TriniTuner.com  |  Latest Event:  

Forums

Floating the dollar will be our only hope!

this is how we do it.......

Moderator: 3ne2nr Mods

User avatar
zoom rader
TunerGod
Posts: 27302
Joined: April 22nd, 2003, 12:39 pm
Location: Grand Cayman

Re: Floating the dollar will be our only hope!

Postby zoom rader » January 20th, 2018, 3:00 pm

paid_influencer wrote:
zoom rader wrote:
desifemlove wrote:yes, there was. it was declared in 2015, towards the end of UNC and beginning of PNM.
And you belive that

No wonder why fetes and cars selling out.

You were not around when there was a real recession in the mid 1980s. This is a joke .

You very guilable to drink PNM kool aid


things selling out because nobody has the foreign exchange to keep everything instock
Wrong

The right ppl have foreign exchange.

PNM ploy is to control and condition the population.

User avatar
The_Honourable
TriniTuner 24-7
Posts: 8477
Joined: June 14th, 2009, 3:45 pm
Location: In the Land of Stupidity & Corruption

Re: Floating the dollar will be our only hope!

Postby The_Honourable » January 20th, 2018, 3:09 pm

Farrell: Forex controls a mistake

Any attempt by the government to introduce foreign exchange controls would be a mistake that can end up distorting the system, former chairman of the Economic Development Advisory Board (EDAB) Dr Terrence Farrell has said.

Farrell spoke with reporters on Wednesday at an American Chamber of Commerce (AmCham TT) event at the Hyatt Regency Trinidad, Port of Spain – his first public speaking engagement since resigning as chairman of the EDAB last week because of the slow pace of public-sector implementation.

With his customary frankness, Farrell was adamant that exchange controls would be a bad idea.

“We had the (fixed) system for many many years. Those of us at the Central Bank at the time recognise how impossible a task it is to micromanage the access to foreign exchange, and (controls) just simply (do) not work. It ends up being inequitable. It is simply not an idea I would support,” he said.

Regardless, Farrell noted that in order to reintroduce exchange controls, there may be a need to return to the Exchange Control Act, most of which was repealed when the float was introduced in 1993. Farrell at the time was deputy governor of the Central Bank.

“They are trying to implement a system where the commercial banks can determine who gets forex without the Central Bank having that intervention ex ante (before the event) simply doesn’t work. It can’t work,” he said.

Under the old system, people would need to get approval from the Central Bank before commercial banks released funds to them. Now, under the managed float, that requirement no longer exists. The power to determine who gets foreign exchange, then, would lie solely with the commercial bank and, Farrell said that would be difficult for them to do, since it could be inherently unfair and cause resentment among customers. The only way he could see it being fair would be if the original system of Central Bank pre-approval were reintroduced.

Farrell also called out the government for its accounting system, which is basically just expenditure based on cash flow and is followed by no internationally recognised standard. That makes it difficult to keep track of payments and even suppress expenditure. Since there are usually no accounts payable, it’s hard to track how much money the government owes people – for example, the Prime Minister’s denial of how much money the government owed contractors, contrary to their $4 billion claim. Lower expenditure, then, needs to be taken in the context of liabilities, Farrell said, or else “we are fooling ourselves.” He suggested the government adopt the International Public Sector Accounting Standards, based on the accrual method of accounting.

Farrell did not want to talk any more about his resignation, saying his statement said it all, but he did say he would always be supportive of the government – any government – because the government is responsible for the country.

“I want any government in this country to succeed, and I am willing to support it, once my abilities are used in an appropriate fashion,” he said.

Source: http://newsday.co.tt/2018/01/18/farrell ... a-mistake/

Redress10
12 pounds of Boost
Posts: 2286
Joined: July 15th, 2014, 1:04 am

Re: Floating the dollar will be our only hope!

Postby Redress10 » January 20th, 2018, 4:43 pm

zoom rader wrote:
desifemlove wrote:yes, there was. it was declared in 2015, towards the end of UNC and beginning of PNM.
And you belive that

No wonder why fetes and cars selling out.

You were not around when there was a real recession in the mid 1980s. This is a joke .

You very guilable to drink PNM kool aid


Ofc we are in a recession. Can't use fete ticket sales to tell the country's economic situation. Trinis will sleep on a sponge but go out and fete if you give them a chance. The country honestly in a mess. Look at it this way and answer this question once and for all. What do we have to sell to the world? That is source of our problems. We have nothing to offer the world at the moment that can bring in revenue and we are no where close to solving this. Can't run from that.

desifemlove
Trying to catch PATCH AND VEGA
Posts: 6964
Joined: October 19th, 2013, 12:35 am

Re: Floating the dollar will be our only hope!

Postby desifemlove » January 21st, 2018, 4:10 am

zoom rader wrote:
desifemlove wrote:yes, there was. it was declared in 2015, towards the end of UNC and beginning of PNM.
And you belive that

No wonder why fetes and cars selling out.

You were not around when there was a real recession in the mid 1980s. This is a joke .

You very guilable to drink PNM kool aid

No the unc appointed central bank governor said so. Real recession. You tell me that all recessions are alike.

User avatar
zoom rader
TunerGod
Posts: 27302
Joined: April 22nd, 2003, 12:39 pm
Location: Grand Cayman

Re: Floating the dollar will be our only hope!

Postby zoom rader » January 21st, 2018, 4:15 am

desifemlove wrote:
zoom rader wrote:
desifemlove wrote:yes, there was. it was declared in 2015, towards the end of UNC and beginning of PNM.
And you belive that

No wonder why fetes and cars selling out.

You were not around when there was a real recession in the mid 1980s. This is a joke .

You very guilable to drink PNM kool aid

No the unc appointed central bank governor said so. Real recession. You tell me that all recessions are alike.
UNC not running this government.

This is not a recession, it's designed to make certain ppl prosper and make fools like you think it's a recession while emptying your pocket

You have lots to learn

desifemlove
Trying to catch PATCH AND VEGA
Posts: 6964
Joined: October 19th, 2013, 12:35 am

Re: Floating the dollar will be our only hope!

Postby desifemlove » January 21st, 2018, 4:51 am

You said there was never a recession. Ok. So it true nobody said s recession was called before? Lol.

desifemlove
Trying to catch PATCH AND VEGA
Posts: 6964
Joined: October 19th, 2013, 12:35 am

Re: Floating the dollar will be our only hope!

Postby desifemlove » January 21st, 2018, 6:07 am

http://www.trinidadexpress.com/20151204 ... -recession

yuh gonna say PNM own the express now? lol.

as for people spending, so what? economies are complex, and not all recessions the same, nor will and can have hte same effects on people and a country. a seasoned economist/political advocate like you should know that.

User avatar
De Dragon
TriniTuner 24-7
Posts: 17902
Joined: January 27th, 2004, 3:49 am
Location: Enjoying my little miracles............

Re: Floating the dollar will be our only hope!

Postby De Dragon » January 21st, 2018, 7:40 am

desifemlove wrote:http://www.trinidadexpress.com/20151204/news/tt-in-recession

yuh gonna say PNM own the express now? lol.

as for people spending, so what? economies are complex, and not all recessions the same, nor will and can have hte same effects on people and a country. a seasoned economist/political advocate like you should know that.

Zoomy saying that for a long time now, along with 2NR btw.

User avatar
zoom rader
TunerGod
Posts: 27302
Joined: April 22nd, 2003, 12:39 pm
Location: Grand Cayman

Re: Floating the dollar will be our only hope!

Postby zoom rader » January 21st, 2018, 8:22 am

desifemlove wrote:You said there was never a recession. Ok. So it true nobody said s recession was called before? Lol.
What we have here in present day is not a recession. This is pumped by the PNM media houses and certain folks to make a gain while walking away with foreign exchange. Its a clever ploy to fool the guilable.

The mid 80s was a real recession where everyone was affected.

desifemlove
Trying to catch PATCH AND VEGA
Posts: 6964
Joined: October 19th, 2013, 12:35 am

Re: Floating the dollar will be our only hope!

Postby desifemlove » January 21st, 2018, 8:54 am

go read an econ book. or go to your UWI.

or tell me that all recesssions have the same effects.

i know yuh UNC, but still. i also see how econ practice is discredited by you, when you believe anything as severe as the 1980s was the only yardstick for a recession.

User avatar
mero
Trying to catch PATCH AND VEGA
Posts: 6598
Joined: September 29th, 2008, 6:16 pm
Location: iymc

Re: Floating the dollar will be our only hope!

Postby mero » January 24th, 2018, 8:38 am

Cripple fight

Numb3r4
Shifting into 6th
Posts: 1983
Joined: May 22nd, 2013, 8:48 am
Location: Fyzabad

Re: Floating the dollar will be our only hope!

Postby Numb3r4 » January 24th, 2018, 4:18 pm

Pretty good so far for a thread on economics and currency issues.

You can really see how economics affects so much of our lives.

User avatar
eliteauto
TriniTuner 24-7
Posts: 14019
Joined: March 10th, 2006, 1:36 am
Location: Love is progress, hate is expensive
Contact:

Re: Floating the dollar will be our only hope!

Postby eliteauto » January 24th, 2018, 4:59 pm


User avatar
zoom rader
TunerGod
Posts: 27302
Joined: April 22nd, 2003, 12:39 pm
Location: Grand Cayman

Re: Floating the dollar will be our only hope!

Postby zoom rader » January 24th, 2018, 6:01 pm

eliteauto wrote:https://www.theglobeandmail.com/report-on-business/rob-magazine/perils-of-the-caribbean/article23199267/?utm_medium=Referrer%3A+Social+Network+%2F+Media&utm_campaign=Shared+Web+Article+Links
Article is flawed in many ways

1.Norway sells oil at Brent prices while Trinidad sells at West Texas crude which is lower. Norwegian pays higher taxes than most European countries plus they are not in the EU. They cannot compare trini to Norway as Norway was already a first world country before they could oil.

2. Banks in TT are the ones keeping electronic banking behind time to build profit.
In the UK I can transfer funds to any UK local bank or around the world on the same day. In trinidad that is not possible. I can also repaid a loan online in full, again that is not possible in trini .
I can apply for a load online and get approved in a matter of minutes, not so in trini.

These reports are well written making the reader believe every word of it.
There are motives behind these written articles which are well planned with the IMF

User avatar
cornfused
30 pounds of Boost
Posts: 2544
Joined: May 1st, 2003, 9:09 am
Location: utilizing FIFA rules in small goal

Re: Floating the dollar will be our only hope!

Postby cornfused » January 24th, 2018, 6:27 pm

As said above the only good argument for that thing to float the dollar belongs in a toilet. Trinidad and Tobago is a very small Open Economy, its needs a managed float for survival.

Zoom is quite right with banks.

Just to add in the US a salary cheque can be changed, credited in less than a minute, not so in Trinidad.

Cheques deposited can be credited to your account in 24 hours or less, no so in Trinidad.

To transfer money to other accounts in Trinidad is painful in the least. No wonder they are called before Parliamentary committees seemingly every year now.

New taxes more than ever and not many new sources of income outside of the taxes and indirect taxes such a traffic tickets.

User avatar
The_Honourable
TriniTuner 24-7
Posts: 8477
Joined: June 14th, 2009, 3:45 pm
Location: In the Land of Stupidity & Corruption

Re: Floating the dollar will be our only hope!

Postby The_Honourable » January 25th, 2018, 1:11 am

UTC to limit usage of TT Income Fund Visa Card due to forex issues

The foreign exchange (Forex) shortage plaguing Trinidad and Tobago has affected yet another company as the Unit Trust Corporation (UTC) was forced to take a decision to limit the usage of their TT Income Fund Visa Card to domestic use only, effective January 31.

In a notice issued today, UTC customers were informed that they would no longer be able to utilize their TT Income Fund Visa Card.

Instead, those interested in continuing to make international online purchases are urged to open a US Income Fund Account and apply for the US Income Fund Visa Debit Card which can be used for international transactions with daily withdrawal and Point of Sale services.

According to the notice, the daily card limit is as follows:


TT Income Fund

Daily local ATM withdrawal $3500.00

Daily local Point of Sale (POS) $20,000.00



US Income Fund Visa Card

Daily international ATM withdrawal US $1,000.00

Daily international Point of Sale (POS) limit US $5,000.00

Source: http://www.looptt.com/content/utc-limit ... rex-issues

desifemlove
Trying to catch PATCH AND VEGA
Posts: 6964
Joined: October 19th, 2013, 12:35 am

Re: Floating the dollar will be our only hope!

Postby desifemlove » January 25th, 2018, 2:19 am

Don't believe dat but ok

User avatar
Allergic2BunnyEars
TriniTuner 24-7
Posts: 7784
Joined: September 15th, 2011, 12:32 am

Re: Floating the dollar will be our only hope!

Postby Allergic2BunnyEars » January 25th, 2018, 6:53 am

What’s not to believe?

User avatar
The_Honourable
TriniTuner 24-7
Posts: 8477
Joined: June 14th, 2009, 3:45 pm
Location: In the Land of Stupidity & Corruption

Re: Floating the dollar will be our only hope!

Postby The_Honourable » February 5th, 2018, 11:34 am

Attachments
27368740_10155892708936061_4535877145152217906_o.jpg

User avatar
Dizzy28
TriniTuner 24-7
Posts: 16678
Joined: February 8th, 2010, 8:54 am
Location: People's Republic of Bananas

Re: Floating the dollar will be our only hope!

Postby Dizzy28 » February 5th, 2018, 12:41 pm

The_Honourable wrote:Saw this on fb:

Source: https://www.facebook.com/photo.php?fbid ... 2708936061


That's the ATM inside the airport?

User avatar
The_Honourable
TriniTuner 24-7
Posts: 8477
Joined: June 14th, 2009, 3:45 pm
Location: In the Land of Stupidity & Corruption

Re: Floating the dollar will be our only hope!

Postby The_Honourable » February 5th, 2018, 5:15 pm

Dizzy28 wrote:
The_Honourable wrote:Saw this on fb:

Source: https://www.facebook.com/photo.php?fbid ... 2708936061


That's the ATM inside the airport?


Not sure but highly suspect it is. If so, can they charge 8.50 and go against Central Bank stipulated rates?

User avatar
pete
3NE 2NR Moderator
Posts: 9834
Joined: April 18th, 2003, 1:19 pm
Location: Cruisin around in da GTi
Contact:

Re: Floating the dollar will be our only hope!

Postby pete » February 6th, 2018, 5:34 am

Yes that's the one in duty free. The cambio in there charges $8.62 for 1 USD so even a low withdrawal I made of $40 ended up costing tt$8.22 instead. It's really just for people travelling who want to get something small without the hassle(and cost) of going to a bank. Especially when some banks tell you that you need to be on a list a month in advance to get cash.

Btw, they aren't charging $8.50 just charging you an additional 8.50 for the withdrawal. So the 40 was billed as $48.50 at the daily rate.

User avatar
Dizzy28
TriniTuner 24-7
Posts: 16678
Joined: February 8th, 2010, 8:54 am
Location: People's Republic of Bananas

Re: Floating the dollar will be our only hope!

Postby Dizzy28 » February 6th, 2018, 9:20 am

The FCB Exchange outside next to Subway charges around TT$75 when you buy US from them and this is regardless of being a FCB customer or not. That works out to more than the US$8.50 the RBC ATM charging.

Advertisement

Return to “Ole talk and more Ole talk”

Who is online

Users browsing this forum: No registered users and 226 guests