Simplisticto blame public for forex woes

THE EDITOR: Open letter to the Finance Minister.

I write to express deep concern regarding your recent explanation for the ongoing foreign exchange (forex) shortage. Citing a 50 per cent increase in credit card usage as a primary cause for the current forex challenges is both simplistic and unacceptable.

Credit cards are financial tools provided by institutions to facilitate seamless transactions for their customers. This facility has significantly empowered citizens by enhancing their spending capacity and, in turn, supporting businesses across the country.

For many business owners, credit cards – whether commercial or personal – have become essential for maintaining inventory levels or funding business-related travel, particularly as the limited forex allocations from financial institutions are woefully insufficient to meet these demands.

The retail sector, one of the nation’s largest employers, has been disproportionately affected by your administration’s policies. It suffered severe setbacks during the covid19 pandemic due to extreme restrictions, including barring nationals from re-entering the country and shutting down all retail operations deemed “non-essential.” These measures have left lasting damage, yet the government has failed to provide adequate support for recovery.

It is disheartening that, once again, your administration has shifted blame for its own shortcomings onto the public. Such an approach does little to address the root causes of the forex shortage or to instil confidence in your stewardship of the nation’s financial affairs.

I urge you to take responsibility and implement meaningful solutions to address these critical issues.

RICHARD TRESTRAIL

via e-mail

The post Simplisticto blame public for forex woes appeared first on Trinidad and Tobago Newsday.