What's causing Trinidad's Forex crisis?

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  • เผยแพร่เมื่อ 23 ธ.ค. 2024

ความคิดเห็น • 425

  • @ChristianRodriguez-qs8zf
    @ChristianRodriguez-qs8zf หลายเดือนก่อน +51

    She is advocating a currency devaluation which will reduce the demand for FX and stabilize supply but she has not mentioned the price increases that will result and the higher cost of living for everyone. While her position is theoretically valid she has missed the point why the Govt does not want to devalue.

    • @NativeNomad10
      @NativeNomad10 หลายเดือนก่อน +15

      Funnily, Jamaica currency is devalued yet Jamaica cost of living is less than Trinidad. Why do you think that is? Jamaica cpi is 140 while Trinidad cpi is 163. She knows what she is talking about.

    • @ChristianRodriguez-qs8zf
      @ChristianRodriguez-qs8zf หลายเดือนก่อน +4

      ​@@NativeNomad10your data is inaccurate. Over the period 2020-24 the Jamaican CPI moved from 105 to 140 or roughly 9% per annum while TT CPI moved from 108 to 124 over the same period equal to 4% per annum.

    • @ambrosia_123
      @ambrosia_123 หลายเดือนก่อน +1

      Not to mention if one devalues, it should be gradual. In the meantime, the efforts to ramp up agriculture and manufacturing has been going on, not to mention because of the high number of educated persons, it is a destination for BPO businesses (IQOR, Bill Gosling etc) for service based jobs. Devaluation out of the blue can have many citizens go hungry.

    • @ShawnFarwell
      @ShawnFarwell หลายเดือนก่อน +6

      She does cover the higher cost of living at 26:00 and again at 31:15

    • @sportreelz7025
      @sportreelz7025 หลายเดือนก่อน +1

      ​@@ChristianRodriguez-qs8zf As of 2024, Trinidad and Tobago CPI is above 163, and last year it was also more than Jamaica. According to word bank, as of 2024, its in the 170's for Trinidad and Tobago. you must be talking about a specific basket but definitely not the average baskets or average CPI.
      Quote" CPI Price, nominal in Trinidad and Tobago was reported at 176 in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. Trinidad and Tobago - CPI Price, nominal - actual values, historical data, forecasts and projections were sourced from the World Bank on November of 2024"

  • @Jan-A
    @Jan-A หลายเดือนก่อน +55

    Please talk about the "Arrangements" between Car Dealerships and Commercial Banks. Although the law provides for a citizen to import a vehicle every 4 years, the banks will not "sell" him the US to purchase it, but somehow Car Dealers are getting US bringing in vehicles by the containers, by the warehouses, by the parking lots. Why? The Car Dealerships will hike up the price and the only way citizens can now afford vehicles is through loans from the same banks who would not sell US to them, but somehow it's available to the Car Dealerships.

    • @tendosingh5682
      @tendosingh5682 หลายเดือนก่อน +5

      Also the profit margin is huge compared to other products. Of course Banks benefit from this as well.

    • @Jan-A
      @Jan-A หลายเดือนก่อน +8

      If you don't need loans, keep your money in Unit Trust. UTC is not a bank and therefore don't have to play by the rules of the Commercial Banks. But please note, UTC does not sell US or any other currency. You have to go with your own US or TT, but unlike the Banks, you have access to your own money.

    • @JoshJC
      @JoshJC หลายเดือนก่อน +1

      Bussiness clients are given prioritisation by banks, this isn't isolated to banks, nor a new concept. The banks, still choose the limits and how to allocate their USD allowances each month amongst their clients. In this controlled economy, it is ensured that the businesses purchase vehicles with the USD as intended.

    • @speeddemon9616
      @speeddemon9616 หลายเดือนก่อน +2

      Funny enough, I didn't know how bad that US sanction affect us, until buying a car, and having to go through that Bs with the banks for months, going "black market " turn out alot quicker and even with the fees cheaper than buying local.

    • @Jan-A
      @Jan-A หลายเดือนก่อน +3

      @@JoshJC this is because of the restrictions placed on the Banks. Right in Caribbean, this is not happening, and our neighbours are asking, "What's going on in T&T with foreign exchange, US, EC.... .? And how often is an individual going to be looking for US to import his own vehicle? This is once, every four (or five) years. Yet, the Banks will allow you to use thousands of US dollars via a Credit Card per billing cycle? Why? It allows them to keep you in debt.

  • @dy6682
    @dy6682 หลายเดือนก่อน +43

    Remittances and tourism across the Caribbean are the two largest sources of foreign money….. Exports are not in the same league . We need to grow our own food and cut down on foreign imports for starters .

    • @theoccasionalvideo
      @theoccasionalvideo หลายเดือนก่อน +2

      How much food can we grow? We're islands!

    • @Bruv-
      @Bruv- 23 วันที่ผ่านมา

      It used to produce enough and more to feed its own people until it joined the UN​@@theoccasionalvideo

    • @jagriv5659
      @jagriv5659 18 วันที่ผ่านมา

      And so I am told the farmers are targeted and robbed by criminals in Trinidad.

  • @shireenogir5636
    @shireenogir5636 หลายเดือนก่อน +22

    We have a crises all over the world with high inflation. You forget the USA reserve currency is used as a printing press. Lots of dollars floating around no backing for it so when it crashes it would not affect our country as others. Let's start start creating and revving the local economy for future international setback.

    • @mrshonestopinion
      @mrshonestopinion หลายเดือนก่อน +2

      Didn't think about it like that nah. Maybe you are right cuz the US dollar crash is coming very soon.

    • @mellymel6624
      @mellymel6624 13 วันที่ผ่านมา

      Somebody thinking 👍

  • @stephenbroadbridge8325
    @stephenbroadbridge8325 29 วันที่ผ่านมา +28

    I’ve been doing ecotourism in Trinidad for over 30 years.
    I sell vacation packages abroad.
    The groups I brought in filled beds in hotels. Seats in restaurant and bars. Hired guides and transportation.
    I generated much USD.
    Since the return is the PNM government, I have had a 60% dip in income.
    I’m Vice President of the tour operator’s association. Most of our members have also had a major reduction in business.
    Government continues to tax us but ignores our request for meetings.
    We have zero representation.
    Lousy policies.
    Government has fired all our foreign reps.
    They haven’t advertised Trinidad for 9 years.
    I’m completely fed up.

    • @halfmoonmario3
      @halfmoonmario3 29 วันที่ผ่านมา

      Lol… rough me boy

    • @supplychainanalytics9114
      @supplychainanalytics9114 28 วันที่ผ่านมา

      Because the country has gone to 'shit' and they are just looting everything. Look at the disaster that petrotrin was.

    • @xIsantaIx
      @xIsantaIx 19 วันที่ผ่านมา

      And when you voice your concerns the Pnm supporters start trolling you with nonsense it's beyond frustrating.. It was soo much better with the previous Government Unc we had little to no problems.. This current government is taxing us wayyy more using more money with nothing to show for it.. and not explaining to us what they are doing with it.. no transparency.. the world is watching.. soon the current Rowley Pnm lead government will be in the spotlight .. the finance minister is already under investigation by the privy council since 2.6bil TTD is missing from the treeasury .. This government is the height of mismanagement and no accountability cant nothing else speak like corruption...

    • @mantrinbago
      @mantrinbago 13 วันที่ผ่านมา

      What do u propose? This seems like a long to medium term fix😢

  • @JaelzEllie
    @JaelzEllie 17 วันที่ผ่านมา +2

    I didn't understand the role and responsibilities of an economist. This video was very enlightening and she explained in such a superb layman manner that has me interested in what else economist do.👏🏾👏🏾👏🏾

  • @saaras3081
    @saaras3081 หลายเดือนก่อน +54

    I now understand why the PM said Marla is talking jackassness and I concur!
    How would devaluing the currency result in more US? How would that build reserves? How would that do anything except increase the cost of living? How is low inflation a bad thing and why is she equating that with economic stagnation? So runaway inflation like Zimbabwe some years ago meant a booming economy???
    Jackassness oui!

    • @junioralfred-vw3sv
      @junioralfred-vw3sv หลายเดือนก่อน +2

      😂😂😂😂😂

    • @odamian62
      @odamian62 หลายเดือนก่อน +2

      Me tooo....lol

    • @jaronbalfour3711
      @jaronbalfour3711 หลายเดือนก่อน

      😂​@@junioralfred-vw3sv

    • @thedatasage
      @thedatasage หลายเดือนก่อน +6

      Low inflation is a bad thing to persons who have assets, because the "dollar value" stays low. Rich and wealthy individuals love inflation because they get richer every year and the poor get poorer every year. Deflation or stagflation is good for the poor and middle class because the cost of living stays low and the price tag to buy assets are low

    • @Kaliwampas
      @Kaliwampas หลายเดือนก่อน

      Trump said he will "drill, baby drill"......Rowley rename Petrotrin and became a retailer of fuel, instead of managing and expanding the oil sector. Anyone with a brain and an adult age can understand that the current government is the worst. Grooming citizens to accept less. Their supporters like to kick the "world" football anytime they want to make comparisons to manipulate a point or narrative. So let me take a kick at the ball, in America, you would never hear their leaders saying ban yuh belly, tighten yuh belt, hold strain.......they tell their people to live the american dream, seek enterprise, work hard, the land of the free while creating and doing things with a vision. We hire a government to manage and seek our interest, not close down and lock up and control.

  • @victoriassecretisluv
    @victoriassecretisluv หลายเดือนก่อน +15

    All I know is that on the Morning Jo show in America the man did not know that butter moved from 4.00 to US7.00 . Well in Trinidad its US 9.00 . Can you imagine if the Trinidad government floated the exchange butter would go through the roof ! People would be upset !

  • @AnsariBaksh
    @AnsariBaksh หลายเดือนก่อน +20

    This was very informative for me. I live in Trinidad and am one of those affected by this issue.

    • @odamian62
      @odamian62 หลายเดือนก่อน +7

      Sorry bro, get more information because this ain't it.

    • @JoshJC
      @JoshJC หลายเดือนก่อน

      She isn't very wise. While yes, the market influences and directs prices, the market for imported cars, purchasing of land, and the major driving factor of any market is the top 3% - 20%. They are inflation-proof through investments and high paying jobs and will keep importing cars and any goods and items they wish, which will increase the price of everything if not regulated. We already see this with land not only in TT but all over the world where the rich and investment banks buy up all of the available housing, not allowing the "market's demand" to drive the price down to match with the working class and lower-income sector.
      A peg on the US dollar allows for a controlled amount of imports, so everyone enjoys the same market price of imported vehicles and products equally. If the exchange rate is allowed to move freely, just like Jamaica, which is currently JMD$159 to USD$1, the cost of living will dramatically increase, and the price of everything will go up, realistically affecting mainly those without invested interest-earning savings.
      Think about it, while yes, we are producing oil and gas still, what happens when it runs out? We've been producing for over 100 years. Then we will need to import oil and gas. By this time, if we allow US and global inflation to leak into our economy by allowing the "market" an uncapped, uncontrolled outflow of USD and importing, guess what? Our TTD will devalue. Fast forward to if the "market" drives our exchange rate to TTD$100 to US$1, guess what will happen when we need to import oil and gas? TT will experience hyperinflation overnight, just like Venezuela and many other countries did.
      She is allowing her personal biases and high level of mistrust and skepticism to blind her overall analysis.
      She claims that "someone" is benefiting from purchasing USD at TTD$7.8 vs. TTD$8. Think about it, without USD being pegged to TTD$7.8, where it is still available through the bank by request for legitimate use, it will prevent the black market price from getting out of control as well. Only the overspenders and those who need USD in CASH for whatever personal reasons will purchase on the black market. Most spenders have a credit card with a considerable USD limit, and depending on the client's net worth, they have a higher limit to even accommodate the overspenders, which prevents excessive and wasteful spending or exporting of our USD reserves out of TT. There is no legitimate reason to allow uncontrolled or large withdrawals of USD in CASH. For those who can't wire their own USD, I believe this is sad, wrong and overstepping; however, the reality is as follows: Despite the lack of explicit prohibitions, the Central Bank's policies and the economic situation might indirectly affect the ability to wire USD abroad. For instance, if there's a forex shortage, banks might delay or limit transactions due to insufficient liquidity in USD, which isn't necessarily an outright legal prohibition but rather a practical limitation influenced by policy.
      Direct Legality: There's no explicit law or recent regulation directly cited that makes it illegal for banks or the Central Bank to prevent someone from wiring their USD out of TT. However, the practical ability to do so might be severely limited or delayed due to forex shortages or bank policies.
      While the CBTT conducts monetary policy aimed at maintaining low inflation, financial stability, and supporting economic growth, these objectives align with government economic policies but are executed independently by the Bank. The Bank's use of instruments like the repo rate to influence monetary conditions shows its operational autonomy in day-to-day monetary management.
      Emergency Controls: The case of the Central Bank relinquishing control over CLICO in 2022 after a period of emergency management highlights that in crisis situations, the government can authorize the Central Bank to take specific actions, indicating a form of control or at least significant influence during emergencies.
      I digress a bit; the "someone" who is benefiting at a rate of TTD$6.8 vs. TTD$8 on the black market is a joke. Imagine if the global market were to devalue our currency, and now everyone has to pay in excess of TTD$10, and more than likely, a continuous rise. So currently, that "someone" who is benefiting is everyone.
      As she mentioned, TT is the only country out of the countries she observed that has a consistent decline in USD reserves. So why support uncontrolled "market" driven forces? That doesn't make any sense. T&T’s net official foreign reserves declined by 45.84% between the end of September 2015, when the reserves position was US$10.539 billion, and September 2024. The current administration was elected on September 7, 2015. In its Annual Economic Survey for 2023, the Central Bank disclosed that the demand for foreign exchange-measured by sales of foreign exchange by authorized dealers to the public-totaled US$6.228 billion. Supply of foreign exchange-measured by purchases of foreign exchange from the public by authorized dealers-amounted to US$4.614 billion. That left a net sales gap of US$1.614 billion, of which the Central Bank supplied US$1.342 billion to authorized dealers to support the market.
      Exchange Rate Pressure: The positive interest rate differential can put downward pressure on the TT dollar. Investors might sell TT dollars to buy USD, where they can earn more interest, leading to a depreciation of the TT dollar if not managed through forex controls or other monetary policies.
      The cause of the monetary policies is not to benefit "someone" but to account for changes in the market. Every single past administration had the opportunity to steadily increase our USD reserves, but this limitaion and "control" would look bad to the public and jeopardize their political image.
      I support the current monetary policies and decisions, and thank goodness we have some practical persons influencing these decisions in our current administration.
      If you want USD, earn USD. If the country wants to enjoy imports of foreign goods, produce more local goods for export. It's that simple. No conspiracy.
      In summary, the discussion around the TTD's peg to the USD, the influence of the top economic echelon on market dynamics, and the implications of foreign exchange controls versus market liberalization, highlights a complex economic strategy aimed at stability and controlled growth. While there are valid concerns about the equity of these policies, particularly regarding who benefits from the current exchange rate mechanisms, the overarching goal appears to be protecting the broader population from the volatility of global markets and inflation. The Central Bank's policies, supported by government oversight, strive to balance economic stability with the need for foreign exchange, ensuring that while not everyone might be satisfied, the system aims to mitigate the worst effects of economic fluctuations on the general populace. This approach, while not without its critics, underscores a pragmatic response to the unique economic challenges faced by Trinidad and Tobago, advocating for a measured approach to currency management and economic policy-making.

    • @joncumber2020
      @joncumber2020 13 วันที่ผ่านมา

      This is incoherent rubbish with a pretty clear agenda.

  • @sharsasuke01
    @sharsasuke01 28 วันที่ผ่านมา +4

    The problem is Trini businesses were buying USD through the Jamaican market and we recently cut them off because they refused to buy their own currency back from us. I think that was a big factor in this crisis.

  • @nevillev2963
    @nevillev2963 25 วันที่ผ่านมา +4

    In Jamaica you can withdraw $USD from your $USD account from some ATM machines. Also it is very easy to buy $USD from the banks and the cambios. When there was a fix exchange rate you could only get maximum $USD $50 from the bank. There was a thriving black market. It was unsustainable.

  • @challybirchwood6479
    @challybirchwood6479 หลายเดือนก่อน +12

    she is totally correct. Trinidad and Tobago is on a Managed Float. The official exchange rate is not a reflection of the true needs of the countries market. The Central bank is subservient to the Ministry of Finance which the Minister in Charge is a political Appointment. USD distribution is not determined by true needs but by Financiers who has similar political patronage.This and the main Local Oligarch's need to crush the up and coming Businesses who they see as Competitors by weaponizing the access of these business to get FOREX .The Main Oligarchs are major shareholders of the main Banks that operate in Trinidad and Tobago.

    • @odamian62
      @odamian62 หลายเดือนก่อน +2

      While the TT government does inject 2.4 billion US into the system yearly, be mindful of the fact that commercial banks inject 4 billion US dollars. US distribution therefore would be guided by other considerations like supply and demand. Not everything is a conspiracy!

    • @stadex4203
      @stadex4203 28 วันที่ผ่านมา

      What you have described is a corrupt cartel with secret back room deals, if this was the USA there would be federal investigations into that. No wonder crime is out of control if the small man and woman cannot create a business that challenges the status quo of the people who play golf.

  • @michaelabraham3677
    @michaelabraham3677 หลายเดือนก่อน +6

    People are also transferring the credit card USD to a USA bank accounts and then selling it higher. Making the problem even worse and causing more USD spending limits.

    • @speeddemon9616
      @speeddemon9616 หลายเดือนก่อน

      I think this was one of the reasons the US put that limit on T&T, if am not mistaken.

    • @IllusionVevo
      @IllusionVevo หลายเดือนก่อน

      That is y I start using PassCash, for online payments or to hold USD until its time to withdraw it to a US account.

  • @dawnmariedebrah1472
    @dawnmariedebrah1472 19 ชั่วโมงที่ผ่านมา +1

    Really interesting..what happened with my PEOPLE

  • @tropics8407
    @tropics8407 หลายเดือนก่อน +10

    Shutdown sugar industry, shutdown refinery, shutdown Iron and Steel industry, stop Aluminum industry but start what ? How long we hearing about new tourism industry in Tobago and nothing 🤷‍♂️

  • @petermorris468
    @petermorris468 23 วันที่ผ่านมา +2

    An excellent and accurate analysis of the T&T forex problem. Unless this is rectified T&T will become another Venezuela.

  • @Furious187
    @Furious187 หลายเดือนก่อน +10

    All the usd going towards ansa and the pnm ppl... no forex for citizens but ansa buying usa company for 300+ million usd

    • @JkEnterpriseinc-fp3gm
      @JkEnterpriseinc-fp3gm หลายเดือนก่อน +1

      Truth

    • @michaelabraham3677
      @michaelabraham3677 หลายเดือนก่อน

      Ansa has massive businesses in the USA though

    • @JohnDoe-qv1kg
      @JohnDoe-qv1kg หลายเดือนก่อน

      they borrowed that money from USA....citibank

  • @EMengineer
    @EMengineer 2 วันที่ผ่านมา

    Good commentary Guyana went through a similar situation some time back where the Guyanese were creative in getting USD out. The rate in Guyana, albeit high, has been fairly stable for the last 10 years

  • @nydiasavary7487
    @nydiasavary7487 17 วันที่ผ่านมา +3

    Thanks much Marla, for providing a better understanding of the situation. Your knowledge is greatly appreciated!

  • @RawleAnnandsingh
    @RawleAnnandsingh 12 วันที่ผ่านมา +1

    Very insightful interview.

  • @WorlBozz
    @WorlBozz 29 วันที่ผ่านมา +3

    Also agree with her on not voting for either pnm or unc..they are both horrific for us!

  • @jamiami3804
    @jamiami3804 28 วันที่ผ่านมา +2

    What she really advocating for is to legally cut her workers pay on a monthly basis. In Jamaica every time the dollar devalued workers get a pay cut while businesses just increase their prices. Devaluation is a pay cut for the workers because wages doesn’t adjust as fast as you can increase prices for your products. Big business like devaluation because wages is usually one of their biggest cost and devaluation allows them to reduce wages usually for a whole year and longer for those who make minimum wages because government takes long to adjust minimum wages. In Jamaica it gets a little offset by the remittance because half the population gets some sort of remittance but businesses are the winners of devaluation.

    • @sportreelz7025
      @sportreelz7025 18 วันที่ผ่านมา

      thus its better to do business in Jamaica and have a side hustle. With Trinidad having a significant manufacturing sector, isnt that still ideal for them?

  • @michelhaldane6224
    @michelhaldane6224 หลายเดือนก่อน +6

    The 38 KFC and the 20+ Subway soaking up the US$ supply with the need for Franchise fees

    • @seanj2451
      @seanj2451 11 วันที่ผ่านมา

      lol what!? ooh boy

  • @stadex4203
    @stadex4203 28 วันที่ผ่านมา +2

    So TT banks are basically rationing US dollars. What would a bank do if a customer said "I am closing my USD account now, cash me out", could a bank refuse? Somebody should try that tactic just to see what they do.

    • @rundmz30
      @rundmz30 13 วันที่ผ่านมา

      They would issue the client the limit of the day or week (some banks differ in the frequency in which they make US available) and continue issuing that limit to the client accordingly until they are paid. Alternatively, they may issue the US equivalent in another currency so that they don’t give all their US to one customer.
      This is just my logical reasoning, I could be wrong. But banks in T&T are brazen enough to make such policy decisions that protect only their and their shareholders’ interests.

  • @joyousjamaican
    @joyousjamaican 29 วันที่ผ่านมา +2

    But the TT companies that have arms in Jamaica buy their US here and have done this for years because of the limitations in access to the dollars there. The scarcity / control over the dollars in other islands has been persistent, and you cannot tell me this is not a part of the reason for the move of the dollar in Jamaica.

  • @gillianwalters9840
    @gillianwalters9840 28 วันที่ผ่านมา +1

    Unfortunately majority of citizens seem to think this doesn't affect them and not concerned due to complete ignorance.

  • @shammyramai7091
    @shammyramai7091 9 วันที่ผ่านมา

    Very informative interview!!! Great job!!!

  • @1244izzy
    @1244izzy หลายเดือนก่อน +14

    Some of the comments here show why Trinidad and Tobago is finished. I can tell those apart who are economically inept aside from those who actually understand economics and how currency pegs work. For those who believe she is wrong, continue to listen to your PM and maybe consider educating yourselves in the interim because I CAN ASSURE YOU, when our leaders finally break this economy (and they will), the illiterates will suffer most... and that same PM will migrate..

  • @DavidLewis-uh1hj
    @DavidLewis-uh1hj 10 วันที่ผ่านมา

    Thank you for sharing. It explains why, when I go to Trinidad for Carnival, I have to pay for lodging by depositing US funds into the home owner's New York bank account. She refuses to be paid in Trinidadian dollars.

  • @JasonRoberts-d6e
    @JasonRoberts-d6e หลายเดือนก่อน +1

    When the government released the forx to the business community and others. How are they getting back a return on that money, is it an investment to the government. And in what way the output is being back an income to the country's economy. And how it is helping to replenish the country's treasury

  • @miguelpascall6759
    @miguelpascall6759 หลายเดือนก่อน +2

    So what are the banks doing with people's money when they deposit it into their accounts?

  • @abcdefghi9
    @abcdefghi9 หลายเดือนก่อน +79

    Trinidad is fucked. They failed to use their oil wealth to diversify their economy. Now they will face the consequences. They squandered and wasted most of their resources. A cautionary tale. Similar to Vanuatu Island. While Guyana will become like Singapore.

    • @kylemarshall9621
      @kylemarshall9621 หลายเดือนก่อน +8

      You're wrong

    • @theoccasionalvideo
      @theoccasionalvideo หลายเดือนก่อน +19

      Trinidad's economy has diversified. It's not the same economy as the oil boom years.
      Secondly we have no idea where Guyana is headed. Hopefully in the right direction.

    • @danielb5721
      @danielb5721 หลายเดือนก่อน +30

      It wasn't wasted, it was stolen!

    • @Ryan1rod
      @Ryan1rod หลายเดือนก่อน

      Im from trinidad, please help me understand where's the diversification you speak off.​@theoccasionalvideo

    • @abcdefghi9
      @abcdefghi9 หลายเดือนก่อน +4

      @@theoccasionalvideo into what?

  • @dawnmariedebrah1472
    @dawnmariedebrah1472 19 ชั่วโมงที่ผ่านมา +1

    My Trinidadian women ARE PRETTY. BEING A CANADIAN

  • @jeffreylocke9548
    @jeffreylocke9548 17 วันที่ผ่านมา +1

    Citing Jamaica Forex policy as a good example is easy for someone not living in JA to do. Over the many decades, the rate of inflation in JA has created a tail of two cities - the very few that have and the majority that don't.
    She displayed no concern for the negative impact of devaluation - inflation. A currency peg is not the overall solution either. However, it slows down demand, which slows down inflation. It is the less of two evils as it is only a short-term fix.

  • @AaaaBbbb-mp8wd
    @AaaaBbbb-mp8wd หลายเดือนก่อน +5

    Government said there is no crisis! Why is everyone saying this?????

    • @densilmitchell9643
      @densilmitchell9643 หลายเดือนก่อน +1

      Really? But can you trust the government?

    • @Stephen_a.p
      @Stephen_a.p หลายเดือนก่อน

      You seem to be living in your own little fantasy bubble. Sycophants believes everything their government tells them

    • @ynwsslime
      @ynwsslime หลายเดือนก่อน +3

      Believing the government is like believing a prostitute when she says she loves you

    • @no.1spidey-fan182
      @no.1spidey-fan182 29 วันที่ผ่านมา +3

      Anytime the government HAS to say things are fine...they are NOT fine😂
      When something is obvious it does NOT need to be STATED

    • @dellchica2373
      @dellchica2373 9 วันที่ผ่านมา

      You still believe the Gott😅??

  • @amarrambadhan8072
    @amarrambadhan8072 หลายเดือนก่อน +28

    This video is one of the best explanations and solutions of this problem I have seen.

    • @odamian62
      @odamian62 หลายเดือนก่อน +2

      Surely your kidding!

    • @JoshJC
      @JoshJC หลายเดือนก่อน +2

      She isn't very wise. While yes, the market influences and directs prices, the market for imported cars, purchasing of land, and the major driving factor of any market is the top 3% - 20%. They are inflation-proof through investments and high paying jobs and will keep importing cars and any goods and items they wish, which will increase the price of everything if not regulated. We already see this with land not only in TT but all over the world where the rich and investment banks buy up all of the available housing, not allowing the "market's demand" to drive the price down to match with the working class and lower-income sector.
      A peg on the US dollar allows for a controlled amount of imports, so everyone enjoys the same market price of imported vehicles and products equally. If the exchange rate is allowed to move freely, just like Jamaica, which is currently JMD$159 to USD$1, the cost of living will dramatically increase, and the price of everything will go up, realistically affecting mainly those without invested interest-earning savings.
      Think about it, while yes, we are producing oil and gas still, what happens when it runs out? We've been producing for over 100 years. Then we will need to import oil and gas. By this time, if we allow US and global inflation to leak into our economy by allowing the "market" an uncapped, uncontrolled outflow of USD and importing, guess what? Our TTD will devalue. Fast forward to if the "market" drives our exchange rate to TTD$100 to US$1, guess what will happen when we need to import oil and gas? TT will experience hyperinflation overnight, just like Venezuela and many other countries did.
      She is allowing her personal biases and high level of mistrust and skepticism to blind her overall analysis.
      She claims that "someone" is benefiting from purchasing USD at TTD$7.8 vs. TTD$8. Think about it, without USD being pegged to TTD$7.8, where it is still available through the bank by request for legitimate use, it will prevent the black market price from getting out of control as well. Only the overspenders and those who need USD in CASH for whatever personal reasons will purchase on the black market. Most spenders have a credit card with a considerable USD limit, and depending on the client's net worth, they have a higher limit to even accommodate the overspenders, which prevents excessive and wasteful spending or exporting of our USD reserves out of TT. There is no legitimate reason to allow uncontrolled or large withdrawals of USD in CASH. For those who can't wire their own USD, I believe this is sad, wrong and overstepping; however, the reality is as follows: Despite the lack of explicit prohibitions, the Central Bank's policies and the economic situation might indirectly affect the ability to wire USD abroad. For instance, if there's a forex shortage, banks might delay or limit transactions due to insufficient liquidity in USD, which isn't necessarily an outright legal prohibition but rather a practical limitation influenced by policy.
      Direct Legality: There's no explicit law or recent regulation directly cited that makes it illegal for banks or the Central Bank to prevent someone from wiring their USD out of TT. However, the practical ability to do so might be severely limited or delayed due to forex shortages or bank policies.
      While the CBTT conducts monetary policy aimed at maintaining low inflation, financial stability, and supporting economic growth, these objectives align with government economic policies but are executed independently by the Bank. The Bank's use of instruments like the repo rate to influence monetary conditions shows its operational autonomy in day-to-day monetary management.
      Emergency Controls: The case of the Central Bank relinquishing control over CLICO in 2022 after a period of emergency management highlights that in crisis situations, the government can authorize the Central Bank to take specific actions, indicating a form of control or at least significant influence during emergencies.
      I digress a bit; the "someone" who is benefiting at a rate of TTD$6.8 vs. TTD$8 on the black market is a joke. Imagine if the global market were to devalue our currency, and now everyone has to pay in excess of TTD$10, and more than likely, a continuous rise. So currently, that "someone" who is benefiting is everyone.
      As she mentioned, TT is the only country out of the countries she observed that has a consistent decline in USD reserves. So why support uncontrolled "market" driven forces? That doesn't make any sense. T&T’s net official foreign reserves declined by 45.84% between the end of September 2015, when the reserves position was US$10.539 billion, and September 2024. The current administration was elected on September 7, 2015. In its Annual Economic Survey for 2023, the Central Bank disclosed that the demand for foreign exchange-measured by sales of foreign exchange by authorized dealers to the public-totaled US$6.228 billion. Supply of foreign exchange-measured by purchases of foreign exchange from the public by authorized dealers-amounted to US$4.614 billion. That left a net sales gap of US$1.614 billion, of which the Central Bank supplied US$1.342 billion to authorized dealers to support the market.
      Exchange Rate Pressure: The positive interest rate differential can put downward pressure on the TT dollar. Investors might sell TT dollars to buy USD, where they can earn more interest, leading to a depreciation of the TT dollar if not managed through forex controls or other monetary policies.
      The cause of the monetary policies is not to benefit "someone" but to account for changes in the market. Every single past administration had the opportunity to steadily increase our USD reserves, but this limitaion and "control" would look bad to the public and jeopardize their political image.
      I support the current monetary policies and decisions, and thank goodness we have some practical persons influencing these decisions in our current administration.
      If you want USD, earn USD. If the country wants to enjoy imports of foreign goods, produce more local goods for export. It's that simple. No conspiracy.
      In summary, the discussion around the TTD's peg to the USD, the influence of the top economic echelon on market dynamics, and the implications of foreign exchange controls versus market liberalization, highlights a complex economic strategy aimed at stability and controlled growth. While there are valid concerns about the equity of these policies, particularly regarding who benefits from the current exchange rate mechanisms, the overarching goal appears to be protecting the broader population from the volatility of global markets and inflation. The Central Bank's policies, supported by government oversight, strive to balance economic stability with the need for foreign exchange, ensuring that while not everyone might be satisfied, the system aims to mitigate the worst effects of economic fluctuations on the general populace. This approach, while not without its critics, underscores a pragmatic response to the unique economic challenges faced by Trinidad and Tobago, advocating for a measured approach to currency management and economic policy-making.

    • @adrianseales6806
      @adrianseales6806 29 วันที่ผ่านมา +1

      Very well said indeed ​@@JoshJC

    • @no.1spidey-fan182
      @no.1spidey-fan182 29 วันที่ผ่านมา +1

      ​@@JoshJC Bro make a VIDEO on this. This information is LOST to the comment section😭

  • @thaddeusvincent2909
    @thaddeusvincent2909 หลายเดือนก่อน +1

    No mention of replacing many of these imports with local products

  • @mckenzydukhedin581
    @mckenzydukhedin581 หลายเดือนก่อน +2

    We don't need more manufacturing companies to export good's to bring in USD what the government has to make sure is that export money come back home and they're not going to stay in the USA and others countries like the Bahamas because this is what is taking place in this country because she must speak the truth about this nonsense with the private sectors exporting companies

  • @varleesingh5598
    @varleesingh5598 หลายเดือนก่อน +17

    The plain and simple answer is that Petrotrin the main earner of forex for the country was shut down and no other entity has been able to fill the void. All these " solutions" is like applying duct tape to a failing wall and hope it fixes it. Bottom line is that if we do not find a way to generate large amount of foreign currency then we are doomed. Step 1 in doing so is to get the PNM out of government.

    • @tropics8407
      @tropics8407 หลายเดือนก่อน

      Correct ✅ they had a right to allow Fitzroy Harewood et al to fix Petrotrin and the OWTU.

    • @Esmbf929
      @Esmbf929 29 วันที่ผ่านมา

      I don’t live in your country and I know that your Petrotrin was also a major drain on your country’s finances owing billions of dollars in taxes to your government and to creditors,coupled with an entitled non productive work force and trade union who seems to have a warped view of your country’s economic state
      Petrotrin had to be shut down and restructured,you will never hear any economist outside of Trinidad criticize your government on shutting it down only regular ppl who has no real idea on how detrimental it would’ve been to your country’s finances and even your credit ratings if Petrotrin had remained in its current form of operations..the IMF would’ve stepped in and make you get rid of it by force,there would’ve been no restructuring no rebranding just a fire sale and termination of all workers…ask any Jamaican about the stringent policies the IMF implements once u entered on of their programs…

    • @varleesingh5598
      @varleesingh5598 29 วันที่ผ่านมา

      @@Esmbf929 what kind of special kind of stupid are you ? Do you think shutting down petrotrin made the taxes disappear? It just shifted it to Heritage Petroleum and taxpayers still have to foot the bill.

    • @tropics8407
      @tropics8407 29 วันที่ผ่านมา

      @@Esmbf929 correct ✅ Petrotrin workers were the highest paid in the industrial sector with the best benefits, yet had the worst productivity in the sector and the highest overtime bill. This is how a Marxist union destroys a company.

    • @no.1spidey-fan182
      @no.1spidey-fan182 29 วันที่ผ่านมา

      Get BOTH sides OUT of the government. We need a COMPLETELY NEW ONE ACROSS THE BOARD

  • @dawnmariedebrah1472
    @dawnmariedebrah1472 19 ชั่วโมงที่ผ่านมา +1

    Canadian..Trinidadian Jamaican...

  • @nieljames9844
    @nieljames9844 28 วันที่ผ่านมา +1

    You are correct in saying at 34:06. The honest truth 👏

  • @ronaldmarcano5648
    @ronaldmarcano5648 29 วันที่ผ่านมา +1

    Our Caribbean has been home to many groundbreaking inspiring intellectuals in the period of the 1980s but any position needs to be matched against the sociology of the islands. Premdass et al talks about the peculiarity of Suriname Guyana and Trinidad as mired in divisiveness and tensions between the two groups as ‘Plural’ societies where we meet in markets buying and selling but like water and oil do not combine. Understanding this is crucial to the other structures of existence - economic legal etc are ‘us Vs them’ with groups basically aligned to their tribes., and so here we are -the facts about the Forex depends on whose bias aligns with your propensity to call it out or accept it. I have neither time to rehash the misinformation but given a Trump new term traditional oil and gas markets like T&T will breathe easier on deadlines. Global markets are reeling and the fact that Trinidad is one of the few in the world that has resisted the throngs of the IMF is testimony to effective economic and fiscal management. Economists are model enthusiasts that use ‘ceteris paribus’ as punctuations, the real world of governance require to walk and chew at the same time.

  • @reevanlalchan
    @reevanlalchan หลายเดือนก่อน +13

    great is d pnm 😅

  • @rodneyconstance8541
    @rodneyconstance8541 หลายเดือนก่อน +14

    Politician's greed for black market exchange and over night success will now cause an entire country to suffer self imposed inflation.

    • @JoshJC
      @JoshJC หลายเดือนก่อน

      She isn't very wise. While yes, the market influences and directs prices, the market for imported cars, purchasing of land, and the major driving factor of any market is the top 3% - 20%. They are inflation-proof through investments and high paying jobs and will keep importing cars and any goods and items they wish, which will increase the price of everything if not regulated. We already see this with land not only in TT but all over the world where the rich and investment banks buy up all of the available housing, not allowing the "market's demand" to drive the price down to match with the working class and lower-income sector.
      A peg on the US dollar allows for a controlled amount of imports, so everyone enjoys the same market price of imported vehicles and products equally. If the exchange rate is allowed to move freely, just like Jamaica, which is currently JMD$159 to USD$1, the cost of living will dramatically increase, and the price of everything will go up, realistically affecting mainly those without invested interest-earning savings.
      Think about it, while yes, we are producing oil and gas still, what happens when it runs out? We've been producing for over 100 years. Then we will need to import oil and gas. By this time, if we allow US and global inflation to leak into our economy by allowing the "market" an uncapped, uncontrolled outflow of USD and importing, guess what? Our TTD will devalue. Fast forward to if the "market" drives our exchange rate to TTD$100 to US$1, guess what will happen when we need to import oil and gas? TT will experience hyperinflation overnight, just like Venezuela and many other countries did.
      She is allowing her personal biases and high level of mistrust and skepticism to blind her overall analysis.
      She claims that "someone" is benefiting from purchasing USD at TTD$7.8 vs. TTD$8. Think about it, without USD being pegged to TTD$7.8, where it is still available through the bank by request for legitimate use, it will prevent the black market price from getting out of control as well. Only the overspenders and those who need USD in CASH for whatever personal reasons will purchase on the black market. Most spenders have a credit card with a considerable USD limit, and depending on the client's net worth, they have a higher limit to even accommodate the overspenders, which prevents excessive and wasteful spending or exporting of our USD reserves out of TT. There is no legitimate reason to allow uncontrolled or large withdrawals of USD in CASH. For those who can't wire their own USD, I believe this is sad, wrong and overstepping; however, the reality is as follows: Despite the lack of explicit prohibitions, the Central Bank's policies and the economic situation might indirectly affect the ability to wire USD abroad. For instance, if there's a forex shortage, banks might delay or limit transactions due to insufficient liquidity in USD, which isn't necessarily an outright legal prohibition but rather a practical limitation influenced by policy.
      Direct Legality: There's no explicit law or recent regulation directly cited that makes it illegal for banks or the Central Bank to prevent someone from wiring their USD out of TT. However, the practical ability to do so might be severely limited or delayed due to forex shortages or bank policies.
      While the CBTT conducts monetary policy aimed at maintaining low inflation, financial stability, and supporting economic growth, these objectives align with government economic policies but are executed independently by the Bank. The Bank's use of instruments like the repo rate to influence monetary conditions shows its operational autonomy in day-to-day monetary management.
      Emergency Controls: The case of the Central Bank relinquishing control over CLICO in 2022 after a period of emergency management highlights that in crisis situations, the government can authorize the Central Bank to take specific actions, indicating a form of control or at least significant influence during emergencies.
      I digress a bit; the "someone" who is benefiting at a rate of TTD$6.8 vs. TTD$8 on the black market is a joke. Imagine if the global market were to devalue our currency, and now everyone has to pay in excess of TTD$10, and more than likely, a continuous rise. So currently, that "someone" who is benefiting is everyone.
      As she mentioned, TT is the only country out of the countries she observed that has a consistent decline in USD reserves. So why support uncontrolled "market" driven forces? That doesn't make any sense. T&T’s net official foreign reserves declined by 45.84% between the end of September 2015, when the reserves position was US$10.539 billion, and September 2024. The current administration was elected on September 7, 2015. In its Annual Economic Survey for 2023, the Central Bank disclosed that the demand for foreign exchange-measured by sales of foreign exchange by authorized dealers to the public-totaled US$6.228 billion. Supply of foreign exchange-measured by purchases of foreign exchange from the public by authorized dealers-amounted to US$4.614 billion. That left a net sales gap of US$1.614 billion, of which the Central Bank supplied US$1.342 billion to authorized dealers to support the market.
      Exchange Rate Pressure: The positive interest rate differential can put downward pressure on the TT dollar. Investors might sell TT dollars to buy USD, where they can earn more interest, leading to a depreciation of the TT dollar if not managed through forex controls or other monetary policies.
      The cause of the monetary policies is not to benefit "someone" but to account for changes in the market. Every single past administration had the opportunity to steadily increase our USD reserves, but this limitaion and "control" would look bad to the public and jeopardize their political image.
      I support the current monetary policies and decisions, and thank goodness we have some practical persons influencing these decisions in our current administration.
      If you want USD, earn USD. If the country wants to enjoy imports of foreign goods, produce more local goods for export. It's that simple. No conspiracy.
      In summary, the discussion around the TTD's peg to the USD, the influence of the top economic echelon on market dynamics, and the implications of foreign exchange controls versus market liberalization, highlights a complex economic strategy aimed at stability and controlled growth. While there are valid concerns about the equity of these policies, particularly regarding who benefits from the current exchange rate mechanisms, the overarching goal appears to be protecting the broader population from the volatility of global markets and inflation. The Central Bank's policies, supported by government oversight, strive to balance economic stability with the need for foreign exchange, ensuring that while not everyone might be satisfied, the system aims to mitigate the worst effects of economic fluctuations on the general populace. This approach, while not without its critics, underscores a pragmatic response to the unique economic challenges faced by Trinidad and Tobago, advocating for a measured approach to currency management and economic policy-making.

  • @JevanSoyer
    @JevanSoyer หลายเดือนก่อน +2

    The Foreign Exchange Control Act as well as the fact that the banks are a law onto themselves is the real problem If the entire Caribbean is trading in US why the conversation of dollarisation is not being started?

    • @kbaldeo
      @kbaldeo หลายเดือนก่อน +1

      The FECA is the biggest problem we have. Dollarization is by far the best option but it will be hindered by the lack of investment in tourism and the difficulty foreign investors face in doing business locally. Simple changes could be so effective but we lack the leadership to make it happen.

    • @odamian62
      @odamian62 หลายเดือนก่อน

      PREACH......LOL

    • @farriedmohammed6685
      @farriedmohammed6685 หลายเดือนก่อน

      ​@@kbaldeoTruth as it is.

  • @dwayneknight1126
    @dwayneknight1126 หลายเดือนก่อน +2

    I live in trinidad 10 years now and this prob exist since I can remember 2016 money gram close down for months western union basically u had make an appointment so it's not new wen it talk about is wen some big companies can't get enough forex then it come a talking point after it go quiet .reason why the problem exist the country not earning enough forex to supply the demand devaluation will not help hence the reason we suffering in jamaica so much over the years

  • @sandyr1507
    @sandyr1507 หลายเดือนก่อน +9

    Thanks Ms Dookaran for this explanation, everything you said you very much correct 🇹🇹

  • @mrshonestopinion
    @mrshonestopinion หลายเดือนก่อน +3

    Greed and corruption...simple

  • @cramkisson9709
    @cramkisson9709 16 วันที่ผ่านมา

    The problem with Trinidad is that they are Governed by one ethnic group with minor interludes .
    Guyana had the same problem with incompetency re. One ethnic group .That has now changed and Guyana is on the ascendency .

    • @seanj2451
      @seanj2451 11 วันที่ผ่านมา

      How is this even a topic? This is sooo weird to me isnt a person born in Trini or Guyanese nationals. You sound back water dunce.

  • @kylemarshall9621
    @kylemarshall9621 หลายเดือนก่อน +15

    Please get a better ambassador for Trinidad

    • @Benji_1
      @Benji_1 หลายเดือนก่อน +1

      Well said. Who qualified her as a Economists

    • @adrianseales6806
      @adrianseales6806 29 วันที่ผ่านมา

      ​@@Benji_1She is an economist,but her professional opinions are tilted .

  • @chadcapitol6674
    @chadcapitol6674 24 วันที่ผ่านมา

    Information packed convo 😀 thanks 🙏

  • @TheThunderSound
    @TheThunderSound 25 วันที่ผ่านมา

    This is why the digital cbdc trials have been going on in neighbouring islands. Instant digital settlement systems means you don't have to pre frund forex currencies to settle transactions.

  • @rhondam.thomas8788
    @rhondam.thomas8788 29 วันที่ผ่านมา +1

    The challenge is that "professional" biased analysis does not contribute to solutions or positive development in the country or the region. Jamaica model will have more negatives than positives for T&T. We need to innovate and earn more US$ sustainably for the solution.

  • @TaranRamjit
    @TaranRamjit 13 วันที่ผ่านมา

    The dollar needs to be floated, it would be painful. Dukharan has sound economic knowledge.

  • @georgemoses9204
    @georgemoses9204 หลายเดือนก่อน +5

    Trinidad should have listened to Peter George Jr and divested into bitcoin. They could have mined it with cheap energy and stranded gas

    • @challybirchwood6479
      @challybirchwood6479 หลายเดือนก่อน

      while it is a great idea,the issue is that we do not have any extra Gas for that

    • @ambrosia_123
      @ambrosia_123 หลายเดือนก่อน

      @@challybirchwood6479 that idea is ass. Bitcoin has no value aside from speculation. It cannot be a long term investment vehicle for a COUNTRY

  • @barefoot_wanderer3625
    @barefoot_wanderer3625 28 วันที่ผ่านมา +1

    The oil bubble has bust in TT. There was no proactive thinking to create other industries, especially with foreign investment within Trinidad. Foreign investors are afraid of the crime increase and extortion from your local street gang. More suffering is in your future Trinidad
    Are TT politicians benefiting from the US black market rate....

  • @Friendlyhealer-r4x
    @Friendlyhealer-r4x 15 วันที่ผ่านมา

    After 2013 oil prices increased...

  • @speeddemon9616
    @speeddemon9616 หลายเดือนก่อน

    If am not mistaken, T&T was sanctioned to make USD scares by the US almost 10years ago, trini-ppl did not want to sign that sanction but our PM did it anyway. Since then US was very hard to get, banks limited anyone who is not a big business owner to 200USD a month, and like she said you have to tell the bank in advance, else you would have to wait a next month or some times 2 or 3.
    24:27 a minister did get on TV and say this for real.

  • @cynthiaholder7198
    @cynthiaholder7198 18 วันที่ผ่านมา

    That is being very honest, and that's my feelings right now, I'm not seeing myself voting for the ruling party nor the opposition, it's time to give another party a chance and we should remember, voting has consequences.

    • @dellchica2373
      @dellchica2373 9 วันที่ผ่านมา

      Pnm will win again because the votes will be split. So pnm 4ever

  • @RealBishop1
    @RealBishop1 หลายเดือนก่อน +11

    Typical academic apolitical theorizing in their ivory towers and comfort zones of speculative conjecture devoid of reality… These individuals don’t live in a real world.

  • @woopishk
    @woopishk หลายเดือนก่อน +8

    BRICS may be a future option. But the US will Venezuelarize or asses if we only pivot at the wrong time

    • @JohnDoe-qv1kg
      @JohnDoe-qv1kg หลายเดือนก่อน

      not if the oil and gas run out and we have nothing to offer..remember venezuela is a dictatorship with obvious human costs...trinidad is not

  • @Sipmeister007
    @Sipmeister007 28 วันที่ผ่านมา +2

    Don't think the Trinidadian government has ever take the time to explain this to their citizens... The Minister's budget speech said the reserves were healthy, a ridiculous statement to make given the restrictions imposed on nationals.

  • @karlkelly9005
    @karlkelly9005 17 วันที่ผ่านมา

    Can this be the reason why TT invest in other Caribbean countries for access to the US dollar?

  • @jaronbalfour3711
    @jaronbalfour3711 หลายเดือนก่อน +4

    Who closed down petrotrin

    • @eliling9841
      @eliling9841 หลายเดือนก่อน

      People seems to be so onto misinformation!! petrotrin was loosing billions every year !!!!! Billions..

  • @vernicephillip4882
    @vernicephillip4882 16 วันที่ผ่านมา

    I am learning a lot from the comments

  • @hewi868
    @hewi868 29 วันที่ผ่านมา +1

    Devaluation of the $TTD would cause inflation. The black market would increase their rate, if the official rate increases, because it doesn't solve the problem which is scarcity. What the economy needs to do is diversify. Increase tourism because that's where most foreign exchange seems to be coming from.

    • @PastaSenpai
      @PastaSenpai 25 วันที่ผ่านมา

      The scarcity issue will be satisfied if it takes more TTD to turn into 1 USD. Demand for USD will decrease and will optimize according to who is in need of USD the most.

    • @seanj2451
      @seanj2451 11 วันที่ผ่านมา

      lol what?

  • @dnatural1iam23
    @dnatural1iam23 27 วันที่ผ่านมา +2

    Marla is so beautiful 😻❤️

    • @jennalud4748
      @jennalud4748 26 วันที่ผ่านมา

      Yes and Kalilah...Jamaican beauty🇯🇲

  • @dobbinuk
    @dobbinuk หลายเดือนก่อน

    Hi, I'm from the UK. I'm looking forward to returning to support the Trinidad and Tobago economy in January 2025. What is the best currency to bring? Or is it best to draw TTD from the ATM while there? Listening to this interview makes it sound as though bringing USD is the best approach (but we'll then have to factor in the cost if converting GBP to USD). Any advice would be greatly appreciated 👍

    • @kfmendes4550
      @kfmendes4550 หลายเดือนก่อน

      I can't tell you which currency to bring to TT but in Jamaica where I am from, its best to come with GBP and Euro because youd get more JMD from those currencies than USD

    • @omar.a5947
      @omar.a5947 หลายเดือนก่อน

      Most places (besides the banks) aren’t familiar with GBP as compared to USD,
      USD will be accepted in private business,
      You see signs at business who are buying USD, for 7.50 TTD to 1 USD, some times higher, while the banks will give u far less

    • @Pr74ys
      @Pr74ys หลายเดือนก่อน

      ​@@kfmendes4550I'm currently on a long stay in T&T from UK and plan to withdraw from my Santander a reasonable but not large amount in local currency on a monthly basis for general subsidies. ^_^

  • @hihosilva9089
    @hihosilva9089 23 วันที่ผ่านมา

    The consequences of corruption in Trinidad have come home to roost

  • @alfansosimon4230
    @alfansosimon4230 หลายเดือนก่อน

    When Gaston Browne decided to prevent RBTT from buying Scotia operations in Antigua plenty Antiguan people get vexed. But now they see why.

  • @bigoevaluatingfoodsfordiab2690
    @bigoevaluatingfoodsfordiab2690 หลายเดือนก่อน +10

    This is not an expert and does not make much sense. Trinidad always imported sugar even when they produced sugar, because of how the country independence was setup with the sugar companies in England, I know this for a fact because as a youth doing custom brokage work for Caroni 1975 LTD, I personally exported the dark sugar and imported and cleared the imported refined sugar and distributed to all the local manufacturers. One of the main purposes of foreign exchange management is to avoid devaluation during global instability. I could go on, but she is just a waste of talk.

    • @speeddemon9616
      @speeddemon9616 หลายเดือนก่อน

      Am not that old, but this pretty much what i know to.

    • @adrianseales6806
      @adrianseales6806 29 วันที่ผ่านมา

      ​@@speeddemon9616Wow! You learn something everyday. Thanks for the intellectual insight.

  • @jeffpatterson5846
    @jeffpatterson5846 24 วันที่ผ่านมา

    What is the role of over invoicing and other manipulations in bringing about this problem. The Govt though is slack in how this situation is being managed. Things seem to always happen to us rather than we being proactive in monitoring these situation.

  • @christonrlblackman
    @christonrlblackman หลายเดือนก่อน

    The price would have to spike to 12$ to 1$ to balance things out

  • @sandrawatson6047
    @sandrawatson6047 หลายเดือนก่อน

    What are the reserves fig. in the other islands in comparasion to T&T

  • @gerardhart9052
    @gerardhart9052 14 วันที่ผ่านมา

    They should subsidize foreign exchange earners and allow some drifting of the dollar. However this will not favor their political financiers who refuse to pivot.

  • @Kaliwampas
    @Kaliwampas หลายเดือนก่อน

    EVERY citizen by right should be given a yearly allowance for their personal reasons such as for miscellaneous purchases, travel, medical etc that they can access when their need arises, when you cross a limit, you then join the line like they have in place now. It is unfair for persons who use very little US in a year period. Most people just want a little US to buy something online for a birthday gift or christmas and maybe to travel. The people who need US regular for business is in another level. But of course to do this you need a government who cares about everybody and have vision and performance accountability, something the current government does not have.

  • @RGCSTT
    @RGCSTT 27 วันที่ผ่านมา

    Where is her monthly report published?

  • @nicklike
    @nicklike หลายเดือนก่อน

    If all these companies have all this USD then their should be incentives for these companies to pay their taxes in USD to help with this crisis we're in atm

  • @thatchinaboi1
    @thatchinaboi1 14 วันที่ผ่านมา

    Every country's inflation problem is at least partially a result of monetary expansion of the US Dollar and THE EXORBITANT PRIVILEGE of the US Dollar.

  • @pamelamoses6154
    @pamelamoses6154 หลายเดือนก่อน +1

    She's lying since 2012, we have had that problem because trade and industry had a meeting concerning this same issue. The problem just got worse during the year.

  • @WesleySerrette
    @WesleySerrette หลายเดือนก่อน +1

    She saying thete isnt forex as before then saying the government created the problem.

  • @marymaureen1529
    @marymaureen1529 29 วันที่ผ่านมา

    😮 I would like to see please please give us the answer because I'm studying these people who are in my position position like you know the cost of living is very very very very very very high already I'm a senior citizen fighting to really make it in a sort of a way with the goods that I have to use just to keep Body and Soul together I would really really like to know if there's an answer and how could it be implemented how can I help

  • @avinashjagdeo
    @avinashjagdeo 27 วันที่ผ่านมา

    It's astonishing that any modern government that is supposedly not running a communist/socialist country, doesn't understand how free markets work. Either they don't understand basic economics, lack people with the knowledge and expertise to oversee such a transition to an open market, or are protecting the status quo who are heavily invested in the currently restricted markets in a way that gives them control and ownership. But keep it up and the only thing they'll be in control of is a failing economy. Practically any currency pair can be traded on the forex markets except T&T dollars. TT$ has no tradability outside T&T. It's as if T&T is not even a player in the world financial system. The fallout from this is in terms of development is extensive, from the absence of foreign investment & local growth and innovation, to skilled labour lost to immigration.

  • @gail130
    @gail130 หลายเดือนก่อน

    The us is not the only currency we cannot get, problems to access pounds as well.

  • @franklynmaharaja9505
    @franklynmaharaja9505 23 วันที่ผ่านมา

    We have zero forex but PNM borrow and borrow forex but the IMF is fed up with this borrowing so now we dead. No nor forex for us. So we suffering

  • @sammohamed4686
    @sammohamed4686 14 วันที่ผ่านมา

    Trinidad government and trinis think they live in a cocoon of exceptionalism while the rest of the world is constantly diversifying in various sectors.. no wonder the economy and foreign reserves are contracting.

  • @dawnmariedebrah1472
    @dawnmariedebrah1472 19 ชั่วโมงที่ผ่านมา +1

    S
    Your you seriously..they ae stealing from my people's

  • @StephenHarristnt
    @StephenHarristnt หลายเดือนก่อน +4

    A hater who has let her personal biases totally destroy her recommendations and her credibility. So unfortunate.

  • @potato2771
    @potato2771 29 วันที่ผ่านมา

    they even said that you cannot buy from family

  • @ahmahlshaleahk8277
    @ahmahlshaleahk8277 หลายเดือนก่อน +1

    The bank selling on the black market, so certain individual makes money. FRAUD?

  • @robertgrant07
    @robertgrant07 หลายเดือนก่อน +1

    They are bailing in. Into our accounts

  • @chrisward2353
    @chrisward2353 20 วันที่ผ่านมา

    They should get with digital currency so they would have to depend on the US Dollar .

  • @andersonpoulido2605
    @andersonpoulido2605 26 วันที่ผ่านมา

    Trinidad needs to cut the amount of foreign fast food and big foreign establishments that sucking the foreign reserves

  • @chukabucka
    @chukabucka หลายเดือนก่อน +2

    Great discussion. Good questions and straightforward answers. Excellent content

  • @shamirfrancois6878
    @shamirfrancois6878 หลายเดือนก่อน +2

    Enjoyed this discussion!

  • @gspfitcrosstrainingncombat
    @gspfitcrosstrainingncombat หลายเดือนก่อน

    No mention of the implications of closing the Petrotrin Refinery!, madness! Prio PNM Economist!

  • @chevmarsh1998
    @chevmarsh1998 หลายเดือนก่อน +1

    What about the societal demands that citizens are making for foreign goods and services ??
    Foreign goods have to be paid for in foreign currency. How does she not understand that ? Why would the government allegedly create a crisis that would make it look bad ?

  • @curtd5153
    @curtd5153 หลายเดือนก่อน +10

    The credit card use is the main issue and she is just speaking for one side. Many countries has pegged or fixed their currencies but doesn’t have the same issue. I do not understand what the hell she’s talking about.

  • @josiahedwards8811
    @josiahedwards8811 28 วันที่ผ่านมา +1

    This woman is MADDDDD 😂🤣

  • @PaulPorter-x3j
    @PaulPorter-x3j หลายเดือนก่อน +12

    This is extremely poor economic analysis. Her explanations are not representative of reality. If having guests on to explain a situation, please ensure that they are better informed.

    • @clarencejulien28
      @clarencejulien28 หลายเดือนก่อน +4

      It seems like she's well informed as an economist

    • @bobstar2157
      @bobstar2157 หลายเดือนก่อน

      Like u wanted a fully dunce report?

    • @adrianseales6806
      @adrianseales6806 29 วันที่ผ่านมา

      She is missing nuance.