Skybox companies: Buy less things online

[silent_riot]

Does buying from a local firm fulfill the intention of prohibiting USD spending?
It's the same or in most cases inferior products being imported by local firms to sell for a higher profit.

This is simply a case of you shouldn't spend it because I would need it, so pay me instead.

[Duane 3NE 2NR]

Notice courts, massy and ansa have not slowed down imports?

They all have businesses running outside of T&T that earn them US$

[RedVEVO]

The 7% tax had nothing to do with forex shortage. Local businesses facing competition from the fact that citizens could pay much less, pressure the government to do something about it. At their beck and call, the government complied.

Notice courts, massy and ansa have not slowed down imports?

Yes ..

All the goods in Massy, Courts & PriceSmart & Everybody etc., is foreign.

Went to purchase a parrot cage - Cost $3,800 TT in Trinidad.
Amazon have it for $120 US ..

Carry on ..

Allyuh seem to forget...

Suma dem Massy big boy does have to pay for outside redwoman who playing front line Tribe...taking 4 forin vacation/shopping trips per year...and living West Maurings...

Yuh tink it easy

Red woman have my stamp of approval .

God's gift

[Duane 3NE 2NR]

All currency conversion is done in USD because it is the world's reserve currency.

somehow i guessed you missed my point........if the seller wants to do business.....YOU (the car seller in japan) convert it to USD at your charge...not ours....

if we ( T&T john public ) buy a car from japan....we already pay
1 price of car
2. price to ship car
3 insurance for shipping if CIF
4.bank fees - wire transfer - both fees - sending and accepting.

all those are in USD.

want to do business.....take some japanese YEN

something has to be done otherwise we wont survive......simple.

the rate we goin at jus now licensing office will start accepting payment in USD by the cashier......??

Where you getting Yuan to buy?

well banks are there to control the trade and flow of all currencies. whose fault is it if all everyone asks for is USD and not other countries currencies....if we start paying in other countries native currency for goods provided...you dont think the banks will start having those currencies.??

so is either the buyer (importer) here in T&T start getting their act together...(start payin in the seller native currency) and start holding the banks to their jobs in providing currencies for use and not just raising prices for every little thing ( how much threads are there abt this on tuner now btw)

if the seller in china / japan / new zealand doesnt want to do accept their native currency to do business....hard luck for them...other countires out there will be more than willing to do business.....its simple..... its called BUSINESS....not charity....


simply put...this is payment...take it out leave it....

They will accept their own currency, but where are you getting it from?
Why would they accept TT$ for their Yen? What are they going to do with all that TT$ they collect for all the cars they sell us? They can't buy anything with TT$ since we mostly don't sell anything they need.

I think an over simplified explanation is this: We have TT$, but no other country wants that. So we have to buy US$ to be able to get Yen, Yuan, NZ$ etc. We have to buy the US$ from our local banks (since they are the only ones that will accept TT$) but with limited supply, we have a shortage.

Someone correct me if I'm wrong.

[Miktay]

The 7% tax had nothing to do with forex shortage. Local businesses facing competition from the fact that citizens could pay much less, pressure the government to do something about it. At their beck and call, the government complied.

Notice courts, massy and ansa have not slowed down imports?

Yes ..

All the goods in Massy, Courts & PriceSmart & Everybody etc., is foreign.

Went to purchase a parrot cage - Cost $3,800 TT in Trinidad.
Amazon have it for $120 US ..

Carry on ..

Allyuh seem to forget...

Suma dem Massy big boy does have to pay for outside redwoman who playing front line Tribe...taking 4 forin vacation/shopping trips per year...and living West Maurings...

Yuh tink it easy

Red woman have my stamp of approval .

God's gift

In the presence of sexy redwomen most men lose their common sense and rationality.

Tiza proven scientific fact.

[Chimera]

i think duane has it correct

our currency has no use to anyone outside of Trinidad

you could have walked into a shop or restaurant in guyana and pay in TT as well but that stopped recently

[RedVEVO]

i think duane has it correct

our currency has no use to anyone outside of Trinidad

you could have walked into a shop or restaurant in guyana and pay in TT as well but that stopped recently

So why so many people ( Tax man, Banks, 1% etc. ) want it inside of Trinidad ?

[Duane 3NE 2NR]

i think duane has it correct

our currency has no use to anyone outside of Trinidad

you could have walked into a shop or restaurant in guyana and pay in TT as well but that stopped recently

So why so many people ( Tax man, Banks, 1% etc. ) want it inside of Trinidad ?

because that is the currency we use here

[Rovin]

yea i know is from 2015

http://guardian.co.tt/news/2015-12-04/t ... mers-forex

Published:
Friday, December 4, 2015

T&T’s retail and distribution sector is the “most voracious consumer of foreign exchange”, says Central Bank Governor Jwala Rambarrran. That sector alone gobbled up US$4.5 billion or nearly one third of the total foreign exchange sold over the past three years.
In his address at the Fifth Monetary Policy Forum at the Hyatt Regency, Port-of-Spain, Rambarran identified the top users of foreign exchange in the country over the last three years. They are as follows:

Top Five Users in Retail and Distribution
• PriceSmart - US$507 million
• Courts - US$198 million
• Smith Robertson & Company - US$169 million
• AS Bryden - US$153 million
• Massy Distribution - US$136 million

Top Five Users in Manufacturing
• Nestle - US$194 million
• Witco - US$129 million
• Carib - US$107 million
• National Flour Mills - US$102 million
• Caribbean Bottlers (Coca Cola) - US$94 million

Top Five Users in Automobile Dealerships
• Southern Sales - US$275 million
• Massy Motors - US$251 million
• Toyota - US$245 million
• Diamond Motors - US$59 million
• Lifestyle Motors - US$36 million

Top Three Users in Telecommunications
• TSTT - US$294 million
• Digicel - US$263 million
• Columbus Communications - US$250 million

now if as said above they bring in stuff paid for it in foreign from us$ they already had in foreign , but when they retail it here they will not take d tt$ abroad cause nobody wants tt currency so obviously they will have to convert it to us$ to take out ... not so ? .... so all these big boys sucking up all d us$ by d millions & it seems like they easily getting it while d average man cant get us$200 to go on a holiday abroad ........

[eliteauto]

all those "big boys" sucking up the $US for the "average man" to consume. Why do people want to portray things in a vacuum?

[skylinechild]

All currency conversion is done in USD because it is the world's reserve currency.

somehow i guessed you missed my point........if the seller wants to do business.....YOU (the car seller in japan) convert it to USD at your charge...not ours....

if we ( T&T john public ) buy a car from japan....we already pay
1 price of car
2. price to ship car
3 insurance for shipping if CIF
4.bank fees - wire transfer - both fees - sending and accepting.

all those are in USD.

want to do business.....take some japanese YEN

something has to be done otherwise we wont survive......simple.

the rate we goin at jus now licensing office will start accepting payment in USD by the cashier......??

Where you getting Yuan to buy?

well banks are there to control the trade and flow of all currencies. whose fault is it if all everyone asks for is USD and not other countries currencies....if we start paying in other countries native currency for goods provided...you dont think the banks will start having those currencies.??

so is either the buyer (importer) here in T&T start getting their act together...(start payin in the seller native currency) and start holding the banks to their jobs in providing currencies for use and not just raising prices for every little thing ( how much threads are there abt this on tuner now btw)

if the seller in china / japan / new zealand doesnt want to do accept their native currency to do business....hard luck for them...other countires out there will be more than willing to do business.....its simple..... its called BUSINESS....not charity....


simply put...this is payment...take it out leave it....

They will accept their own currency, but where are you getting it from?
Why would they accept TT$ for their Yen? What are they going to do with all that TT$ they collect for all the cars they sell us? They can't buy anything with TT$ since we mostly don't sell anything they need.

I think an over simplified explanation is this: We have TT$, but no other country wants that. So we have to buy US$ to be able to get Yen, Yuan, NZ$ etc. We have to buy the US$ from our local banks (since they are the only ones that will accept TT$) but with limited supply, we have a shortage.

Someone correct me if I'm wrong.

duane i said let them accept their native currency as payment...not our TT dollars. i am sure our banks can provide different currencies as required. if banks cannot provide the native yen ( as in the car example) then time to look at a different bank to provide that service.

[xtech]

what will happen if the central bank start buying back all the TTD from the commercial banks and the commercial banks convert our savings into USD so we can start using USD as the main currency for T&T.

[88sins]

Buy local? Cool, I'll support that, but only if the local costs less than the import & the item is produced locally & is of similar quality. Otherwise, local merchants could eat grass for all I care. When local dealers & merchants start providing commensurate value for the money they seek for their products /services, only then they could say support local. It not likely that ppl would willingly support somebody that you know planning to slit yuh throat, & will do so the first & every chance they get. The same way merchant's like to demand the maximum dollar for their product, people want the maximum value for their dollar. If local merchants stop robbing ppl, & local sales will abound.

yuh know, I really does cyah understand some Trinis logic yuh kno.
what d hell allyuh expect from this current, or any past, or any future government of this country? Every one of allyuh impotent & incompetent leaders over the decades have always loved to say "diversify the economy" or "reduce the food import bill" or any of a number of other nice sounding things. & yet to date not one of those rat bastards have made any sort of gesture to move in any such direction that would strengthen or diversify our economy in any way whatsoever. And still every 5 years ppl will stand in a long line for half a day to dutty they finger in ink, so they can elect the either the same old overdressed jackass or a new old overdressed jackass, to lead them further into oblivion, & allyuh then wonder why yuh seeing hard times & allyuh only grumbling this going up, no this, that scarce, this one that one & the other one teefin.


what we are going thru right now is a DIRECT result of fools repeatedly electing blind & deaf idiots to guide them into the future. When you base your election choice on a dotish song, a free jersey, and one setta pointless & useless he say/she say/dem do commesse & bacchanal, this is what you get. When you put people that do not give a rat's furry fanny about you to run your affairs, persons that have no qualms running you & your country into social & economic destruction, this is what you get.
Don't like it & want to avoid it in future? make better choices.

[skylinechild]

what will happen if the central bank start buying back all the TTD from the commercial banks and the commercial banks convert our savings into USD so we can start using USD as the main currency for T&T.

men go bawl they wukkin and the paycheck small and they cant survive.

there will be alot of negative fallout from changing our currency from our native tt to USD. (both from an economic and independence POV)

cant really think of any positive change from this ATM but as soon as i find something will let u know.

willl ove to see the anti money laundering law passed....so we cud take a look and see where the $$$ going.

[Dizzy28]

Notice courts, massy and ansa have not slowed down imports?

They all have businesses running outside of T&T that earn them US$

But courts unlike massy and ansa have no use for piles of TT cash. It's only useful to them as US to be repatriated. They would be in trouble without access to locally sourced US which they seem to be a preferred buyer of.

[silent_riot]

Speaking of vacuums:

https://www.oanda.com/currency/iso-currency-codes/TTD

Symbols and Names

Symbols: $
Nicknames: none

ISO 4217 Code

TTD

Central Bank

Central Bank of Trinidad and Tobago

Currency Subunits

Cent = 1/100 of a Dollar

Denominations

Bills: $1, $5, $10, $20, $100
Coins: 1¢, 5¢, 10¢, 25¢, 50¢

Countries Using This Currency

Trinidad and Tobago

Currencies Pegged To TTD :

None

TTD Is Pegged To:

None

[xtech]

From Wiki...

Main advantages of adopting a strong foreign currency as sole legal tender is to reduce the transaction costs of trade among countries using the same currency. The effect of exchange rate volatility on trade and the transaction costs to operate with multiple currencies between banks are gone. Economic integration with the rest of the world becomes easier as a result of lowered transaction costs which leads to stable prices for goods locally. There is evidence that countries sharing a common currency engage in significantly increased trade among them, and that the benefits of currency substitution for trade may be large.
Countries with full currency substitution can invoke greater confidence among international investors, inducing increased investments and growth. The elimination of the currency crisis risk due to full currency substitution leads to a reduction of country risk premiums and then to lower interest rates. These effects result in a higher level of investment.

[Dizzy28]

All currency conversion is done in USD because it is the world's reserve currency.

somehow i guessed you missed my point........if the seller wants to do business.....YOU (the car seller in japan) convert it to USD at your charge...not ours....

if we ( T&T john public ) buy a car from japan....we already pay
1 price of car
2. price to ship car
3 insurance for shipping if CIF
4.bank fees - wire transfer - both fees - sending and accepting.

all those are in USD.

want to do business.....take some japanese YEN

something has to be done otherwise we wont survive......simple.

the rate we goin at jus now licensing office will start accepting payment in USD by the cashier......??

Where you getting Yuan to buy?

well banks are there to control the trade and flow of all currencies. whose fault is it if all everyone asks for is USD and not other countries currencies....if we start paying in other countries native currency for goods provided...you dont think the banks will start having those currencies.??

so is either the buyer (importer) here in T&T start getting their act together...(start payin in the seller native currency) and start holding the banks to their jobs in providing currencies for use and not just raising prices for every little thing ( how much threads are there abt this on tuner now btw)

if the seller in china / japan / new zealand doesnt want to do accept their native currency to do business....hard luck for them...other countires out there will be more than willing to do business.....its simple..... its called BUSINESS....not charity....


simply put...this is payment...take it out leave it....

They will accept their own currency, but where are you getting it from?
Why would they accept TT$ for their Yen? What are they going to do with all that TT$ they collect for all the cars they sell us? They can't buy anything with TT$ since we mostly don't sell anything they need.

I think an over simplified explanation is this: We have TT$, but no other country wants that. So we have to buy US$ to be able to get Yen, Yuan, NZ$ etc. We have to buy the US$ from our local banks (since they are the only ones that will accept TT$) but with limited supply, we have a shortage.

Someone correct me if I'm wrong.

Essentially you are correct. Our currency is a soft currency which is not in demand globally. We need to buy hard currency such as US, euro, pounds to then convert to other currencies as the need be. Apart from the US and Caricom we basically run trade deficits with everyone else so we don't get any other currency in.

[death365]

but black friday coming up .... wha u go do ... just forget bout it an pay 1000% more for it locally ....

[Chimera]

Courts and all local companies have endless staff to pay. As well as taxes on imports etc would be in tt. ..they have plenty use for local currency

[abducted]

From IBC/Zipx

The Business Watch segment which aired on CNC3 Monday 6th November 2017 (Courier companies appeal to customers to buy less online) does not reflect the views of IBC Express / ZipX Package Service.

IBC Express / ZipX Package Service encourages its customers to purchase online as the price and quality is better than local offerings.

IBC Express / ZipX Package Service will not be turning down any business and will be delivering packages for the Christmas Season as usual.

Thank You,
Management and Staff of IBC Express / ZipX Package Service

Dear Valued Members,

We at Tropical Express feel compelled in addressing the current situation and how it will affect, or rather not affect, our company. Confirming the news, yes there is great difficulty in getting USD but we are looking into ways and means of mitigating these difficulties. With this in mind, I assure you not to worry when it comes to using our services as we continue to ship five (5) days a week. We will not inhibit you in any way from doing your holiday shopping on-line, actually we encourage you to do so. This is especially true as you all would definitely not want to miss out on Black Friday and Cyber Monday, the biggest sale events of the year which are creeping up on us quickly. We want to reassure you that you can count on us to service your shipping needs this holiday season and rest assure that we will be working tediously in making sure everyone gets their packages in an affordable, reliable and timely manner. In making sure of this and with our continued efforts in improvement of our services, we have totally prepared, reorganized and made major improvements in our Miami office just in time for peak season. We promise you that we will deliver and excel in our caveats of Affordability, Reliability, Simplicity and Timeliness. We would like to thank you all for your loyalty and patronage and we look forward in serving you this holiday season and beyond.

You can tell the courier companies that are doing well and the ones that need more business, Websource has more customers than IBC and Tropical Express combined.

[SR]

Makes you wonder if any research was done at all in hat business watch segment. Or was it just propoganda

[airuma]

Makes you wonder if any research was done at all in hat business watch segment. Or was it just propoganda

Nothing to wonder about there. Which properly run business will discourage their customers from patronizing?

[sephora]

Come on people. It's all a mafia. What currency do local banks use to buy US currency? Who do they buy from and why? They​ make money buy buying at one price and selling at a higher price. They make money every time you buy online, through your credit card. The " banker always win". The only people who " lose" when the ordinary citizen buys directly online is the " big business". They lose and opportunity to mark up the price, which is what most of them calling themselves business people do. Just mark up the price b/c they don't make the product. You don't have to be a rocket scientist to buy something at one price and charge a higher price when you sell it.

[sephora]

There is no shortage of forex, big business creating an artificial shortage to limit the ordinary man's choice when buying.

[cryotec]

All currency conversion is done in USD because it is the world's reserve currency.

somehow i guessed you missed my point........if the seller wants to do business.....YOU (the car seller in japan) convert it to USD at your charge...not ours....

if we ( T&T john public ) buy a car from japan....we already pay
1 price of car
2. price to ship car
3 insurance for shipping if CIF
4.bank fees - wire transfer - both fees - sending and accepting.

all those are in USD.

want to do business.....take some japanese YEN

something has to be done otherwise we wont survive......simple.

the rate we goin at jus now licensing office will start accepting payment in USD by the cashier......??

Where you getting Yuan to buy?

well banks are there to control the trade and flow of all currencies. whose fault is it if all everyone asks for is USD and not other countries currencies....if we start paying in other countries native currency for goods provided...you dont think the banks will start having those currencies.??

so is either the buyer (importer) here in T&T start getting their act together...(start payin in the seller native currency) and start holding the banks to their jobs in providing currencies for use and not just raising prices for every little thing ( how much threads are there abt this on tuner now btw)

if the seller in china / japan / new zealand doesnt want to do accept their native currency to do business....hard luck for them...other countires out there will be more than willing to do business.....its simple..... its called BUSINESS....not charity....


simply put...this is payment...take it out leave it....

They will accept their own currency, but where are you getting it from?
Why would they accept TT$ for their Yen? What are they going to do with all that TT$ they collect for all the cars they sell us? They can't buy anything with TT$ since we mostly don't sell anything they need.

I think an over simplified explanation is this: We have TT$, but no other country wants that. So we have to buy US$ to be able to get Yen, Yuan, NZ$ etc. We have to buy the US$ from our local banks (since they are the only ones that will accept TT$) but with limited supply, we have a shortage.

Someone correct me if I'm wrong.

duane i said let them accept their native currency as payment...not our TT dollars. i am sure our banks can provide different currencies as required. if banks cannot provide the native yen ( as in the car example) then time to look at a different bank to provide that service.

yes, some places do accept their native currency as payment (e.g. RORO places when the first shortage came about) but you cannot get the native currency with TT dollars. The banks have explained that in order to get a different currency, they need to get them with USD. You are actually losing out by paying in the foreign currency because two conversions need to take place; TT to USD and USD to desired foreign currency. Hence, it makes sense to settle on a common trade medium, that being USD.

[richardxsingh]

People are always demonizing "mark ups" but its profits that pays the salaries of most. What is evil is the level of profits sometimes. We cant just hate all business people because they prices more expensive than what you get online; So much extra costs involved in an average business. The problem is the when they want to rip your eye out to maintain a certain level of lifestyle.

What really is the cause is the wasting of foreign exchange on things we dont really need, those mega luxury cars and all manner of imported luxuries. We really need 1000 different chocolates and snacks?

"Agriculture Minister Clarence Rambharat yesterday disclosed that the country’s $5.4 billion food import bill includes approximately $669 million in alcohol "
We really need so much alcohol? I mean if it came to it we could make our own alcohol here.

Foreign exchange is also being pumped outside of the country.

These measures government and others want us to make is so insignificant compared to the waste and haemorrhaging of $US that takes place.

[RedVEVO]

i think duane has it correct

our currency has no use to anyone outside of Trinidad

you could have walked into a shop or restaurant in guyana and pay in TT as well but that stopped recently

So why so many people ( Tax man, Banks, 1% etc. ) want it inside of Trinidad ?

because that is the currency we use here

Nope ..

So how we trading ?

[Miktay]

The only currency more worthless than TT $ is Vene and Argentina.

Thank our lucky stars we not like dem.

[RedVEVO]

The only currency more worthless than TT $ is Vene and Argentina.

Thank our lucky stars we not like dem.

Ok .. Think a little

If nobody wants our currency and it is worthless outside of TT , how do we trade ?

Why everybody wants US$ and not TT$ ?

Figure this riddle and you will be amazed at what you find