Options available on forex

Asked what Government was doing about the forex shortage, Rowley said preference is given to certain categories including manufacturers and pharmaceuticals. They are given preference because they are producing something, he said.

“They are creating employment, and in fact, they should be exporting and earning foreign exchange, but there is no guarantee that, that would work. If the manufacturer earns foreign exchange and does not put it back in the system after given preference, that will not fix anything.” The numbers show that the amount of forex Central Bank is putting into the system, if it is properly distributed, “we should be better off than we are right now,” he said. Asked if the problem was in the banking system, Rowley said, “The problem is all around.

You see a sign offering $8 for a US dollar. You know that is illegal, but every policeman in Trinidad and Tobago would pass that there and not ask anybody a question. That is what is happening.” Admitting there is not enough forex to meet all demand, Rowley said, “We as a government is saying to the banks, there are priorities...manufacturers, pharmaceuticals, public debt.” Nevertheless, as a nation of distributors and with some captains of industry having made their reputation by being distributors, he said, “if they do not get enough foreign exchange to buy and distribute they believe the country is falling apart.”