You won’t believe the shocking reason behind the forex craze!

Prime Minister’s Promise to Preserve TT Dollar Value

In a firm stance, Prime Minister Dr Keith Rowley has assured the nation that the government has no plans to devalue the TT dollar. This declaration came during a parliamentary session when Couva North MP Ravi Ratiram inquired about strategies to alleviate the foreign exchange scarcity facing businesses in the country.

1. Unchanged Support for Forex:

• Dr Rowley emphasized that the amount of foreign exchange in the banking system has remained constant over the years.
• He disclosed that the government injects US$2.5 billion annually from the US$7 billion reserve, with banks independently acquiring the remainder.
• The rise in forex demand this year attributed to economic growth, imports, and online shopping has strained the existing resources.

1. Minister of Finance’s Deliberations:

• To address the challenges, the Minister of Finance is engaging with stakeholders in search of viable solutions.
• Contemplation of imposing stricter regulations on banks to manage forex distribution is also being considered to stabilize the situation.

1. Firm Rejection of Devaluation:

• Dr Rowley unequivocally dismissed talks of devaluing the TT dollar, debunking speculations about the currency’s future.
• Public concerns surrounding devaluation have been put to rest, with the Prime Minister’s firm stance on protecting the nation’s currency integrity.

Conclusion:

As the nation grapples with forex shortages, the government’s commitment to preserving the TT dollar’s value remains resolute. With ongoing discussions and strategic planning in place, the administration aims to navigate through the current economic challenges while safeguarding the nation’s monetary stability. The Prime Minister’s reassurance provides a sense of security amidst uncertainties, instilling confidence in the nation’s economic future.