The Government is being blamed for the foreign exchange shortage in Trinidad and Tobago.
According to Opposition MP Devendranath Tancoo, it was because of this incompetence which led to Republic Bank cutting its foreign exchange allotment to its cardholders by half.
He made the comments while speaking at the UNC’s media briefing held at the office of the Opposition Leader in Port-of-Spain on Sunday.
“Republic Bank’s action is a direct result of foreign exchange shortage.
“This Government has failed to attract a sustained inflow of foreign investment to Trinidad and Tobago,” Tancoo said.
He added that because if this many businesses will now feel the crunch including small and medium enterprises.
Even parents who have children studying abroad will be affected, Tancoo said.
“Parents with children studying abroad, persons going abroad for medical reasons, distance-learning students who are based in Trinidad and Tobago and enrolled in programmes from foreign universities are also going to be penalised by this slash in foreign exchange availability,” he explained.
Additionally, Opposition MP stated that the worsening foreign exchange situation could lead to a foreign exchange black market resulting in a higher business costs being passed to consumers.
Tancoo also criticized the Government for borrowing more money that it is capable of repaying
“They are borrowing more money to pay back the money they borrowed. And they are boasting about it,” he added.
Tancoo further noted that under the PNM administration the country had worsened in two years creating further hardships for citizens.