Imbert rejects IMF claims on FOREX, says government will continue to consult with stakeholders on distribution system.
Port of Spain, Trinidad and Tobago – Finance Minister Colm Imbert has strongly denied recent reports suggesting the government received a warning from the International Monetary Fund (IMF) regarding the distribution of foreign exchange (FOREX). In a statement issued on November 10th, Minister Imbert provided clarity on Trinidad and Tobago’s FOREX strategy.
Minister Imbert emphasized that the IMF’s recommendation for a floating TT dollar is not a new suggestion, with similar advice dating back to 2012. He underscored the government’s consistent position that devaluing the Trinidad dollar would lead to significant inflation, making goods more expensive for citizens without actually increasing FOREX availability in the country.
Addressing the re-establishment of a FOREX window at EximBank for essential imports, Imbert clarified that this decision was made by the government after thorough review, not due to external pressure. He highlighted the government’s unwavering commitment to maintaining a fixed exchange rate to control inflation and protect vulnerable populations.
Looking ahead, Minister Imbert announced ongoing consultations with various business groups. These discussions aim to explore potential changes in FOREX distribution to ensure fairness and equity across all sectors in Trinidad and Tobago.
