Home Forex Trinidad and Tobago MP Complains About Unfair Foreign Exchange Distribution

Trinidad and Tobago MP Complains About Unfair Foreign Exchange Distribution

 

When it comes to emerging economies, foreign investment, and effective distribution of foreign exchange to different corners of the economy is regarded as one of the most important aspects of policymaking. However, if a Member of Parliament in Trinidad and Tobago is to be believed, then that is not happening in the country. In a new development, the MP in question has now made a complaint against commercial bank about the unfairness of the foreign exchange distribution process. Dr. Surujrattan Rambachan, who is the MP from Tabaquite, has stated that the commercial banks in the country, are unfair with their distribution of foreign exchange.

He went on to state that he became aware of the issue after coming across a notice that had been published by the First Citizens Bank, which is owned by the state. According to the notice issued by the First Citizens Bank, limits have imposed on how much foreign exchange an individual can purchase. If an individual is a customer of FCB, then he can buy at most $300 worth of foreign exchange, while for noncustomers that limit has been revised to only $150 and if the individual in question is a foreign national, then he can only buy $50. Needless to say, this issue caused a stir with many, and soon enough, Dr. Rambachan took up the issue. In this regard, it is also important to add that many individuals on social media had also criticized these new limits.

The MP stated that such limits are an affront to many citizens in the country who are going to go on overseas holidays. However, he went on to add that while the banks have placed such limits on all citizens, there are other sets of influential citizens in Trinidad and Tobago who are able to get as much foreign exchange that they had demanded. He added that such practices could also result in the creation of an unregulated black market for foreign exchange, and that could only be a damaging development for the country at large.

When it comes to emerging economies, foreign investment, and effective distribution of foreign exchange to different corners of the economy is regarded as one of the most important aspects of policymaking. However, if a Member of Parliament in Trinidad and Tobago is to be believed, then that is not happening in the country. In a new development, the MP in question has now made a complaint against commercial bank about the unfairness of the foreign exchange distribution process. Dr. Surujrattan Rambachan, who is the MP from Tabaquite, has stated that the commercial banks in the country, are unfair with their distribution of foreign exchange.

He went on to state that he became aware of the issue after coming across a notice that had been published by the First Citizens Bank, which is owned by the state. According to the notice issued by the First Citizens Bank, limits have imposed on how much foreign exchange an individual can purchase. If an individual is a customer of FCB, then he can buy at most $300 worth of foreign exchange, while for noncustomers that limit has been revised to only $150 and if the individual in question is a foreign national, then he can only buy $50. Needless to say, this issue caused a stir with many, and soon enough, Dr. Rambachan took up the issue. In this regard, it is also important to add that many individuals on social media had also criticized these new limits.

The MP stated that such limits are an affront to many citizens in the country who are going to go on overseas holidays. However, he went on to add that while the banks have placed such limits on all citizens, there are other sets of influential citizens in Trinidad and Tobago who are able to get as much foreign exchange that they had demanded. He added that such practices could also result in the creation of an unregulated black market for foreign exchange, and that could only be a damaging development for the country at large.

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