Republic Bank Suspends US$ Sales

[Monk BANzai]

We have a dirty float ...where the CBTT manages the FX rate to maintain a range..

So the range would move to say 7-7.5TTD to 1 USD, or they would widen the band that they tolerate to 20% say as opposed to 10%...

oaaar!! yuh did mean: US shortage > hoarding > massive increases > citizens ketching dey ass & some people making HUGE profit margins for free

[src1983]

Online credit car purchasing takes up a considerable chunk of us

Even if everyone then T&T stop using online purchasing the band will just shift to businesses and retail, since Trinidad doesn't produce and everything is imported.

To much US is being hoarded offshore and only benefiting a small few via interest some tax free.

[redmanjp]

so time to transfer to vtm like mad or what

[UML]

[Habit7]

Plausible

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Why Karim don't ask Kamla if shes going to take responsibility for putting an inept party hack as governor of the CBTT and him changing longstanding stable policy that was in place for decades after PNM wisely floated our dollar.

There is lack of confidence in our economy hence big and small are building up USD capital causing a demand in for USD. A devaluation will reduce demand and correct the PP's bad policy and horrible 'plan' for the future.

[UML]

Plausible

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It is plausible but I would not limit it to just "PNM Financiers". Financiers and the "connected" are hoarding. I believe one of the reasons why is that they are unsure what is going to happen on Sept 7th elections and the budget one month after.

A devaluation would come like a thief in the night. Announcements are usually made on Friday evenings where people wouldn't have time to do anything. By the time you look to do something, bank close. Drastic changes by politicians and institutions are done over the weekend. Monday morning yuh lining up by the bank and crying.

We can safely say you speaking from 50 years of PNM experience.

Hence the panic because they FEAR the PNM coming back into power.

DON'T LET THAT HAPPEN ON SEPTEMBER 7TH

[Redman]

We have a dirty float ...where the CBTT manages the FX rate to maintain a range..

So the range would move to say 7-7.5TTD to 1 USD, or they would widen the band that they tolerate to 20% say as opposed to 10%...

oaaar!! yuh did mean: US shortage > hoarding > massive increases > citizens ketching dey ass & some people making HUGE profit margins for free

No I didnt mean that...you asked about the float..

but the reality is that the FREE access to the USD is exactly that...the freedom to do x y or z.

The concept of hoarding a valuable commodity as simple commonsense or a speculation on its value is as old as the hills.
Vilifying those who do this at this point in time ignores the reality that you would do the same..


hypothetical Q...you are given $1,000,000,000 USD and absolute freedom to move.

What would you do in terms of % kept here and moved out and % in TTD vs other currencies??

ALL of us would move most of it out to be prudent.
Any solid financial advisor would have been recommending this to clients.
We were since the 90s.

[bluefete]

Plausible

What BS this man writing?

Regardless of whosoever gets into office, devaluation is a stark reality to bring stability to the exchange rate.

Ask Jwala who in his (pumpkin vine) family benefited from the change in the auction system to become one of the new dealers.

[UML]

Looks like the PNM tuners supporting devaluation of the TT dollar by Rowley

[SR]

Lemme drop this here

[Redman]

Looks like the deficits that the UNC ran up despite record revenue and oil prices is causing the instability.

[bluefete]

Looks like the PNM tuners supporting devaluation of the TT dollar by Rowley

Republic Bank does not give problems in selling US$ (ask FCB). So when they have to tighten controls and refer requests to their f/x dep't, things bad.

Made worse no doubt by PP scallywags hoarding US$ just in case they do not get back into office.

[bluefete]

Tell Moneylall to bring back all the US$ he put in the Netherlands.

[Monk BANzai]

We have a dirty float ...where the CBTT manages the FX rate to maintain a range..

So the range would move to say 7-7.5TTD to 1 USD, or they would widen the band that they tolerate to 20% say as opposed to 10%...

oaaar!! yuh did mean: US shortage > hoarding > massive increases > citizens ketching dey ass & some people making HUGE profit margins for free

No I didnt mean that...you asked about the float..

but the reality is that the FREE access to the USD is exactly that...the freedom to do x y or z.

The concept of hoarding a valuable commodity as simple commonsense or a speculation on its value is as old as the hills.
Vilifying those who do this at this point in time ignores the reality that you would do the same..


hypothetical Q...you are given $1,000,000,000 USD and absolute freedom to move.

What would you do in terms of % kept here and moved out and % in TTD vs other currencies??

ALL of us would move most of it out to be prudent.
Any solid financial advisor would have been recommending this to clients.
We were since the 90s.

HMMM......

[Crackpot]

When a bank is doing this it is throwing its hands up and more or less telling the public to speak to the governor/man in charge of the currency as to why there is a need to have an appointment to get something that should be freely available.

P.P. failure again, cyah even run ah saltfish parlor much less ah country, the myth of the P.P has been constantly removed but who have eyes to see will see

[UML]

[UML]

Looks like the deficits that the UNC ran up despite record revenue and oil prices is causing the instability.

Record revenue and oil prices he say oui

:lol::lol::lol:

Just now yuh go say all dem PPG achievements was free too!!!

[A172]

so how them car dealers paying for the thousands of cars coming in every month ?

easy

[EmilioA]

We can safely say you speaking from 50 years of PNM experience.

Hence the panic because they FEAR the PNM coming back into power.

DON'T LET THAT HAPPEN ON SEPTEMBER 7TH

UML , you willing to put your head on a block and say the UNC will not devalue the TT$ in the next 5 years ?

[Trinbagoviews]

Hence, the average Trinbagonian is severely disadvantaged. Even if he senses the continued decline of the value of the $TT he can do little to preserve his savings or his standard of living. He is essentially trapped in the $TT system that perpetually erodes the purchasing power of his earnings and his savings.

The average trini has enjoyed

Cheap Cars,shoes jeans,food,TV,Amazon Shopping, Cheap TV DVD,Music,Rims Electronics,Cheap Fuel etc etc etc...
All Imported

The average Trini has enjoyed
Cheap Loans,Access to finance,Island Finance,Higher purchase,Increased hourly rates,..ETC ETC ETC
All as a result of artificially low politically expedient Interest Rates..IMPORTED FROM US FISCAL POLICY.


Those that wanted to be prudent had the time to do so...
we cant want USD when we want it...to do what we want with it, and then say that the big wigs cant have the same access.

Things have to change...

Your right things do have to change

But the mal investment and consumption was encouraged and fostered by Central Bank and Government involvement in the market.

The political class and the politically connected shouldn't be the only ones who enjoy a higher standard of living though. The working class has actually earned their money unlike the political class who has confiscated money from the masses via taxation and corruption and add no value.

This is what causes and exacerbates inequality -the politically connected get to spend the newly created money first in the economy (buy up assets and consumer goods and therefore bid up prices) before the systemic prices increases take effect for everyone else.

The average man on a fixed income is therefore disadvantaged.

The government controlled education system has brainwashed the masses to think institutions like the Central Bank are there to protect them on the contrary they are there to serve the interest of the elites and the politically connected class who ever may be in power.

[antlind]

We can safely say you speaking from 50 years of PNM experience.

Hence the panic because they FEAR the PNM coming back into power.

DON'T LET THAT HAPPEN ON SEPTEMBER 7TH

UML , you willing to put your head on a block and say the UNC will not devalue the TT$ in the next 5 years ?

I think whether it's PNM or PP in power, devaluation is a reality that we may have to face within the next 5 years.

[dougla_boy]

dont worry, i am sure they will find a way to say that it was the PNM's fault

[Redman]

Well in essence they too are culpable.

After the NAR...Successive govts began managing the economy as THE focus....and trying to even out the normal required economic cycle...Political expedience that ignores the benefits of economic contraction.

Choosing to be fixed to the USD means that their interest rate policy is ours...So their artificially low interest rate cycle put pressure on us here...regardless of the state of our economy...So we have been in expansion mode WRT low interest rates since 2001.

Where we are now is the excesses in the market are beyond the CBTT to control easily....and the reset might create its own set of harsh requirements....

GORTT has acted like a fire prevention unit on crack....they keep wet down everything and prevent bush fires from starting and it becomes the norm-douse it the night before INCASE it hot tomorrow....well the undergrowth is now higher than some of the trees and we running out of water.

Recessions like most bush fires are healthy for the ecosystem that they exist in...they clear out the underbrush and poor investment and poor business choices and make space for strong growth.

Now to clear our undergrowth we need a FOREST FIRE...too many excesses have built up over the years.

thats the truth....regardless of which political party holding the hose,hoes,whores and matches.

[Advent]

dont worry, i am sure they will find a way to say that it was the PNM's fault

sigh true eh, im not on team red or yellow, but i think team red needs to come back in!

[Bezman]

just experienced this first hand at Republic

went to pay off my credit card bill.

I cant buy USD to pay off my credit card.. wtf.. go get a manager

I ask. so if i cant buy usd, and I am being charged interest on this us, who is going to pay off the accumulated interest? they say that due to whats going on with foreign exchange, all us currency purchases must be approved by the foreign exchange office.. the managers are taking note of who is trying to pay it off and cant get access to us so their interest can be paid off by the BANK!!!!

wtf... so millions in USD interested will be charged to the bank.. where will they get the USD to pay it off?? lol

so then i ask... I have USD in my USD Account, can i withdraw the us, from there (even though i dont want to...) they say NO.... i have to get approval to withdraw my own money lol..


well needless to say, i went and bought about 100 rolls of toilet paper cause we reach venezuela

[pete]

You mean RBL reach Venezuela.

[antlind]

This is serious. If one bank takes a hard line approach others will follow suit and pretty soon we will become like our neighbors to the south. Heading to Massey for some TP myself.

[Bezman]

well getting USD (cash) in general in the other banks is just as bad or next to impossible
I left RBL, walked into scotia and asked to buy the USD and they said the same thing, they have none to sell and no cash to allow me to withdraw from my US account in Scotia either.

[Bezman]

just went to the USD bank machine...
same thing

[redmanjp]

^out of service or no US withdrawals allowed?