It was indeed a pleasure to get the assurance of Minister Larry Howai that the current problem with acquiring foreign exchange will soon be over.
As the July-August vacation approaches, foreign exchange would be in even greater demand and I am glad to know that Central Bank Governor Jwala Rambarran is aware of this. It is my hope that the meeting between the minister and the Central Bank governor and the decision to revisit the foreign exchange allocation system and consider available options will prove to be rewarding.
While I keep in mind that the small number of sellers of foreign exchange, and a large number of buyers will continue to result in unevenness in market flows, I see some progress on the issue. Now that all parties, including senior members of the banks and top business owners have voiced their concern on the matter, measures can be in place to move forward on the issue and it is with high hopes that we await the end of the “unusual degree of tightness” being experienced in the local foreign exchange market.
Port of Spain