Imbert rejects IMF claims on FOREX, says government will continue to consult with stakeholders on distribution system.
Finance Minister Colm Imbert has rejected claims that the government received a warning from the International Monetary Fund (IMF) regarding the distribution of foreign exchange or FOREX. In a statement on November 10th, Imbert clarified that the IMF’s recommendation for a floating TT dollar is not new, citing past suggestions dating back to 2012. He stressed that devaluing the dollar would lead to inflation, making goods more expensive, without increasing forex availability. Imbert also addressed the resumption of a forex window at EximBank for essential imports, stating the decision was made by the government after thorough review, not due to pressure from the media or business leaders. He highlighted that the government has consistently maintained a fixed exchange rate to control inflation and protect the vulnerable. Imbert announced that consultations will continue with various business groups to explore potential changes in forex distribution, with a focus on fairness and equity.
