Manning: Plans afoot for SME’s to access Forex

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Manning: Plans afoot for SME’s to access Forex

There are plans for small and medium size enterprises locally which qualify for foreign exchange via the Exim Bank to be able to access FX.

However, these SME’s will have to meet certain criteria in order to benefit from such an arrangement.

One of which is repatriating foreign exchange earned abroad.

This development was revealed by Minister in the Ministry of Finance, Brian Manning, while being interviewed during the Power Breakfast Programme on Power 102 Digital on Thursday.

Mr Manning said the facility is already in place for local manufacturers who are making use of it.

He was asked if the criteria for SME’s was government’s way of micro managing the way such businesses conduct their affairs to which he explained it’s a facilitation rather than a micro-management of the way these establishments handle their activities.

Meanwhile, on another topic Mr Manning said in spite of challenges such as crime government has been able to stabilise the economy, focus on growth, digitalisation and the ease of doing business.