Manufacturers continue to face forex challenges

The TTMA welcomed statements by Finance Minister Colm Imbert that the manufacturing sector should get preference in accessing foreign exchange, since that sector produces goods which it exports to earn foreign exchange, compared to other sectors which merely use the country’s scare foreign exchange in import and distribution.

However, responding to questions on Tuesday at the launch of the bank’s Fiscal Stability Report for 2016, Hilaire said the bank does not have exchange controls, so it cannot direct commercial banks on their distribution schedules, nor insist that foreign exchange be given to specific entities or earners.

In a statement, TTMA president Christopher Alcazar said while it was not surprised by the Central Bank Governor’s comments, the association continues to communicate with the Ministry of Finance in order to find a workable solution for all parties.

He said, “The TTMA is cognisant of the fact that any measure must be stringently policed and managed with the utmost transparency.

Nevertheless, our membership continues to face extreme hardship in accessing the necessary foreign currency in order to operate. As such, we will continue to steadfastly pursue a solution which not only will withstand scrutiny but will also ensure the survival of our industry and the sustainable benefits it brings to our nation’s economy and citizens.”