers, chambers discuss forex

Addressing a media conference shortly after meeting with members of the Bankers Association (BATT) at the chamber’s Camden road, Couva headquarters on Monday, Ali expressed concern that some manufacturers are users and not earners of foreign exchange. “We don’t have an issue with directives for manufacturers,” Ali said, adding, “one of our major concern is not all manufacturers are net earners of foreign exchange.” Asked if a commitment was given by the BATT regarding distribution of forex to chambers, Ali said: “we have to understand there is a serious shortage of forex. But what we are saying, because of the limited amount, we have asked the Bankers Association to look at the possibility of a fair and even distribution among our members.” BATT president and Scotia Bank (TT) head Anya Schnoor, who jointly hosted a media conference on Monday with Ali, said the banking sector is also “seeking clarification” on some of the newer policies indicated by Minister Imbert and the Central Bank.” Touching on the forex black market, Schnoor urged citizens to use the commercial banking sector to satisfy their forex requirements.

“I think as an Association we are of the belief that fair, open competition and open trade is the best way in which markets should operate within the context of Trinidad,” she said.

Schnoor added: “Yes we all know those shortages the system faces but we are also very concerned about the growing element of a market outside of the official sector.

“Recently we saw the Central Bank issue notices that it is against the law to sell and trade forex outside of authorised dealers and we want to encourage customers to abide by the regulations and make sure to allow commercial banks to use its established practices to ensure all customers are able to access as much foreix keeping in mind the decrease we have experienced across the economy over the past two to three years because of a reduction from the energy sector.” The Association is expected to host a series of workshops with Chamber members regarding bank fees and charges with the first expected to be held at the Couva Chamber. Chambers whose members attended the meeting included the Penal/Debe Chamber, Chaguanas Chamber, the Greater Tunapuna Chamber and the Siparia Chamber.