Cabinet is requested to urgently clarify the state of the country’s foreign exchange position. Specifically: how many months of forex are currently secured for food imports; the present balance and drawdown status of the Heritage and Stabilisation Fund; and whether the Administration considers the present level of forex rationing acceptable.
Public concern has intensified following the third reduction in US dollar credit card quotas by Banks just following each other, Given that USD and TTD limits are calculated simultaneously, Cabinet must state whether domestic TTD access will also be constrained.
The perception is growing that forex availability is being deliberately managed to avoid public protest, while transparency on reserves and policy direction remains absent.
At the same time, unrestricted imports, particularly foreign used vehicles (up to eight years old) and new vehicles, continue to drain scarce forex, while local manufacturers are rendered uncompetitive due to imported raw materials.
With the loss of Petrotrin as a major forex generator, the country can no longer operate on an open ended import model. Cabinet is therefore urged to immediately direct the Ministry of Trade to implement ECO and ECI frameworks, making access to forex conditional on exporters and importers earning or supporting forex inflows.
Failure to act will continue to shift the economic burden onto the small employed population through indirect taxation, rising costs, and declining purchasing power, an issue that can no longer be swept aside.
Gordon Laughlin
Westmoorings
