The recent foreign exchange crisis has sparked concerns and criticisms from various corners, with UNC Chairman Dave Tancoo labeling it as a “ticking time bomb” strapped to the populace by Finance Minister Colm Imbert. During a media briefing, Tancoo raised alarming questions about the transparency and fairness of the forex distribution process, shedding light on the lack of official documentation and guidelines governing the allocation of foreign exchange.
Here are the key points highlighted by Tancoo regarding the foreign exchange crisis:
- A local businessman specializing in dairy products faced challenges securing forex for his business operations.
- Requests made under the Freedom of Information Act revealed a lack of official policies guiding forex distribution.
- The absence of documented procedures raises concerns about the subjective nature of forex allocation.
- Tancoo criticized the secretive and unregulated distribution of foreign exchange, questioning the Minister of Finance’s motives.
- The lack of accountability and transparency surrounding the distribution of over US $13 billion to authorized dealers is a cause for concern.
The alarming revelation of a seemingly unregulated and secretive process for allocating foreign exchange has prompted calls for a thorough investigation and accountability. Tancoo’s remarks highlight the urgent need for transparency and fairness in the management of Trinidad and Tobago’s foreign exchange reserves. It is imperative that the government addresses these concerns and provides clarity on the distribution process to restore trust and integrity in the system.
Leave feedback about this