THE EDITOR: Minister of Finance Colm Imbert is on record of saying many times that the Central Bank hands over many millions of US dollars to the commercial banks for distribution to their customers.
But who gets it? Obviously their friends, large customers who have big overdrafts and borrowings. Very little crumbs are left for small businesses with no major connections.
My company is 43 years old this year. We do not import lobster tails and caviar. We supply light construction equipment and accessories - concrete cutting blades, chisels, power trowel blades, etc - for the construction industry.
I requested US$4,000 from one of my banks to settle an invoice from South Korea. Four months ago. I have gotten US$1,000 so far. My line of credit which I developed over 25 years would have been destroyed had I not asked an associate in the US to settle on my behalf. There must be a more equitable way, Mr Finance Minister.
On another related matter. I live on a hilltop overlooking the entry to the Port of Port of Spain. Between one and four ships bringing cars come and go every week. And that's what I see when I am home. That's a huge amount of foreign exchange. Most I think are used cars. Meanwhile I am still waiting for the US$3,000 balance to arrive in my account.
DAVID SALINGER
Glencoe
The post Little forex for small businesses appeared first on Trinidad and Tobago Newsday.
