THE EDITOR: Increasingly we are hearing that traders and small companies in this country are being forced to source their foreign exchange requirements on the black market, where they have to pay well over the bank rate for their US dollars.
The question that nobody seems to be asking is who is behind this so-called black market? Where do these funds come from? Who are the people who are net earners of foreign exchange, operating largely outside of the established system?
I can think of only two. However, the total amount of forex, traditionally sold to small business operators, that the first group generates is likely to be much less than the total currently available on the black market.
I suspect that the second forex source is very much larger – the cocaine transshipment industry. This continues to be big business, with large quantities of the drug coming from Colombia, Bolivia and Peru through TT to the markets in North America and Europe. Despite this country’s efforts to stem this trade, it goes on unabated, with the handling fees representing considerable forex earnings for this country.
Could it be, ironically, that the business sector is only able to function due to the cocaine transshipment business?
GARY N VOSS
Westmoorings
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