Foreign Exchange and the issue of accessing it locally is now a matter of concern among members of the Trinidad and Tobago Manufacturer’s association. The group says it is dissatisfied with the continued struggle faced by member companies in accessing foreign exchange for their business operations.
The group says the unavailability of foreign exchange has resulted in the inability of local manufacturers to meet their financial obligations to foreign suppliers, adding that the continuance of such a situation adversely impacts manufacturers’ credit ratings with suppliers.
The TTMA says the overall competitiveness and even employment levels are affected, since not being able to secure foreign exchange to procure raw material, negatively impacts production.
Amid news of a recent warning by the IMF against hoarding of foreign exchange locally, the TTMA says this warning should be taken since it corroborates the findings of its group where these very same concerns are often raised and voiced.