Regional chambers: Divert some forex to SMEs

CONFEDERATION of Regional Business Chambers (CRBC) chairman Vivek Charran has suggested government consider diverting some of the foreign exchange (forex) being provided through a special window at the EximBank to help small and medium businesses access the forex they need for their operations.

He made this suggestion in response to a statement Finance Minister Colm Imbert made 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.

"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."

In a statement on October 30, Charran said Imbert's comments indicated a preferential forex goods list remains, even though there is no food shortage crisis or a pandemic.

He asked if the full extent of the special window at the EximBank had been exhausted.

Charran suggested that if this is not the case and there is no immediate crisis to deal with, Imbert could consider diverting some of the forex from the window to alleviate the crisis some SMEs are experiencing in access to forex.

He asked how anyone could say a great environment exists in Trinidad and Tobago for diversification into the export market through manufacturing or re-export when problems such as land, labour and a forex shortage exist.

Charran said struggling SMEs also do not suggest an environment conducive to economic diversification.

He repeated his concern that SMEs have been complaining about access to forex for two years, but government only appears to notice this problem when bigger businesses make the same complaint.

"That's a scary place to be in, especially when you don’t have deep pockets and big profits to sit it out while you watch your income decrease and you foreign bills remain unpaid from month to month."

Charran said he has spoken to some businesses who have told him, "The bank said to them they can expect no more US dollars for the rest of the year to cater to their operating needs."

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 emergency phaseof the4 pandemic.