Chamber expresses concern about Forex shortage

“As a responsible chamber, understanding the economic constraints facing the Central Bank and their US demands, we would like to know if all sectors would have seen a cut in allocation of US dollars or just some sectors.

We are just asking for our membership to be treated in an equitable manner, with the same rights and privileges as other business sectors,” Roopnarine stated. “The silence is deafening and the Governor of the Central Bank, the Minister of Finance and the Bankers Association need to tell us what is really happening.

Who is getting the US dollars?” Roopnarione cited the Foreign Used Car Dealers, many of when were based in the Penal/ Debe area as having expressed their plight and desperation in obtaining foreign exchange. “They are on the verge of closing and some have ceased to operate. They are sourcing cars from their suppliers and cannot get US to purchase within suppliers deadline and are losing the sales. They are claiming new car dealers are getting preferential treatment,” he stated.

Roopnarine was also in full agreement with a call by the Chaguanas Chamber of Industry and Commerce regarding the “high interest rate spreads, exploitative and vexatious service charges and other discriminatory practices” at commercial banks.

“In fact, the time has come for the Parliament to bring a Consumer Credit Protection Act, as been part of Consumer Protection Laws which is in place in many countries.

This is but one step to be taken in order to alleviate the unnecessary financial pressures that Small and medium enterprises currently experience within these difficult and challenging economic times,” he stated.

Roopnarine also touched on the murder rate which has surpassed 420 murders saying “it is quite disconcerting and disturbing how small and medium sized businesses are being negatively affected by this occurrence.”