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mero wrote:Plenty ppl credit cards getting their us balance dropped to 500usd etc and thing, even taken away for this, "helping out " friends and family. Commingling is a major issue. Business transactions ain't for personal credit card.The_Honourable wrote:Even if you try, you wouldn't be allowed to have so much credit cards anyway. The banks will do a credit check and once they see you have a credit card with another bank, it is unlikely they will give you another one especially if your income is tight.
The best way so far is for family members to also have credit cards.
Ppl applied for a personal cc for a reason, if u have a business , get a business cc, and dat shoulda be stated in your application, And then u can formally apply for an extended amount of Usd ,so from the bank POV is why u trying to make money on we head and the cc loan we give u is for personal use like u sign for? Then u getting points , cash back, miles etc on top of that.
Imo, the average trini don't need $7500 usd a month when the local limit is under way under $15,000 ttd. If your background checks show u only qualify for 3k ttd, why you bawling for usd? On a fcb card u can withdraw about 875usd a week when u up there.
Also lots of USD being drained through crypto, trading and mlm schemes and ppl always finding a way to work around it.
zoom rader wrote:The level of idiots complaining of forex, yet still they voting PNM
How more stupid can a country be
The_Honourable wrote:zoom rader wrote:The level of idiots complaining of forex, yet still they voting PNM
How more stupid can a country be
Forex not affecting the pnm base... YET
In their minds, we like champagne taste and should go to the market instead
The_Honourable wrote:zoom rader wrote:The level of idiots complaining of forex, yet still they voting PNM
How more stupid can a country be
Forex not affecting the pnm base... YET
In their minds, we like champagne taste and should go to the market instead
st7 wrote:what's the situation if you pay in Euros?
yuh book a family flight to europe in euro, pay hotel in euros etc... any forex limits on that?
st7 wrote:what's the situation if you pay in Euros?
yuh book a family flight to europe in euro, pay hotel in euros etc... any forex limits on that?
pugboy wrote:how them onlyfans folks collecting their usd?
using a american bank acct?
Chimera wrote:Lol allyuh does post info as if it's factual without knowing anything about itThe_Honourable wrote:Even if you try, you wouldn't be allowed to have so much credit cards anyway. The banks will do a credit check and once they see you have a credit card with another bank, it is unlikely they will give you another one especially if your income is tight.
The best way so far is for family members to also have credit cards.
I have 9 credit cards myself.
People who realize what was coming and what needed to be done prepared themselves.
Thats cause the PNM brain stays in box, they will forever be slavesThe_Honourable wrote:zoom rader wrote:The level of idiots complaining of forex, yet still they voting PNM
How more stupid can a country be
Forex not affecting the pnm base... YET
In their minds, we like champagne taste and should go to the market instead
pugboy wrote:it is possible you may pay a higher conversion rate
as the local banks are usd based so if you swipe in a euro bank they may convert the eu to usd first at a loss ratest7 wrote:what's the situation if you pay in Euros?
yuh book a family flight to europe in euro, pay hotel in euros etc... any forex limits on that?
Then Trinidad remains a Slave plantationpaid_influencer wrote:once you get into a oligopoly position by being the one of the few businesses anointed by the banking cartel with forex, why not maximise your profit?
kinda cements my belief that ppl don't actually believe in the principles of free market capitalism. liberals just want to keep the status quo going to ensure their continued supply of treats. there is nothing ideological going on in their position
st7 wrote:pugboy wrote:it is possible you may pay a higher conversion rate
as the local banks are usd based so if you swipe in a euro bank they may convert the eu to usd first at a loss ratest7 wrote:what's the situation if you pay in Euros?
yuh book a family flight to europe in euro, pay hotel in euros etc... any forex limits on that?
so here's the thing -- with FCB you get instant email notifications of how much you spent in TTD per transaction. when in europe i used to calc the exchange rate quickly to see what it is that day and it would be less than what the bank has the EUR listed at.
back in sept and oct 2022, the EUR was lower than USD and i saw i was paying the EUR exchange rate (6.7 and 6.68), so idk if that really counted against my US limit as TTT says.
PNM does not listen to IndiansPariaMan wrote:Caribbean economist Marla Dukharan says the solution to this country’s foreign exchange availability problems is simple and within reach.ability problems is simple and within reach.
She explained that the Central Bank of T&T simply needs to reinstate an auction mechanism for US dollar injections, which she said existed before its dismantling by the last administration in June 2014.
Dukharan made the suggestion in one of her reports, which was released yesterday, titled, Why have successive governments of T&T deliberately created a foreign exchange crisis?
The T&T-born economist made the comments as Finance Minister Colm Imbert remained adamant that the Government will not be floating the T&T dollar.
His statement, which came via his page on X, formerly known as Twitter, was in response to a Guardian Media article in which the International Monetary Fund (IMF) was quoted as saying that T&T’s foreign exchange restrictions were not consistent with the Fund’s Articles of Agreement.
In defining how a currency auction works, the World Bank’s website said that under such a regime, the central bank regularly sells a given amount of foreign exchange through a bidding process and buys foreign exchange in the intervening periods at the previous auction-determined rate.
Stating that she did not agree that freely floating the TT dollar was a good idea, Dukharan said instead that some market determination needs to be allowed in the exchange rate to reduce the overvaluation of the TT dollar (vs the black market rate).
She added the fact was that demand for the US dollar far outweighs supply at the current de facto pegged exchange rate.
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The economist said since 2012 the Central Bank had an auction mechanism for USD injections into the banking system that the People’s Partnership and former Central Bank Governor Jwala Rambarran dismantled in June 2014.
She added that Finance Minister Colm Imbert said in his budget speech in 2015, that he would reinstate the auction mechanism as it worked well.
“Alas, here we are today, with a completely unnecessary and avoidable FX situation that the current administration knows exactly how to address but refuses to. Instead, they have created ‘windows’ and other mechanisms of controlling access to FX, and one can only guess why,” she added.
Dukharan also sought to further explain what the effects would be if the TT dollar was floated.
“A free float of the TTD would likely see the TTD depreciate rapidly and destabilise the economy—see the examples of Suriname’s last two devaluations. But a return to the auction mechanism we once had would see a slow and almost imperceptible depreciation in the TTD which avoids over or undervaluation of the TTD and, like we saw for many years up until 2012, it worked well.
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“A managed float which existed up to 2012 is ideal under our circumstances and would be easy to reinstate. The real question is why has it not been reinstated?”
‘It can work’
Former finance ministers Selby Wilson and Karen Nunez-Tesheira also recommend that T&T reinstate an auction mechanism to deal with the foreign exchange crunch.
Wilson said it allows the markets to set the price. He noted that if the Government plans to ration how it allocates foreign exchange, it could be treading on potential corruption and unfair bias.
Wilson also stated that a review of the price range of the US dollar should be considered amid current forex woes.
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“You could have a range of prices, you would not allow the price to fall below this, and you would not allow the price to rise above x, not below y and not above x and it fluctuates between those two lines,” he added.
Nunez-Tesheira said she was sure having an auction system would assist with the allocation of the scarcest resource.
However, in the same breath, she said she did not know if this method would be a short-term solution to a larger issue.
“Every single commercial bank has cut their US credit card spending. To be frank I do not know how the auction method would work. The issue to me right now is we are not in a position to devalue the dollar, but the IMF is putting pressure on us to do that. The question is how we are going to develop a policy of increasing our forex,” she explained.
Last week, Finance Minister Colm Imbert announced plans to consult with stakeholders on changing the method for allocating foreign exchange. He said the discussions will outline the path toward achieving equitable distribution. He said the consultations with stakeholders, can conclude as early as the end of this year.
The_Honourable wrote:mero wrote:Plenty ppl credit cards getting their us balance dropped to 500usd etc and thing, even taken away for this, "helping out " friends and family. Commingling is a major issue. Business transactions ain't for personal credit card.The_Honourable wrote:Even if you try, you wouldn't be allowed to have so much credit cards anyway. The banks will do a credit check and once they see you have a credit card with another bank, it is unlikely they will give you another one especially if your income is tight.
The best way so far is for family members to also have credit cards.
Ppl applied for a personal cc for a reason, if u have a business , get a business cc, and dat shoulda be stated in your application, And then u can formally apply for an extended amount of Usd ,so from the bank POV is why u trying to make money on we head and the cc loan we give u is for personal use like u sign for? Then u getting points , cash back, miles etc on top of that.
Imo, the average trini don't need $7500 usd a month when the local limit is under way under $15,000 ttd. If your background checks show u only qualify for 3k ttd, why you bawling for usd? On a fcb card u can withdraw about 875usd a week when u up there.
Also lots of USD being drained through crypto, trading and mlm schemes and ppl always finding a way to work around it.
Agreed!
About dropping to 500usd, i believe that is Republic Bank credit card customers?
To expand where I mentioned family members, I don't necessarily mean that all family members have to be at the same bank. If one member has a CC from FCB with a 5,000US limit while another member has a CC at Scotia with a 2,000US limit, the family has 7,000US to use. They just have to manage the debt on the TT side and know when forex cycle refreshes.
You made a valid point about business transactions on personal credit cards. Would not be surprised if banks already looking into that much more and cancel credit cards.
I know for a fact that customers caught doing crypto, forex, mlm etc got their credit cards terminated and accounts closed.
The_Honourable wrote:pugboy wrote:how them onlyfans folks collecting their usd?
using a american bank acct?
That or transferwise (wise)
In before they label her a UNCPariaMan wrote:Caribbean economist Marla Dukharan says the solution to this country’s foreign exchange availability problems is simple and within reach.ability problems is simple and within reach.
She explained that the Central Bank of T&T simply needs to reinstate an auction mechanism for US dollar injections, which she said existed before its dismantling by the last administration in June 2014.
Dukharan made the suggestion in one of her reports, which was released yesterday, titled, Why have successive governments of T&T deliberately created a foreign exchange crisis?
The T&T-born economist made the comments as Finance Minister Colm Imbert remained adamant that the Government will not be floating the T&T dollar.
His statement, which came via his page on X, formerly known as Twitter, was in response to a Guardian Media article in which the International Monetary Fund (IMF) was quoted as saying that T&T’s foreign exchange restrictions were not consistent with the Fund’s Articles of Agreement.
In defining how a currency auction works, the World Bank’s website said that under such a regime, the central bank regularly sells a given amount of foreign exchange through a bidding process and buys foreign exchange in the intervening periods at the previous auction-determined rate.
Stating that she did not agree that freely floating the TT dollar was a good idea, Dukharan said instead that some market determination needs to be allowed in the exchange rate to reduce the overvaluation of the TT dollar (vs the black market rate).
She added the fact was that demand for the US dollar far outweighs supply at the current de facto pegged exchange rate.
Report Ad
The economist said since 2012 the Central Bank had an auction mechanism for USD injections into the banking system that the People’s Partnership and former Central Bank Governor Jwala Rambarran dismantled in June 2014.
She added that Finance Minister Colm Imbert said in his budget speech in 2015, that he would reinstate the auction mechanism as it worked well.
“Alas, here we are today, with a completely unnecessary and avoidable FX situation that the current administration knows exactly how to address but refuses to. Instead, they have created ‘windows’ and other mechanisms of controlling access to FX, and one can only guess why,” she added.
Dukharan also sought to further explain what the effects would be if the TT dollar was floated.
“A free float of the TTD would likely see the TTD depreciate rapidly and destabilise the economy—see the examples of Suriname’s last two devaluations. But a return to the auction mechanism we once had would see a slow and almost imperceptible depreciation in the TTD which avoids over or undervaluation of the TTD and, like we saw for many years up until 2012, it worked well.
Report Ad
“A managed float which existed up to 2012 is ideal under our circumstances and would be easy to reinstate. The real question is why has it not been reinstated?”
‘It can work’
Former finance ministers Selby Wilson and Karen Nunez-Tesheira also recommend that T&T reinstate an auction mechanism to deal with the foreign exchange crunch.
Wilson said it allows the markets to set the price. He noted that if the Government plans to ration how it allocates foreign exchange, it could be treading on potential corruption and unfair bias.
Wilson also stated that a review of the price range of the US dollar should be considered amid current forex woes.
Report Ad
“You could have a range of prices, you would not allow the price to fall below this, and you would not allow the price to rise above x, not below y and not above x and it fluctuates between those two lines,” he added.
Nunez-Tesheira said she was sure having an auction system would assist with the allocation of the scarcest resource.
However, in the same breath, she said she did not know if this method would be a short-term solution to a larger issue.
“Every single commercial bank has cut their US credit card spending. To be frank I do not know how the auction method would work. The issue to me right now is we are not in a position to devalue the dollar, but the IMF is putting pressure on us to do that. The question is how we are going to develop a policy of increasing our forex,” she explained.
Last week, Finance Minister Colm Imbert announced plans to consult with stakeholders on changing the method for allocating foreign exchange. He said the discussions will outline the path toward achieving equitable distribution. He said the consultations with stakeholders, can conclude as early as the end of this year.
triniterribletim wrote:st7 wrote:pugboy wrote:it is possible you may pay a higher conversion rate
as the local banks are usd based so if you swipe in a euro bank they may convert the eu to usd first at a loss ratest7 wrote:what's the situation if you pay in Euros?
yuh book a family flight to europe in euro, pay hotel in euros etc... any forex limits on that?
so here's the thing -- with FCB you get instant email notifications of how much you spent in TTD per transaction. when in europe i used to calc the exchange rate quickly to see what it is that day and it would be less than what the bank has the EUR listed at.
back in sept and oct 2022, the EUR was lower than USD and i saw i was paying the EUR exchange rate (6.7 and 6.68), so idk if that really counted against my US limit as TTT says.
Almost all of my transactions are charged in Brazilian reais and that counts against my USD limit. I was in Germany recently as well and all my transactions were charged in Euros, and they counted against my USD limit. All transactions not settled with businesses in Trinidad and Tobago are charged from the US limit, which should more accurately be called a foreign transaction limit. My primary TT card is a FCB one.
Top economists call for return of managed flotation
Two of T&T’s most respected economists, former minister of finance Wendell Mottley and former Central Bank governor Euric Bobb, are calling for a return of the managed flotation of the TT dollar that was first introduced in April 1993.
They argued that the managed flotation of the TT dollar “worked reasonably well for over two decades, a period during which a remarkable industrial policy saw T&T become a gas-based economy with a world-class presence in the markets for LNG, ammonia, methanol, UAN, and melamine.”
Mottley served as T&T’s minister of finance between 1991 and 1995, during which he oversaw the flotation of the TT dollar. He received the Order of the Republic of Trinidad and Tobago (ORTT), this country’s highest honour, on November 1, 2018.
Dr Euric Bobb is a Cambridge-trained economist who served as governor of the Central Bank of T&T from 1984 to 1988. He received the Chaconia Medal (gold), T&T’s second highest honour, in 1994.
paid_influencer wrote:seeing on the Sabga paper that former top PNM economists, Wendell Mottley and Euric Bobb, are calling for a return to the managed float system that has stood since 1993.
Imbert cannot hold a candle to Wendell Mottley's qualifications. I am wondering which economist is going to attach his or her name and reputation to Imbert's fixed-exchange rate decision (because it is an amazingly backward Chambers-era policy). Which pnm economist going to say Wendell Mottley, the country's best finance minister in history, is wrong. who, call name, let them put their reputation on the line against Mottley.
Ppl will bash u and say he has a team of qualified yes men behind the scenes helping him make a decisionpaid_influencer wrote:why does the media not ask who came up with the policy decision to move from managed float to fixed exchange
make the economists in the MoF attach their name and reputation to the decision
because LOFL if this policy decision came about from a civil engineer and a geologist with no input from qualified people
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