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Devaluation, a national currency fire sale

Sunday, August 13 2017

THE EDITOR: Devaluing T&Tís currency steals purchasing power for every citizen holding TT dollars as savings or to pay for daily goods and services. Devaluing the TT dollar by 25 per cent instantly devalues international purchasing power by 20 per cent. Such that any purchase made after weakening of the TT dollar by 25 per cent would buy 80 per cent of the same goods had the currency retained its exchange rate.

TT currency devaluation is advantageous for people who save in US and are paid in US.

Devaluation is a roundabout discount or concession to foreign countries.

Itís a roundabout way of placing everything in the country up for fire sale, greatest of these is the skills and work output of all citizens paid in TT dollars.

Devaluation coupled with high-sounding local currency wages make employees seem unreasonable for demanding wages to cushion high cost of living.

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