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Currency Devaluation??? Get your USD now

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Ben_spanna
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Re: Currency Devaluation??? Get your USD now

Postby Ben_spanna » August 22nd, 2019, 8:27 am

so its alleged that a certain local bank received close to US $5 MILLION dollars allocation recently, yet the bank itself is still telling commercial customers that it has a lack of funds available to them.
SO where and who has the bank given all of this currency to?
I think its time that legislation be put in place to have them accountable and even go so far as to make it mandatory to have it published as to Who is receiving such a large allocation of Foreign exchange.
imagine manufacturers who NEED the currency are being told that they cannot get any......

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Re: Currency Devaluation??? Get your USD now

Postby zoom rader » August 22nd, 2019, 8:40 am

Ben_spanna wrote:so its alleged that a certain local bank received close to US $5 MILLION dollars allocation recently, yet the bank itself is still telling commercial customers that it has a lack of funds available to them.
SO where and who has the bank given all of this currency to?
I think its time that legislation be put in place to have them accountable and even go so far as to make it mandatory to have it published as to Who is receiving such a large allocation of Foreign exchange.
imagine manufacturers who NEED the currency are being told that they cannot get any......
1% controlling the banks to wipe competition out.

They own the banks and can do as they please. No law not going to stop them

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Dizzy28
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Re: Currency Devaluation??? Get your USD now

Postby Dizzy28 » August 22nd, 2019, 9:23 am

Ben_spanna wrote:so its alleged that a certain local bank received close to US $5 MILLION dollars allocation recently, yet the bank itself is still telling commercial customers that it has a lack of funds available to them.
SO where and who has the bank given all of this currency to?
I think its time that legislation be put in place to have them accountable and even go so far as to make it mandatory to have it published as to Who is receiving such a large allocation of Foreign exchange.
imagine manufacturers who NEED the currency are being told that they cannot get any......


US$5m ain't no kinna money. That's probably two to three regular sized distributorships requirements monthly.

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Re: Currency Devaluation??? Get your USD now

Postby Redress10 » August 22nd, 2019, 10:26 am

If manufacturers are really "manufacturers" then they not actually manufacturers. They are actually importers masquerading as manufacturers who import raw materials and just repackage products and sell as "finished products".

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Re: Currency Devaluation??? Get your USD now

Postby The_Honourable » August 22nd, 2019, 10:39 am

Even when the banks get the US, it does not come down to the common man. Priority goes to clients who made significant investments in one or more of the banks products.

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Dizzy28
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Re: Currency Devaluation??? Get your USD now

Postby Dizzy28 » August 22nd, 2019, 11:10 am

Redress10 wrote:If manufacturers are really "manufacturers" then they not actually manufacturers. They are actually importers masquerading as manufacturers who import raw materials and just repackage products and sell as "finished products".


If we do not have raw materials here due to our insignificant land base where else would you have manufacturers get their primary materials from if they do not import it?

Or you rather we just import all finished goods and have no manufacturing at all?

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Re: Currency Devaluation??? Get your USD now

Postby Redress10 » August 22nd, 2019, 12:52 pm

Dizzy28 wrote:
Redress10 wrote:If manufacturers are really "manufacturers" then they not actually manufacturers. They are actually importers masquerading as manufacturers who import raw materials and just repackage products and sell as "finished products".


If we do not have raw materials here due to our insignificant land base where else would you have manufacturers get their primary materials from if they do not import it?

Or you rather we just import all finished goods and have no manufacturing at all?


But they are already "importing".

Let's say for argument sake a company called "vacation snacks". They sell snacks such as nuts, peanuts etc. We don't produce peanuts here so that has to be imported. So what are they really adding to the product? Packaging? What is actually produced here?

Their competitors already importing foreign brands such as planters etc and offering them at competitive prices.

Nestle milk that is produced here is more expensive than Moo that is imported from Germany and has to contend with shipping expenses and import duties.

They are not manufacturers. They are no different to the people who are simply importing finished products.
Last edited by Redress10 on August 22nd, 2019, 1:03 pm, edited 1 time in total.

Ben_spanna
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Re: Currency Devaluation??? Get your USD now

Postby Ben_spanna » August 22nd, 2019, 12:57 pm

Redress10 wrote:If manufacturers are really "manufacturers" then they not actually manufacturers. They are actually importers masquerading as manufacturers who import raw materials and just repackage products and sell as "finished products".


clearly you know nothing about manufacturing or you are just clueless as to what really goes on in the real world.

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Re: Currency Devaluation??? Get your USD now

Postby Redress10 » August 22nd, 2019, 1:01 pm

Clearly they serve no real purpose in business if they can't generate their own foreign exchange.

How many of these "manufacturers" would still be in business without government protectionist policies?

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Re: Currency Devaluation??? Get your USD now

Postby EFFECTIC DESIGNS » August 22nd, 2019, 1:13 pm

If Rice is one of our biggest import and loss of USD why then don't we grow our rice locally?

How hard could it possibly be?

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Miktay
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Re: Currency Devaluation??? Get your USD now

Postby Miktay » August 22nd, 2019, 1:15 pm

What many local manufacturers actually do iz repackage bulk material targeted to local tastes...

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Re: Currency Devaluation??? Get your USD now

Postby Ben_spanna » August 22nd, 2019, 1:16 pm

Redress10 wrote:Clearly they serve no real purpose in business if they can't generate their own foreign exchange.

How many of these "manufacturers" would still be in business without government protectionist policies?


The entire CARICOM region is faltering due to a lack of any restrictions in place to protect its local companies.... Chinese companies are taking over, and are also banking all of our foreign exchange right back out of Trinidad. CARICOM used to have a back bone and they used to have systems in place to do so .
Maybe the local companies that support the economy should all close up and send home all their workers if thats the case, surely by your definitions this should not make any difference to Trinidad.

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Re: Currency Devaluation??? Get your USD now

Postby Dizzy28 » August 22nd, 2019, 1:19 pm

EFFECTIC DESIGNS wrote:If Rice is one of our biggest import and loss of USD why then don't we grow our rice locally?

How hard could it possibly be?


Because economies of scale

Thailand is the 2nd largest exporter of rice and Trinidad is that yellow outline at the bottom of Thailand. You can't compete with that. (USA is world's largest exporter of rice btw and we all know their size)
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Re: Currency Devaluation??? Get your USD now

Postby Dizzy28 » August 22nd, 2019, 1:27 pm

Redress10 wrote:Clearly they serve no real purpose in business if they can't generate their own foreign exchange.

How many of these "manufacturers" would still be in business without government protectionist policies?


What does the labour profile of a local distributor vs a local manufacturer look like?

A distributor hires labourer, sales reps, drivers maybe some business support staff like admin, reception, accounts etc

A local manufacturer has all that and then some - engineers, technicians, chemist, etc.

On an average per employee basis I would guess that Matouk's pays more than Massy Distribution or Micon.

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Re: Currency Devaluation??? Get your USD now

Postby Redress10 » August 22nd, 2019, 1:31 pm

Miktay wrote:What many local manufacturers actually do iz repackage bulk material targeted to local tastes...


Exactly and that only makes economic sense if there is protectionism for the repackaged locally manufactured product. Without that protection then you are leaking forex both ways via the local product and the importation of foreign finished products.

That is why I am saying that at the end of the day they are just importers.

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Re: Currency Devaluation??? Get your USD now

Postby Redress10 » August 22nd, 2019, 1:37 pm

Ben_spanna wrote:
Redress10 wrote:Clearly they serve no real purpose in business if they can't generate their own foreign exchange.

How many of these "manufacturers" would still be in business without government protectionist policies?


The entire CARICOM region is faltering due to a lack of any restrictions in place to protect its local companies.... Chinese companies are taking over, and are also banking all of our foreign exchange right back out of Trinidad. CARICOM used to have a back bone and they used to have systems in place to do so .
Maybe the local companies that support the economy should all close up and send home all their workers if thats the case, surely by your definitions this should not make any difference to Trinidad.


But Unilever is closing their entire manufacturing sector sending up 80 workers home. They prob just going to import the finished product anyway. So it's not like it isn't happening already.

If foreign companies are constantly investing billions in R+D, technology and ways to make their products more efficient you think we are going to survive economically via importing and repackaging?

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Re: Currency Devaluation??? Get your USD now

Postby j.o.e » August 22nd, 2019, 1:47 pm

Ben_spanna wrote:so its alleged that a certain local bank received close to US $5 MILLION dollars allocation recently, yet the bank itself is still telling commercial customers that it has a lack of funds available to them.
SO where and who has the bank given all of this currency to?
I think its time that legislation be put in place to have them accountable and even go so far as to make it mandatory to have it published as to Who is receiving such a large allocation of Foreign exchange.
imagine manufacturers who NEED the currency are being told that they cannot get any......


That is chump change. By the time you supply big business and spread it around the branch network

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Re: Currency Devaluation??? Get your USD now

Postby Redress10 » August 22nd, 2019, 1:59 pm

Dizzy28 wrote:
Redress10 wrote:Clearly they serve no real purpose in business if they can't generate their own foreign exchange.

How many of these "manufacturers" would still be in business without government protectionist policies?


What does the labour profile of a local distributor vs a local manufacturer look like?

A distributor hires labourer, sales reps, drivers maybe some business support staff like admin, reception, accounts etc

A local manufacturer has all that and then some - engineers, technicians, chemist, etc.

On an average per employee basis I would guess that Matouk's pays more than Massy Distribution or Micon.



Yeah but the local manufacturer may come with higher social, economic and environmental costs when compared with the local distributor.

The social costs may be population displacement due to land that could probably be used for housing etc instead. Low wages due to low skilled workers etc resulting in low quality of life.

The economic costs could be the lost revenue from the subsidised rates for electricity, water, gas and land use. Even manufacturers in other caribbean countries were lamenting unfair competition due to subsidised utility rates that manufacturers in TnT benefited from. Not to mention the import duties that they may be exempted from as well.

The environmental costs may be the use of scarce water resources as well as pollution. If a foreign product reaching a shelf here after using the resources of another country etc then that product has less of an environmental footprint than one manufactured here.

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Re: Currency Devaluation??? Get your USD now

Postby Redress10 » August 22nd, 2019, 2:01 pm

I also don't think that car dealers should be given preference for forex neither.

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Re: Currency Devaluation??? Get your USD now

Postby Dave » August 22nd, 2019, 2:02 pm

Automation and a lack to work labour force are many factors why manufacturers are moving towards final product import. Most times the ppl to blame are the actual ppl.

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Re: Currency Devaluation??? Get your USD now

Postby Ben_spanna » August 23rd, 2019, 12:10 pm

I know what certain people are referring to:
Case in hand, a few years ago a local air conditioning "manufacturer " who was facing stiff importation competition had something done about it.
Over night an import duty of 200% was slapped on all importers of air conditioners into the country that still stands today.
However in that case speculation was that the "manufacturer" was also importing components from china and assembling locally rather than actually manufacturing anything.
This is not the case for some companies that do make things here with raw materials imported , where components themselves are made in house .

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Re: Currency Devaluation??? Get your USD now

Postby zoom rader » August 23rd, 2019, 12:48 pm

Ben_spanna wrote:I know what certain people are referring to:
Case in hand, a few years ago a local air conditioning "manufacturer " who was facing stiff importation competition had something done about it.
Over night an import duty of 200% was slapped on all importers of air conditioners into the country that still stands today.
However in that case speculation was that the "manufacturer" was also importing components from china and assembling locally rather than actually manufacturing anything.
This is not the case for some companies that do make things here with raw materials imported , where components themselves are made in house .
Same thing happened with cement and imported steel

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