The Trinidad and Tobago Manufacturers’ Association (TTMA) says while members have experienced temporary delays in accessing foreign exchange through the Exim Bank since the start of October, the situation is expected to be resolved soon once the national budget is passed and allocations resumed.
Speaking with Express Business, TTMA president Dale Parson confirmed that “there has been a short delay due to the Budget being mid-October – later than expected – but we are optimistic that should be resolved shortly with the passing of the budget debate in Parliament. We are confident that allocations will be resumed.”
The Exim Bank of Trinidad and Tobago, which provides U.S. dollars specifically to manufacturers and importers of essential goods, has reportedly been unable to release foreign currency allocations this month. This stems from the close of the fiscal year in September and the delay in the approval of the 2025 national budget.
He acknowledged the challenges this has posed but noted that manufacturers had anticipated some disruption.
“It has been challenging but not surprising. We knew that the Budget must be passed before more allocations were made,” said Parson.
According to Parson, ongoing communication has been maintained with both the Exim Bank and the Ministry of Finance.
“TTMA has been in contact with Exim and the Ministry of Finance. They are aware it’s a pressing matter, especially for the upcoming Christmas season, but the Budget needs to be passed and sanctioned before allocations are released,” he said.
Despite the slowdown, Parson emphasised that manufacturers have not been forced to seek alternative, often costlier, sources of US dollars on the open market.
When asked if members had turned elsewhere for forex support, Parson said, “No.”
He also reiterated the critical role manufacturers play in bringing foreign exchange back into the local economy.
“Manufacturers are the only non-energy sector in T&T that repatriates 40% of every U.S. dollar we receive. So, if manufacturers receive US$1 from Exim Bank, we bring back in US$1.40. The Government is aware of this —it’s their numbers,” he explained.
Parson is calling for the quick resumption of monthly forex allocations to support continued industrial activity, especially as businesses prepare for the Christmas season.
“The Exim Bank pays manufacturers’ suppliers directly. These funds are used strictly to buy raw materials, equipment, parts and other indirect inputs into manufacturing unlike other importers that don’t bring back one cent into T&T,” he stressed.
While the forex bottleneck has created short-term challenges, Parson remains confident in the system once allocations are reactivated post-budget approval.
In July, the Express reported that small and medium-sized businesses were facing mounting challenges following a sudden halt in foreign exchange allocations from the State-owned EximBank.
At the time, affected businesses said the bank had not released US dollars to clients for several weeks, citing bureaucratic delays linked to a shift in ministerial oversight and the absence of a functioning board. The pause coincided with EximBank’s transfer from the Ministry of Finance to the newly formed Ministry of Trade, Investment and Tourism, which had yet to appoint a new board or streamline the approval process.
In response to questions from the Express then, Finance Minister Davendranath Tancoo and Trade Minister Satyakama Maharaj acknowledged the disruption and assured that corrective measures were being prioritised. They said a new board and revised mandate aimed at improving accountability and transparency in forex allocations would soon be implemented.
The ministers also maintained that the Government was committed to expanding forex access to micro, small, and medium-sized enterprises (MSMEs), while attributing ongoing forex challenges to what they described as years of mismanagement under the previous administration.
At that time, affected companies told the Express they were being forced to dip into private reserves or depend on customers’ US funds to sustain imports, a move they warned could not continue indefinitely.
Chamber heads also shared that some businesses were forced to turn to illegal avenues to access forex to sustain their businesses while others had no choice but to limit their operations.
The forex freeze followed the launch of the SME Forex Window pilot project in April 2025, which was designed to provide SMEs with up to US$50,000 monthly to support business growth and stimulate economic activity.
Chairman of the Confederation of Regional Business Chambers (CRBC) Vivek Charran highlighted that the issue extends beyond Exim Bank and noted that businesses are also unable to access forex from commercial banks.
In a telephone interview with Express Business, he said, “Getting forex from commercial banks is increasingly difficult and it leads to businesses unable to restock its shelves or pay suppliers.” He added that while suppliers may have a credit facility, it does not guarantee that the products get clearance as some facilities are structured in a way that ensures suppliers get its payments before the container arrives.
Charran explained that a facility may allow for the buyer to pay a down payment and give them three months to pay off for the product while another may request a 50% of the cost and the entire fee is paid off by the time the container arrives.
Tancoo on Exim Bank in budget
Delivering the national budget on October 13, Tancoo said that foreign exchange shortages remain a challenge for businesses, limiting access to raw materials and production.
“The unfair practices at major commercial banks and the Exim Bank have exacerbated these shortages. This Administration will act decisively to stabilise the external position,” Tancoo said.
“By restoring energy production and creating an enabling environment for business and investment, we will increase foreign currency inflow. We will ensure that productive sectors have access to foreign exchange,” he said.
Tancoo said a new board was appointed at Exim Bank to help address the situation.
Last month Edwin Chariah was appointed Exim Bank’s chairman. The other members of the board are deputy chairman Suresh Maharaj, Nandini Narine, Bhushan Singh and Joseph Ridge Paul.
“In his address to the appointees, Minister Maharaj underscored EXIMBANK’s pivotal role in facilitating the growth and expansion of Trinidad and Tobago’s non-energy export and manufacturing sectors—enhancing the nation’s foreign exchange earnings, creating and sustaining employment, and empowering the exporting community through its trade finance portfolio,” a release on the appointment stated.
Tancoo said Exim Bank will return to its proper mandate of supporting exporters through foreign-currency loans.
“For the first year, repayments will be made in TT dollars, then in the currency of the loan. Transparent eligibility criteria and public reporting will ensure fairness, especially for SMEs,” he said.
