TWO business chambers have expressed concern and are calling for immediate action in response to Prime Minister Kamla Persad-Bissessar’s claim of a foreign exchange “cartel” allegedly operating among banking officials and business entities.
Persad-Bissessar made the disclosure during a post-Cabinet briefing on Thursday.
‘didn’t happen overnight’: President of the Greater San Fernando Area Chamber of Commerce Kiran Singh.
Speaking to the Express yesterday, the Chaguanas Chamber of Commerce expressed serious concern over the Prime Minister’s remarks, describing the allegation as “a significant and serious claim which, if verified, could have wide-ranging implications for the business community and the national economy”.
The Chaguanas Chamber acknowledged the long-standing challenges local businesses particularly small and medium-sized enterprises (SMEs) face in accessing foreign exchange. “At this time, we believe it is prudent to await further clarification and the outcome of any investigations or reviews that may follow,” said Baldath Maharaj, president of the Chaguanas Chamber. “We trust that the relevant authorities will address the matter with the transparency and urgency it deserves, so that public confidence in our financial and economic systems can be preserved.”
Maharaj reaffirmed the Chamber’s position on the matter, emphasising its commitment to fairness and equity in forex access. “The Chaguanas Chamber of Commerce remains committed to advocating for fairness, equity, and improved access to foreign exchange for all businesses,” he said. “We look forward to the facts being established and any appropriate action being taken in the interest of economic stability and national development.”
Meanwhile, president of the Greater San Fernando Area Chamber of Commerce (GSFCC), Kiran Singh, welcomed the Prime Minister’s call for investigation, stating that the allegations must be “thoroughly investigated by the ministerial committee set up by the Prime Minister.”
“It is no secret that the Greater San Fernando Area Chamber of Commerce (GSFCC) has been stating for several years that large conglomerates seem to have easier access to forex than those who comprise the SME sector,” Singh said. “This situation did not happen overnight but morphed into the painful debacle we experience on a daily basis.”
Singh accentuated the persistent difficulties SMEs face, despite previous engagements with the EXIM Bank aimed at mitigating the forex crisis. “SMEs have complained bitterly about it, getting little relief,” he said, noting that while there has been some “movement towards eliminating this crisis,” much remains to be done.
Highlighting the economic weight of the SME sector, Singh added: “We continue to remind the country that the SME Sector is the largest employer after the government. We cannot manufacture everything this country needs. Importation remains inevitable until the oil and gas sector is re-energised amid the import substitution and diversification plans.”
Persad-Bissessar mandated that the ministers of Finance Dave Tancoo; Planning and Economic Affairs and Development Kennedy Swaratsingh; and Trade, Investment and Tourism Kama Maharaj bring a report on forex distribution and leakages over the past ten years.
“This report will be made public and identify the main users…the main facilitators of this unfair distribution and explain to the public how this entire forex distribution cartel and conspiracy between certain bank operatives and businesses operate,” she said.
