Tancoo welcomes reopened forex window – but has concerns

OROPOUCHE West MP Davendranath Tancoo has said Finance Minister Colm Imbert had caved in to public and political pressure and re-opened the EximBank foreign exchange (forex) window for importing vital foodstuffs and manufactured goods not made in Trinidad and Tobago, such as many pharmaceuticals.

"Having held the 110 importers using the facility over the barrel over the last two months by refusing to provide US (dollars) to them, causing them to face interest charges, trading and credit reputation and having accused them of holding the public to ransom, it is obvious that public pressure has gotten to Minister Imbert to reconsider his previous openly negative position.

"I congratulate the media, the few businesses who dared to speak up and the Opposition UNC for leading this battle to ensure the risk of food shortages and higher prices were averted."

Tancoo was concerned about the effect of Imbert's US$5 million reduction in the monthly allocation to the EximBank, saying it raised several questions.

"On what basis has he reduced the allocation? What analysis informed his decision to reduce the access to foreign exchange by US$5 million?"

Tancoo asked, given that the window was specifically designed for importing essential foods and medicines, what effect would this reduction have on the quantities and prices of these goods being imported.

"These importers are now absolutely aware of how Mr Imbert views them and their business, and that they simply cannot trust him to do the right thing.

"Which importers or which products will now be left out or reduced, and how was this determined?"

He wondered about businesses fearing victimisation for having complained.

"I note, however, that absolutely nothing has yet been done or said about the promised facility for micro, small and medium-sized businesses as promised a year ago. I note too the deafening silence in regard to the establishment of a transparent and open system of access to foreign exchange."