The decision by the Bank of Jamaica (BOJ) to temporarily suspend exchange of TT dollars is no currency crisis.
So says the Finance Minister, Colm Imbert.
The BOJ announced the temporary suspension on November 3rd, saying it would take effect from Monday 6th.
The BOJ said it was owing to a review of the existing arrangement for the repatriation of TT dollars.
The bank advised people seeking to exchange TT dollars to take note of the development and plan their currency exchange accordingly.
In an further statement on Monday, the BOJ said the temporary suspension was owing to the fact that the TT Central Bank “to which this currency is repatriated, has suspended arrangement for the repatriation of TT dollars until further advised.”
However, in a tweet on Wednesday, Imbert said, “The BOJ has temporarily suspended acceptance of TT dollars to review its arrangement with our CBTT (Central Bank of TT). The amount traded in TT dollars in Jamaica equals only US$4,000 per month.
He added that one daily newspaper describing this small sum as evidence of a currency crisis was irresponsible.
In a second tweet on this matter, Imbert said, “All this drama over such a small amount of forex (foreign exchange), making a mountain out of a molehill, creating anxiety for no reason.”