Currency Devaluation??? Get your USD now

[VexXx Dogg]

https://knowprose.com/2018/01/29/on-for ... bago-2018/

Nice read

[The_Honourable]

Saw the photo below on facebook. I believe it came from this report but stand to be corrected.

https://store.fitchsolutions.com/countr ... isk-report

[Ben_spanna]

Well Rep . banc is certainly doing its best to ensure that only its preferred customers/friends get all the usd they have , mean while local small businesses suffering and begging for money to buy necessary forex to pay their suppliers. Rep banc is now just as bad as Roy bnc

[zoom rader]

Well Rep . banc is certainly doing its best to ensure that only its preferred customers/friends get all the usd they have , mean while local small businesses suffering and begging for money to buy necessary forex to pay their suppliers. Rep banc is now just as bad as Roy bnc

1% plan working nicely

[Zim]

Anybody knows when the ban on forex will be lifted?

[Dizzy28]

Anybody knows when the ban on forex will be lifted?

What ban?

[88sins]

Anybody knows when the ban on forex will be lifted?

none exists.
a claimed shortage & most ppl not getting, isn't a ban.

[zoom rader]

Anybody knows when the ban on forex will be lifted?

none exists.
a claimed shortage & most ppl not getting, isn't a ban.

It's a banned designed by 1% bro

[vaiostation]

Check Sabga/Hadeed/Aboud an them. Them was able to get enough forex to build an build an entire ice cream factory, while flavourite could even get money for their raw materials.

[Dizzy28]

Check Sabga/Hadeed/Aboud an them. Them was able to get enough forex to build an build an entire ice cream factory, while flavourite could even get money for their raw materials.

If its Creamery you referring its neither of the Arabs you named above. Its owned by the Hadad family as distinct from the Hadeed.

And you really think Flavorite couldn't get US if they wanted to?
A company chaired by Andre Monteil former PNM treasurer!!!

[zoom rader]

Check Sabga/Hadeed/Aboud an them. Them was able to get enough forex to build an build an entire ice cream factory, while flavourite could even get money for their raw materials.

If its Creamery you referring its neither of the Arabs you named above. Its owned by the Hadad family as distinct from the Hadeed.

And you really think Flavorite couldn't get US if they wanted to?
A company chaired by Andre Monteil former PNM treasurer!!!

That's why they pressured Walls.

But it's ok to buy local once it is owned and ran with near slave labour by 1%

[I spann]

If you really want $US to buy, just go money gram. Regular price is $7.75. If you buying above $1500 they arrange a better rate for you. No limit like the banks

[zoom rader]

If you really want $US to buy, just go money gram. Regular price is $7.75. If you buying above $1500 they arrange a better rate for you. No limit like the banks

The point is why should 1% be allowed most of the US, while you have to settle for a lil bit?

[xtech]

If you really want $US to buy, just go money gram. Regular price is $7.75. If you buying above $1500 they arrange a better rate for you. No limit like the banks

I was at Moneygram this week and its $8.27TTD for $1USD.... if you are doing a wire the max they would sell you in one transaction is $1,745 USD

I wanted to $3000USD. I end up buying all the USD in the bank.

[Ben_spanna]

If the region is headed for a single currency- we should NOT resort to going U$ , we should be more open to the Chinese currency seeing as a majority of our Imports directly come from the far east.
We should be trading more directly with China and eliminate the middle man the "us of A" as much as possible.. for far too long America has been making money at our expense ………….

[Dizzy28]

If the region is headed for a single currency- we should NOT resort to going U$ , we should be more open to the Chinese currency seeing as a majority of our Imports directly come from the far east.
We should be trading more directly with China and eliminate the middle man the "us of A" as much as possible.. for far too long America has been making money at our expense ………….

We can't get CSME right we will go for a single currency???
Good joke though!

[VexXx Dogg]

If the region is headed for a single currency- we should NOT resort to going U$ , we should be more open to the Chinese currency seeing as a majority of our Imports directly come from the far east.
We should be trading more directly with China and eliminate the middle man the "us of A" as much as possible.. for far too long America has been making money at our expense ………….

We can't get CSME right we will go for a single currency???
Good joke though!

What are the implications of Dollarization in T&T? Forget a caricom common currency, which is a separate issue

[Dizzy28]

If the region is headed for a single currency- we should NOT resort to going U$ , we should be more open to the Chinese currency seeing as a majority of our Imports directly come from the far east.
We should be trading more directly with China and eliminate the middle man the "us of A" as much as possible.. for far too long America has been making money at our expense ………….

We can't get CSME right we will go for a single currency???
Good joke though!

What are the implications of Dollarization in T&T? Forget a caricom common currency, which is a separate issue

The government would lose the ability to set or control monetary policy

[pugboy]

uncle sam wouldnt approve of countries ditching his currencies just so
that would be icing on the cake for china in the world economic wars

If the region is headed for a single currency- we should NOT resort to going U$ , we should be more open to the Chinese currency seeing as a majority of our Imports directly come from the far east.
We should be trading more directly with China and eliminate the middle man the "us of A" as much as possible.. for far too long America has been making money at our expense ………….

[paid_influencer]

currency needs to be traded back and forth. we can't use chinese currency because we export nothing to china. we would literally run out of their currency.

a caricom currency would be a good. we could buy oil and gas from guyana in the common currency. we could export finished product also in the common currency. there would be no drama about money being stuck in this currency or that currency in the course of trade ("St Vincent considers suing Trinidad over currency issue").

i fully support Dollarization (or a common caribbean currency which would effectively be dollarized). It removes the power of our failure politicians to set or control monetary policy.

Venezuela would not be in the state it is right now if it were Dollarized. The average man would have had some measure of US$ dollar savings, no matter how small.

[sMASH]

^^ agreed. but better yet, dont create a caribbean currency, as the caribbean is very small, and doenst have much beside tourism and a little oil/gas here and there. any lil ting and the whole region will suffer inflation.

what we should do, is agree to shift to a currency of one of the bigger markets, either USd or euro.

they could not overtly do that. they coudl hide and do it easy easy, by just not being so restrictive on local commerce utilizing other denominations. monitor what currencies get the most trading back and forth, and use that to see what to switch to. and u not officially switching. just telling people it is very welcomed to trade using x currency.


but that wouldnt be done, as regulating the sale of USd to the poor citizen is a lucrative venture.

[nick639v2]

^^ I agree but Trinis can't see past the ego on their toes. Once we bring up currency shift, it's one set of *selling out to trump* *we doh need nobody money, they guh control we life*

[bluefete]

Think Arab Spring. All the countries which were thinking of ditching the US$ are now in extreme turmoil and their forward-thinking leaders are now dead.

The 1st article is from 2011 and the 2nd is from 2018. Very, very interesting reading.

https://www.thenewamerican.com/economy/ ... ted-dollar

https://www.rt.com/business/422838-petr ... r-gaddafi/

uncle sam wouldnt approve of countries ditching his currencies just so
that would be icing on the cake for china in the world economic wars.

If the region is headed for a single currency- we should NOT resort to going U$ , we should be more open to the Chinese currency seeing as a majority of our Imports directly come from the far east.
We should be trading more directly with China and eliminate the middle man the "us of A" as much as possible.. for far too long America has been making money at our expense ………….

[maj. tom]

Single common currency? Sorry, the local banking cartel will see POS burn down first and bodies floating in the Caroni before that happens. Forget that idea ever exists. Who have the economy so in the first place? You think it's ordinary citizens like me and you that caused inflation and "shortage" of USD?

[zoom rader]

Single common currency? Sorry, the local banking cartel will see POS burn down first and bodies floating in the Caroni before that happens. Forget that idea ever exists. Who have the economy so in the first place? You think it's ordinary citizens like me and you that caused inflation and "shortage" of USD?

Glad to see someone not drinking PNM kool aide. Look deeper at 1%

Folks now start to understand that there was never a recession

[Zim]

Anybody knows when the ban on forex will be lifted?

What ban?

the one tat goin on currently& super restricted & can't be purchased from 3rd parties

[Dizzy28]

Anybody knows when the ban on forex will be lifted?

What ban?

the one tat goin on currently& super restricted & can't be purchased from 3rd parties

There is no ban. There is a shortage based on demand and supply further exacerbated by priority disbursement to select corporations an companies. Banks rate their customers based on profitability to the themselves (when I worked FCB they used A, B, C to denote rank level) so they seemingly give the customers most valuable to them the forex.

And wrt 3rd parties the law (Foreign Exchange Control Act) has always been that it is illegal to purchase, borrow or sell forex from non licensed dealers without the approval of the Central Bank.

[Zim]

There is no ban. There is a shortage based on demand and supply further exacerbated by priority disbursement to select corporations an companies. Banks rate their customers based on profitability to the themselves (when I worked FCB they used A, B, C to denote rank level) so they seemingly give the customers most valuable to them the forex.

And wrt 3rd parties the law (Foreign Exchange Control Act) has always been that it is illegal to purchase, borrow or sell forex from non licensed dealers without the approval of the Central Bank.

Thanks Dizzzy for clearing tha up 4 m. Much appreciated. dumb ;aw, so d banks cud make even more on we head..

[The_Honourable]

Imbert: ‘No devaluation’



FINANCE Minister Colm Imbert declared that rumours of a devaluation of the TT dollar are "fake news."

Imbert made this declaration as he dismissed reports on CNC3's Business Watch and in the Trinidad Guardian which made this allegation.

TT's net foreign reserves currently stand at US$7.3 billion. The balance in the Heritage and Stabilisation Fund is US6.05 billion.

In a statement, Imbert said, "This is more than adequate to defend our exchange rate at its current level of $6.8 to US$1." Contrary to the CNC3 and Guardian reports, Imbert declared, "There will be no devaluation of the TT dollar in 2019."

He explained the finance minister has the authority to determine policy with respect to the exchange rate. Section 3(2) of the Exchange Control Act says with respect to exchange control, the Central Bank shall conform with any general or specific directions given to it by the minister.

Imbert is in Washington, DC, attending the 2019 spring meetings of the International Monetary Fund and the World Bank Group. The meetings began on April 8 and end on April 14.

These annual meetings bring together central bankers, finance ministers and other people to discuss a wide range of issues including the world economic outlook and economic development.

Imbert said these stories are "uninformed, mischievous, inaccurate, unprofessional and totally untrue" and Fitch Ratings "has made no prediction of a devaluation of the TT dollar and has not published a country risk report for TT.

He said the Guardian's article was based on an "uninformed and speculative" article published by Fitch Solutions, a research firm which he said has no connection or relationship to the Government.

Imbert also said Fitch Solutions made it clear on its website that any comments or data included in its report "are solely derived from so-called independent sources." As a further disclaimer, Fitch Solutions says Fitch Ratings' analysts do not share information with Fitch Solutions. Imbert said the ministry has contacted Fitch Ratings, who are contracted by Government, to provide a credit rating for TT.

As well as being deeply embarrassed and saying it has no connection with Fitch Solutions, Imbert said Fitch Ratings has so far been unable to explain why someone at Fitch Solutions who has no access to official data in TT would write such an erroneous and uniformed article. Imbert met with Fitch Ratings in Washington yesterday for a further explanation of the basis of this statement from Fitch Solutions.

Checks on the Fitch Ratings website showed there are no country risk reports for TT.

Fitch Solutions' report on March 12 said TT's current account surplus will widen this year owing to an expanded traded goods surplus, and growing LNG production will bolster export growth in the coming quarters.

The report claimed TT's overall external position will remain under significant pressure, with capital outflows forcing the Central Bank to further draw down reserves.

Source: https://newsday.co.tt/2019/04/12/imbert-no-devaluation/

[maj. tom]

yeah, well the currency is already devalued in reality. Every online store has a higher exchange rate for TTD, as well as Western Union and MoneyGram, which is probably the actual real value of the TTD to USD. By the government not doing devaluation, they are just making the issue worse for the future when it really has to happen. Imagine when they do decide to devalue and the real price is $10TTD = $1USD. Economic collapse overnight.

Who that buck trying to fool?