THE EDITOR: So Republic Bank has reduced the access to US dollars on credit cards by 50 per cent.
Most small businesses and individuals have no access to US dollars other than by credit cards as the bank itself decides to prioritise who gets and who does not.
Credit cards are a small business's lifeline to resupply its operations.
Ask yourself this: Between big businesses with sizeable bank loans and small businesses with TT cash in bank (no loans), who is going to get US dollars from said bank?
Is this a fair system when it will favour the likes of PriceSmart, conglomerates and car dealerships. Small businesses are collectively the largest employer of people in the country. Are we given a fair shake?
Former Central Bank governor Jwala Rambaran was correct in publicising the names of the largest forex users. The conglomerates themselves earn US dollars but are they repatriating it? Or are they continuing to buy and fund more overseas businesses while still consuming the lion’s share of local US dollars, the bulk of which is supplied via the Central Bank?
The allocation system is not working in an equitable and transparent manner.
I for one would like to see less Volvos and BMWs in showrooms locally in favour of more goods on the shelves of smaller businesses across the nation.
C ALEXANDER
Port of Spain
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