Foreign Currency Usage Limits on Credit Cards

[pugboy]

so what would the good ol imf prescribe?

[fokhan_96]

This just means that everyone now going to have multiple bank accounts from different banks and multiple credit cards from different banks. Hence the reason why is pressure to get an appointment to open a bank account at any bank.

[hover11]

Who going to upkeep those accounts with all the service charges and maintenance fees. I believe this going to encourage more hoarding of US. It will get scarcer. Ppl want to give up their credit cards , I doubt ppl going to apply for 5 and 6 cards.

This just means that everyone now going to have multiple bank accounts from different banks and multiple credit cards from different banks. Hence the reason why is pressure to get an appointment to open a bank account at any bank.

[pugboy]

this going on long time now
many businesses run with persons using many cards

Who going to upkeep those accounts with all the service charges and maintenance fees. I believe this going to encourage more hoarding of US. It will get scarcer. Ppl want to give up their credit cards , I doubt ppl going to apply for 5 and 6 cards.

This just means that everyone now going to have multiple bank accounts from different banks and multiple credit cards from different banks. Hence the reason why is pressure to get an appointment to open a bank account at any bank.

[The_Honourable]

Even if you try, you wouldn't be allowed to have so much credit cards anyway. The banks will do a credit check and once they see you have a credit card with another bank, it is unlikely they will give you another one especially if your income is tight.

The best way so far is for family members to also have credit cards.

[pugboy]

plus the fact that opening a bank acct in general is like pulling teeth

we in a very sad state where the financial institutions reluctant to have new customers
says a lot about confidence or lack there of

[hover11]

Even if you try, you wouldn't be allowed to have so much credit cards anyway. The banks will do a credit check and once they see you have a credit card with another bank, it is unlikely they will give you another one especially if your income is tight.

The best way so far is for family members to also have credit cards.

Lots of small businesses will suffer if this is the case, as incomes haven't increased in years and from the looks of it , that's not happening soon. Hmm if only the esteemed minister of Finance would have stimulated the economy in some form and not restricted it by closing a major forex earner like petrotrin , would we have been in this same position?

[Dizzy28]

Even if you try, you wouldn't be allowed to have so much credit cards anyway. The banks will do a credit check and once they see you have a credit card with another bank, it is unlikely they will give you another one especially if your income is tight.

The best way so far is for family members to also have credit cards.

Lots of small businesses will suffer if this is the case, as incomes haven't increased in years and from the looks of it , that's not happening soon. Hmm if only the esteemed minister of Finance would have stimulated the economy in some form and not restricted it by closing a major forex earner like petrotrin , would we have been in this same position?

I'm not a fan of the PNM but the policy of Forex we have whether you like it or not has shielded the average man from something potentially much worse.

Everyone keeps harping on the Govnt about generating forex but what about our vaunted private sector businessmen? When will a lot of them move away from import/markup and into more productive activities?

[xtech]

Back in early 2010s I approached the prime minister with an idea he thought it seemed feasible so he set up a meeting with the energy minister about my proposal to starting up a local solar panel factory test project in central. So this way we can continue to be an exporter of energy in some form in preparation for when oil runs out. We just needed a little government support to get going.
But Energy minister shoot it down vex with me for wasting his time also said we have oil and gas to last 100 years don’t need solar or wind or geothermal projects sucking up money testing feasibility
Without a vision the people suffers.

[Dizzy28]

Back in early 2010s I approached the prime minister with an idea he thought it seemed feasible so he set up a meeting with the energy minister about my proposal to starting up a local solar panel factory test project in central. So this way we can continue to be an exporter of energy in some form in preparation for when oil runs out. We just needed a little government support to get going.
But Energy minister shoot it down vex with me for wasting his time also said we have oil and gas to last 100 years don’t need solar or wind or geothermal projects sucking up money testing feasibility
Without a vision the people suffers.

MEEI's site says they did one of those

[mero]

Even if you try, you wouldn't be allowed to have so much credit cards anyway. The banks will do a credit check and once they see you have a credit card with another bank, it is unlikely they will give you another one especially if your income is tight.

The best way so far is for family members to also have credit cards.

Plenty ppl credit cards getting their us balance dropped to 500usd etc and thing, even taken away for this, "helping out " friends and family. Commingling is a major issue. Business transactions ain't for personal credit card.

Ppl applied for a personal cc for a reason, if u have a business , get a business cc, and dat shoulda be stated in your application, And then u can formally apply for an extended amount of Usd ,so from the bank POV is why u trying to make money on we head and the cc loan we give u is for personal use like u sign for? Then u getting points , cash back, miles etc on top of that.

Imo, the average trini don't need $7500 usd a month when the local limit is under way under $15,000 ttd. If your background checks show u only qualify for 3k ttd, why you bawling for usd? On a fcb card u can withdraw about 875usd a week when u up there.

Also lots of USD being drained through crypto, trading and mlm schemes and ppl always finding a way to work around it.

[neilsingh100]

What is does the exchange rate need to be to bring demand and supply in balance?

[DMan7]

^ Prob 12:1

[Mmoney607]

Even if you try, you wouldn't be allowed to have so much credit cards anyway. The banks will do a credit check and once they see you have a credit card with another bank, it is unlikely they will give you another one especially if your income is tight.

The best way so far is for family members to also have credit cards.

Plenty ppl credit cards getting their us balance dropped to 500usd etc and thing, even taken away for this, "helping out " friends and family. Commingling is a major issue. Business transactions ain't for personal credit card.

Ppl applied for a personal cc for a reason, if u have a business , get a business cc, and dat shoulda be stated in your application, And then u can formally apply for an extended amount of Usd ,so from the bank POV is why u trying to make money on we head and the cc loan we give u is for personal use like u sign for? Then u getting points , cash back, miles etc on top of that.

Imo, the average trini don't need $7500 usd a month when the local limit is under way under $15,000 ttd. If your background checks show u only qualify for 3k ttd, why you bawling for usd? On a fcb card u can withdraw about 875usd a week when u up there.

Also lots of USD being drained through crypto, trading and mlm schemes and ppl always finding a way to work around it.

I agree, just not sure about the last paragraph

[pugboy]

yuh needed to be fren and family to gt

Back in early 2010s I approached the prime minister with an idea he thought it seemed feasible so he set up a meeting with the energy minister about my proposal to starting up a local solar panel factory test project in central. So this way we can continue to be an exporter of energy in some form in preparation for when oil runs out. We just needed a little government support to get going.
But Energy minister shoot it down vex with me for wasting his time also said we have oil and gas to last 100 years don’t need solar or wind or geothermal projects sucking up money testing feasibility
Without a vision the people suffers.

[paid_influencer]

What is does the exchange rate need to be to bring demand and supply in balance?

8:1

more than that, demand would drop off steeply

[paid_influencer]

I'm not a fan of the PNM but the policy of Forex we have whether you like it or not has shielded the average man from something potentially much worse.

Everyone keeps harping on the Govnt about generating forex but what about our vaunted private sector businessmen? When will a lot of them move away from import/markup and into more productive activities?

generating more forex is a non-starter. a dream people pretend can happen. fantasy.

what we need is long-term sustainability at a lower income

lower income
less money

but sustainable
long-term

to
eat little
and live long

as old people say

dizzy, you are a free market capitalist, right?

the private sector has no incentive to bring forex to T&T

the forex system we have now
gives incentive
in the opposite direction

to buy as much USD as possible '
at the subsidised price
from the treasury
while selling USD-denominated goods at market price

don't blame private industry
for doing what is profitable

blame the forex policy
for being unsustainable

[pugboy]

^thats the kicker
impsbert like to boast of holding our exchange rate like barbados, but only artificially so and it is a chicken and egg situation
because it is going to be exploited by those who have means to exploit it

[Dizzy28]

What is does the exchange rate need to be to bring demand and supply in balance?

8:1

more than that, demand would drop off steeply

This was in 2022

[paid_influencer]

demand for USD also based on how much TTD people have.

but nowadays ppl doh even have TTD

8:1 sounding about right based on what I see ppl selling for irl (ymmv)

[hover11]

demand of USD also based on how much TTD people have.

but nowadays ppl doh even have TTD

8:1 sounding about right based on what I see ppl selling for irl (ymmv)

Wasn't the real value around 10 to 1 based on what most local economists theorized

[pugboy]

on the usd trading fb group avg is around 7.5 maybe 8 for most

demand of USD also based on how much TTD people have.

but nowadays ppl doh even have TTD

8:1 sounding about right based on what I see ppl selling for irl (ymmv)

Wasn't the real value around 10 to 1 based on what most local economists theorized

[Dizzy28]

I'm not a fan of the PNM but the policy of Forex we have whether you like it or not has shielded the average man from something potentially much worse.

Everyone keeps harping on the Govnt about generating forex but what about our vaunted private sector businessmen? When will a lot of them move away from import/markup and into more productive activities?

generating more forex is a non-starter. a dream people pretend can happen. fantasy.

what we need is long-term sustainability at a lower income

lower income
less money

but sustainable
long-term

to
eat little
and live long

as old people say

dizzy, you are a free market capitalist, right?

the private sector has no incentive to bring forex to T&T

the forex system we have now
gives incentive
in the opposite direction

to buy as much USD as possible '
at the subsidised price
from the treasury
while selling USD-denominated goods at market price

don't blame private industry
for doing what is profitable

blame the forex policy
for being unsustainable

I agree. For the govnt to sustain businesses in the import distribution sector with subsidized forex is basically mismanagement to the highest.

It's why the EximBank programmes are predominantly aimed towards manufacturers and the programme for distributors is supposed to be for essential goods only.

[paid_influencer]

EXIMbank was originally a credit facility for international trade.

It was never suppose to be a major forex distribution point.

The IMF recently called out the govt's molestation of the EXIMbank and the parallel foreign exchange system.

Could you imagine any of this being part of Wendell Mottley's vision? This country went through all the pain to float the dollar and get a rational, modern, robust and flexible foreign exchange system ready to be used. But instead Rowley chose to abandon all that and go back to Chambers-era policy instead.

In a few years when all the foreign reserves are exhausted and the debts become due, where will be get forex to prop up a rate that is far away from the market price? The collapse going to be hard, and painful. and it did not have to be that way.

[pugboy]

but impsbert making it sound like eximbank is a panadol solution

[hover11]

Interesting, IMF has spoken, all restrictions must go

[Skanky]

Once again it's only allyuh law abiding jackarses who complaining.

The streets flooded with guns and drugs. What they paying for guns and drugs with?....toolum ,sugar cake and paw paw balls? TTD? Wire transfer and bank draft?

The forex is there......just not for allyuh law abiding fools to pay for Netflix and buy bluetooth speakers on Amazon.

I have never seen a dumber bunch of people who negotiate against themselves like trinis.

All this gov't has to do is put the idea out there that allyuh have to suffer more and give some 2 by 4 reason why and allyuh will do the rest and come to the conclusion that yes they are right we must suffer more because one of the gov't mouthpieces say so on tv or the newspapers.

WTF wrong with allyuh! Is allyuh who suffering yuh know....not them who telling allyuh that you have to suffer.....they not suffering one bit.

The gov't withdrawing Billions for themselves and instead of demanding accountability allyuh will give every reason why what they saying makes sense and allyuh should not get access to the money.

Allyuh ridiculous yes.

[pugboy]

facts, the thousands usd them trini boat men collecting to bring venes and their non drugs/arms contraband across every week certainly not going into no bank acct

far less the hundreds of thousands to pay for drugs guns and weed, mind you them south american drug dealers often throw in guns free...

The streets flooded with guns and drugs. What they paying for guns and drugs with?....toolum ,sugar cake and paw paw balls? TTD? Wire transfer and bank draft?

The forex is there......just not for allyuh law abiding fools to pay for Netflix and buy bluetooth speakers on Amazon.

[VexXx Dogg]

Interesting, IMF has spoken, all restrictions must goScreenshot_20241110_065340_Adobe%20Acrobat.jpg

RIP to the managed float.
Can’t have your cake and eat it too.
That % float is coming like a freight train

[pugboy]

float will never happen
admittance of failure
just like an soe in the pnm hot spots