[UPDATED] Imbert: EximBank never sent forex to importers

FINANCE Minister Colm Imbert says claims that the EximBank directly sent foreign exchange (forex) to any importer are false.

He said the special window created at the EximBank for importers to access forex to purchase food, medicine and other critical supplies during the pandemic was always understood to be a temporary measure.

He asked the public to reject claims that the restructuring of this window could lead to an increase in the price of imported commodities.

In a statement issued by the ministry on October 29, Imbert said, "Forex from the EximBank has never been sent directly to any importer." He added that all foreign payments, once verified, are made directly by the bank to vetted and validated international suppliers.

Forex from the bank, Imbert continued, has never been directly sent to any importer to import new or used vehicles, or luxury items or non-essentials such as fireworks.

"Forex from the EximBank has only ever been allocated for importing essential goods, such as basic food and medicine during the covid19 period (pandemic), and principally, for inputs into manufacturing, such as raw materials and equipment."

It is a matter of record, the minister continued, that wholesale importers are aware that the forex window for essential imports was temporary.

"They were also informed in August of 2025, well before Budget 2025 was delivered (on September 30), that the forex facility was under review and would be amended to return the programme to its original intent and purpose."

Imbert said it is unfortunate that "some wholesale importers sought to make purchases without ensuring their source of funds, thus creating problems for themselves."

He added, "The direct provision of forex by government through the EximBank is designed to encourage export manufacturing and economic activity and is a policy intended to promote and support diversification, which no sensible person could object to."

US$1.16b set aside for key purchases during pandemic

Imbert said the addition of a second forex window at the bank for essential imports during the pandemic "cannot create a situation where, four years later, government is being held liable by certain private sector businessmen for the items they ordered and received without paying for them."

"Further, the public should not be held to ransom with a threat of increased prices for the restructuring and rationalisation of a service that was introduced as a temporary measure during the covid emergency, and which it was well known was always subject to periodic review."

Imbert said that in 2020, as a result of the looming trade crisis brought on by the pandemic, government decided to temporarily allow wholesale importers of essential goods access to Eximbank services.

"Since April 2020, 110 distributors of essential goods such as basic foods and medicines accessed the Essentials Forex Window, which allocated US$1.18 billion to purchase these key staples.

"This facility has mitigated the significant risk of national shortages of basic items and is geared at companies that have an existing or previous history of importing approved essential items. In this process, applicants submit their financial statements, as well as Know Your Client (KYC) documentation and projected trade payables to be enrolled.”

He said, "Once enrolled in the Forex Window Facility, clients submit their trade invoices together with the requisite TT dollars. Subsequently, the EximBank wires US dollars directly to the international suppliers for settlement. The local company does not receive US dollars directly.”

In a post on X, on October 27, Imbert announced a review of a special window at the EximBank created to give businesses access to forex for essential imports during the pandemic.

Using the X social media outlet, he also slammed a newspaper (not Newsday) for reporting that a local businessman had appealed to the IMF for help regarding the forex shortage, saying that his inquiries revealed this businessman had never even approached the EximBank for forex.

"I checked with the EximBank today, and I was told that the businessman the paper is promoting has NEVER applied to the EximBank for access to foreign exchange. NEVER," he continued. Beneath that post, was a photo of that newspaper.

This story was originally published with the title Imbert: No forex sent directly to importers and has been updated to include additional details. See original post below.

FINANCE Minister Colm Imbert says claims in the public domain that the Eximbank directly sent foreign exchange (forex) to any importer are false.

Imbert said the special window created at the Eximbank for importers to access forex to purchase food, medicine and other critical supplies during the covid19 pandemic was always a temporary measure.

He advised the public to reject claims that the restructuring of this window could lead to increased prices of commodities.

In a statement issued by the ministry on October 29, Imbert said, "Forex from the Eximbank has never been sent directly to any importer.

He added that all foreign payments, once verified, are made directly by the bank to vetted and validated international suppliers.

Forex from the bank, Imbert continued, has never been directly sent to any importer, used to import new or used vehicle, or import luxury items or non-essentials such as fireworks.

He said, "Forex from the Eximbank has only ever been allocated for importing essential goods, such as basic food and medicine during the covid19 period (pandemic), and principally, for inputs into manufacturing, such as raw materials and equipment.

It is a matter of record, Imbert continued, that wholesale importers were aware that the forex window for essential imports was temporary.

"They were also informed in August of 2025, well before budget 2025 was delivered (on September 30), that the forex facility was under review and would be amended to return the programme to its original intent and purpose."

Imbert said it is unfortunate that "some wholesale importers sought to make purchases without ensuring their source of funds, thus creating problems for themselves."

He added, "The direct provision of forex by the government through the EximBank is designed to encourage export manufacturing and economic activity and is a policy intended to promote and support diversification, which no sensible person could object to. "

Imbert said the addition of a second forex window at the bank for essential imports during the pandemic "cannot create a situation where, four years later, government is being held liable by certain private sector businessmen for the items they ordered and received without paying for them."

He added, "Further, the public should not be held to ransom with a threat of increased prices for the restructuring and rationalisation of a service that was introduced as a temporary measure during the covid19 emergency, and which it was well known was always subject to periodic review."

In a post on X (formerly Twitter) on October 27, Imbert announced a review of a special window at the Eximbank created to give businesses access to forex for essential imports during the pandemic.