PRIME Minister Kamla Persad-Bissessar says government will compile a report on foreign exchange (forex) distribution and leakages over the last decade. The contents of this report will be made public.
She made this disclosure at the post-Cabinet news conference at the Red House, Port of Spain on Thursday May 15. Finance Minister Davendranath Tancoo, Planning Minister Kennedy Swaratsingh and Trade Minister Satyakama Maharaj have been given this assignment by the Cabinet.
Persad-Bissessar reminded reporters how such spoke about forex distribution during the election campaign. "This is a serious matter. We need to know where the forex went, to who it went. to why it went and how it was deployed those reports will come to us and we will share them with you."
Persad-Bissessar said, "This report will be made public to identify the main users, the main facilitators of this main distribution and explain to the public how his entire forex distribution cartel and conspiracy between certain operatives and businesses were functioning."
Before the April 28 general election, then prime minister Stuart Young and then finance minister Vishnu Dhanpaul held meetings with the Central Bank, heads of commercial banks and the Bankers Association on forex matters.
At a post-Cabinet news conference at Whitehall on March 27, Young said,"We had very open and frank conversation. I made it known that this government was concerned about the average citizen. Why is it that the average citizen cannot go to the bank and get access to a reasonable amount of US forex and how is it being allocated."
Young said government accepted the supply of forex is less than it was in previous years. "Some of the items that came up for discussions is the gray market that exists out there. Some of the illegal activity that may be taking place out there that affects forex."
He said, "Another matter we discussed was the (commercial) bank charges and this is something that is not unique to Trinidad and Tobago "
Young said, "Bank charges are affecting all of us as citizens." He repeated, "One of the main people that are affected by this are average citizens because they feel the pinch the most." Young said, "I made it very clear to the bankers what our views are on it it."
He added the bankers' representatives identified investment in infrastructure and upgrade of software as contributing factors to these charges. Young said, 'Well I said okay, as a citizen I see that you are closing down retail banking and shrinking your retail banking services which means a reduction in cost."
He added banks are moving from paper to digital transactions which also refers to cost reduction by the banks. Young asked why was the efficiency of online services not leading to a reduction in bank charges to customers. He asked the Central Bank, Bankers Association and commercial banks to continue their conversation with Dhanpaul. and the Finance Ministry.
CLICO REPORT TO BE MADE PUBLIC
Persad-Bissessar also announced that government will lay the report of the Com
