Foreign Currency Usage Limits on Credit Cards

[hover11]

If y’all understand how forex works, what is your proposed solution to the issue at hand?

Here’s my simple take. Correct me if I’m wrong.


Forex comes from exports, and we have less coming in because oil and gas on its deathbed.
Other sectors can’t fill the gap.

There is increasing consumer demand and reduced supply.

The banks are prioritizing businesses because they also contribute to the economy through employment and taxes etc.

Joe Public who want more usd is primarily for personal spending or maybe buy/sell business that may be off the books- not necessarily a moving gearbox in the economy - more like a solitary wheel.

In the macro view, doesn’t it make sense to give priority to the businesses that churn the economy?

And Jeez Louise with cheese, please doh jump out and bawl I against the everyday man, I consume usd too for personal purchases so it impact me as well.

And I haven’t even touched on the usd hoarders who just take usd and stockpile in foreign banks.

Let’s go back to the start.


What is the solution?

The only real solution is a true open market for forex. Let demand and supply handle the price.

However not getting USD in amounts you want now might be less painful than getting all you want at 10-1.

Isn't that just delaying the inevitable I mean the writing is on the wall, a devaluation is coming

[Dizzy28]

If y’all understand how forex works, what is your proposed solution to the issue at hand?

Here’s my simple take. Correct me if I’m wrong.


Forex comes from exports, and we have less coming in because oil and gas on its deathbed.
Other sectors can’t fill the gap.

There is increasing consumer demand and reduced supply.

The banks are prioritizing businesses because they also contribute to the economy through employment and taxes etc.

Joe Public who want more usd is primarily for personal spending or maybe buy/sell business that may be off the books- not necessarily a moving gearbox in the economy - more like a solitary wheel.

In the macro view, doesn’t it make sense to give priority to the businesses that churn the economy?

And Jeez Louise with cheese, please doh jump out and bawl I against the everyday man, I consume usd too for personal purchases so it impact me as well.

And I haven’t even touched on the usd hoarders who just take usd and stockpile in foreign banks.

Let’s go back to the start.


What is the solution?

The only real solution is a true open market for forex. Let demand and supply handle the price.

However not getting USD in amounts you want now might be less painful than getting all you want at 10-1.

Isn't that just delaying the inevitable I mean the writing is on the wall, a devaluation is coming

I can only guess the hope is that we eventually have gas production back at somewhere it was in the mid noughties enabling exports to hit the +20bUSD annually.

[DMan7]

Someone brought it up above about prioritizing businesses and large enterprises in terms of making forex available.

You're right, however, how far are we willing to go as a society to accommodate businesses and large enterprises for the sake of " they uphold the economy via taxes into the government treasury and employment of citizens"?

Are we willing to make them pay less taxes such as no property tax right now for commercial buildings? Or remove their taxes altogether? How far are we truly willing to go to accommodate them before the inequality between them and the average citizen starts to look blatantly obvious and unfair?

[pugboy]

the black market price actually has been pretty stable at 7.5-7.75 maybe 8 on high end for the last few years
10 might be a stretch

[zoom rader]

If y’all understand how forex works, what is your proposed solution to the issue at hand?

Here’s my simple take. Correct me if I’m wrong.


Forex comes from exports, and we have less coming in because oil and gas on its deathbed.
Other sectors can’t fill the gap.

There is increasing consumer demand and reduced supply.

The banks are prioritizing businesses because they also contribute to the economy through employment and taxes etc.

Joe Public who want more usd is primarily for personal spending or maybe buy/sell business that may be off the books- not necessarily a moving gearbox in the economy - more like a solitary wheel.

In the macro view, doesn’t it make sense to give priority to the businesses that churn the economy?

And Jeez Louise with cheese, please doh jump out and bawl I against the everyday man, I consume usd too for personal purchases so it impact me as well.

And I haven’t even touched on the usd hoarders who just take usd and stockpile in foreign banks.

Let’s go back to the start.


What is the solution?

Vexx u have to understand than both Caroni & Petrotrin was forex earners.

They made looses in TT but Profit in US.

Meaning if was cheap to operate here, pay wages, but product sold internationally gained US.

[paid_influencer]

yea the first step is to remove imbert. second step is to put somebody like mariano browne in the role

to solve the problem with have two directions - either go market-based like Jamaica or go control-based like Barbados. Right now we are corruption-based.

Direct control for the forex like Barbados I believe is a non-starter that would be rejected by the population.

I feel the government allowed the exchange system to stagnate for too long for a market-based correction to be done immediately. People have become too attached to the idea of a pegged TTD. Once it is clear the government no longer supports the peg, the TTD would slide precipitously and never backstop.

The GORTT went through the pain of removing the currency peg under Manning. The managed float (emphasis on float) allowed the govt to periodically move the rate to release pressure on it. But these idiots let it become pegged again. All the pressure for the past decade has been built up and an uncontrolled release now will be explosive.

An exchange rate adjustment would solve some of the issue. Adjusting the rate will make Trinis see the true cost of their foreign goods and services and drive import substitution (for example, driving a customer to buy the $2000 iphone instead of the $2500 iphone).

Combine this with state-support for essentials (direct food subsidies, expanded CDAP, etc) and allow the exchange rate to act as it was initially envisioned by Manning, Motley and co.

[hover11]

the black market price actually has been pretty stable at 7.5-7.75 maybe 8 on high end for the last few years
10 might be a stretch

But airport price reach 11TT to 1

[pugboy]

impsbert only idea was to put online purchase tax
pnm generally has no ideas
if you look at their history it was just put more tax on alco and tobacco for decades

[hover11]

Jwala Rambarran exposed the major users of Forex and was fired for it. Even though he won the case for wrongful dismissal, nothing is being done about the issue. All we doing is sticking our heads in the ground like ostriches. Unless some tough decisions are made we spinning top in mud and this will encourage ppl to horde US cash on hand. I not putting my US in the bank , I rather keep it home cuz if I put it there I might not get it back when I need it.

[sMASH]

impsbert only idea was to put online purchase tax
pnm generally has no ideas
if you look at their history it was just put more tax on alco and tobacco for decades

+ keep the exchange rate fixed but 'manage ' who gets it.

Who ever saying the demand is greater than supply but the price not reflecting the real market , that's imburt fault.

Who ever saying the scarce forex is not being allocated to the best most productive use for the country , thsts imburt fault

[Chimera]

the black market price actually has been pretty stable at 7.5-7.75 maybe 8 on high end for the last few years
10 might be a stretch

Many chinese paying $9 if you have 50k usd or more to sell in one shot

$10 definitely not a stretch

[pugboy]

i forget about them chinese
if market is freed up they will buy all on the open market

[shaneelal]

Note an increase in fees also for Scotia CC.

[zoom rader]

1% own the banks & PNM

An Islands of slaves

All yuh take bull

[hover11]

Note an increase in fees also for Scotia CC.

scotia_CC.png

Lol so less forex and more rates. So we paying more for less. Dam banks are diabolical

[Chimera]

Scotia trinidad has a 100 million usd bill they can't pay/provide the usd for apparently

[PariaMan]

Do like the NAR did cut down on the expensive new cars

[paid_influencer]

Scotia trinidad has a 100 million usd bill they can't pay/provide the usd for apparently

they can tho

and they will get a % of the exchange rate buy/sell spread between central bank and consumers

way more profit doing that than say, growing food or something like that

[hover11]

Do like the NAR did cut down on the expensive new cars

You want Syrians to shut down this country

[pugboy]

the 1% will try hard to make sure rowlee stays

Do like the NAR did cut down on the expensive new cars

You want Syrians to shut down this country

[MaxPower]

Trinis love the bull.

Allyuh ass too blasted happy.

It good for allyuh.

[zoom rader]

Trinis love the bull.

Allyuh ass too blasted happy.

It good for allyuh.

They want PNM and bull at the same time

[bluefete]

[pugboy]

all that vid missing is for a 1% to show up after and taken out the same usd cash

[DMan7]

That video reminds me of this video.

[MaxPower]

Trinis love the bull.

Allyuh ass too blasted happy.

It good for allyuh.

They want PNM and bull at the same time

Well this is it.

Enough support is still there for another PNM victory.

Many people are satisfied.

[screwbash]

Pnm supporters dont have cc they have food cards. Black to chuppid imo.

[killercow]

Note an increase in fees also for Scotia CC.

scotia_CC.png

And here I was complaining about my annual fees for my cc from my bank. Dem prices is TTD or USD?

Sent from my G8142 using TriniTuner mobile app

[hover11]

The Government and Finance Minister Colm Imbert are being urged to step in to regulate how banks distribute foreign exchange, with at least one economist suggesting legislation to limit the amount of US dollars banks can utilise for investments in foreign markets as a short-term measure, and business calling for solid action to alleviate the woes they are facing.

For more…
https://www.guardian.co.tt/news/imbert- ... 96f897ab77


All imbert and the government hadda do is just go , it doesn't make sense after giving the Syrians the majority of forex to now come to regulate, what are you going to regulate ......crumbs?

[shaneelal]

Note an increase in fees also for Scotia CC.

scotia_CC.png

And here I was complaining about my annual fees for my cc from my bank. Dem prices is TTD or USD?

Sent from my G8142 using TriniTuner mobile app

Those fees are in TTD.