The opposition United National Congress in Trinidad and Tobago issued a statement Wednesday asking the Minister of Finance and the Governor of the Central Bank to address complaints from members of the public which indicate that there is a shortage of foreign currency, particularly British Pound Sterling and the US Dollar.The UNC said it is of the view that this situation warrants a statement from the Minister of Finance and the Governor of the Central Bank, who should indicate "whether there is a shortage of foreign currency available to the general public, what measures are being taken to stop the disruption caused by this shortage and how soon they will restore normalcy to the situation."
The news release said the UNC and the Office of the Leader of the Opposition have received numerous phone calls and reports over the past few weeks from members of the public indicating that they have been unable to obtain foreign exchange at their regular commercial banks. It said the complaints have increased significantly in the past week.
The statement noted that most of the complainants are medium and small business operators who are unable to pay their suppliers abroad and are on the verge of having to shut down their business.
"They say that banks are requiring customers to order their foreign exchange several days in advance. Non-cash transactions such as wire transfers are limited to about US$10,000 per customer per day. Customers requiring cash are limited to between US$1,000 and US$5,000," the party said.
It said UNC officials contacted several banks to enquire into this matter and the feedback from bank staff have confirmed that foreign exchange is being rationed.
It said, "The UNC is very concerned about the effect this situation will have on the fate of small and medium businesses and the consequences for employment. Additionally, with the August school vacations right around the corner, many families may have plans to travel abroad."
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