Vital to improve access to forex

THE EDITOR: The foreign exchange (forex) dilemma in TT presents significant challenges for the economy, particularly for small businesses and everyday citizens.

Banks are increasingly prioritising large corporations for forex allocations, leaving small businesses struggling to access the currency necessary for imports and international transactions.

This disparity not only threatens the survival of small enterprises, but also contributes to the closure of many local businesses, undermining entrepreneurship and economic diversification.

As small businesses find themselves unable to secure the forex they need through traditional banking channels, many are being driven to the black market. This shift poses risks, as individuals and businesses may end up paying exorbitant rates or dealing with unregulated entities, further destabilising the economy.

Conversely, large firms seem to have unfettered access to forex, exacerbating the inequities in the system. This unequal distribution of resources creates a climate of frustration among the populace, as citizens witness the gap between the privileged few and the broader community continuing to widen.

The current system is clearly not working effectively to support the diverse needs of the economy. There is an urgent need for regulatory reform to ensure that forex allocations are more equitable and that small businesses receive the support they require to thrive.

Improving access to forex for all sectors, alongside measures to stabilise the market, will foster a more inclusive and resilient economic environment, benefiting citizens and businesses alike.

GORDON LAUGHLIN

via e-mail