Tancoo calls on the gov’t to manage T&T’s forex reserves


Tancoo calls on the gov’t to manage T&T’s forex reserves

Opposition Member of Parliament for Oropouche West, Dave Tancoo, is urging the government to wisely manage Trinidad and Tobago’s foreign reserves which he says at the end of 2020 stood at US$6.86 billion dollars with the Heritage and Stabilisation Fund at about US$6 billion dollars.

Speaking in an interview with News Power Now, MP Tancoo highlighted the seriousness of the situation.

MP Tancoo is also suggesting there be strategies to boost foreign exchange inflows.

MP Tancoo cautioned there must be wise use of money taken out from the Heritage and Stabilisation Fund.

A recent survey conducted by the Trinidad and Tobago Chamber of Industry and Commerce and the Trinidad and Tobago Coalition of Services Industries revealed eighty-three percent or one hundred and seventy firms reported they could not access enough foreign exchange to purchase raw material and some finished products from foreign suppliers.

According to the survey, sixty-six percent of firms or 135 received less than fifty percent of their forex requirements from their local bankers in 2020.