Chamber hits lack of US$

Addressing the Chamber’s annual Christmas dinner at Achievors banquet hall, Duncan Village, San Fernando recently Chamber president Shiva Roopnarine pointed out that members were being placed on a lengthy waiting list for US currency due to the current shortage despite the, “controlled release of US dollars to the banks, even after the one billion US dollars oversubscribed loan secured by the minister of Finance.” “Members have issues accessing foreign exchange and if they do, the waiting time could be weeks,” Roopnarine said, adding, “we need foreign exchange in an equitable manner, just like any other business community in Trinidad and Tobago from the local commercial banks.” He said the Central Bank governor had to respond to the call from the business community and monitor the allocation of US Dollars to these institutions and wondered whether the country would be “able to hold the TT dollar at its present value to the US dollar considering the high demand.” “Will we now be able to know who is using the majority of the US dollars or will this lead to the loss of another Central Bank Governor,” he said, asking, “where the US money gone?” He said the shortage was forcing businesses to incur additional expenses which included using credit cards to purchase goods and services which attract credit card fees.

“Suppliers are not willing to absorb the three to five percent charged to them by the credit card companies and members feel exploited by the commercial banks since the cannot get US for cash or wire transfers but have little problems paying their US credit card bills,” he said, adding, “we call on the banking sector to immediately correct this dilemma, assist us in conducting our business and end this banking monopoly. You need our business as much as we require your services.” He noted that fear continued to, “permeate” the country as crime and security continued unabated and once again called for “a concerted effort in prosecuting criminals and a reduction in legal red tapes bugging the judicial system. The policy makers must set this right and afford us the right to live in the absence of fear,” he said, and reiterated the need for CCTV cameras throughput the Penal Debe area.

In a wide ranging address, Roopnarine also noted that agriculture had be given greater priority as the national food import bill “continue to be higher than desired” and called for lands once owned by Caroni Limited to be allocated to farming.

He also congratulated Chamber members on their decision to “bite the bullet, work more efficiently and effectively, and keeping workers employed in this trying and difficult economic period.” “On behalf of the hundreds of families depending on you, the chamber says Thank You. This is indeed a difficult period for business and we hope that things will get better soon,” he said.