T&T PM to address currency transfer issue affecting Vincentian traffickers

Dr Keith Rowley, the Prime Minister of Trinidad and Tobago (T&T), has promised to address with urgency the currency transfer issue, which has been adversely affecting Vincentian traffickers during business in his country.

Speaking at a press conference on Monday, Prime Minister Dr Ralph Gonsalves said while at the airport in Haiti last week, Rowley approached him and said that on his return to T&T, he would address the issue immediately.

Both Prime Ministers were in Haiti to attend the 29th Inter-sessional meeting of CARICOM Heads of State and Government on February 26 and 27.

Gonsalves said that during the Inter-sessional meeting, a lengthy discussion was held in caucus on the foreign exchange difficulties affecting trade between SVG and T&T.

Last month, Prime Minister Gonsalves said that it was wrong and unconscionable that T&T has failed to deal with the matter.

During Monday’s press conference, Gonsalves said that Rowley understands fully the seriousness of the issue, as he was showed statistics that for the last five years, SVG has exported in the region of EC$17 to $20 million dollars of agricultural produce to T&T, but in 2017 the number went down to EC$11 million dollars, while the volumes fell by half.

“…And the reason being that a number of agricultural producers simply don’t bother anymore to send goods to Trinidad and Tobago, because they can’t get their money,” said Gonsalves, who added that a number of traders have TT dollars in the banks in T&T, even though the Bank of SVG has tried a temporary solution of buying TT$2.5 million dollars from traders and farmers.

He, however, said that a temporary solution is not enough.

“…I am hopeful in a short period of time as a consequence of the interaction at CARICOM that we will find that Trinidad and Tobago is accommodating an appropriate solution.

“I want the traders and farmers to hear me on that one; it is a matter that I am not giving up on,” said Gonsalves.

Recently, the Monetary Council of the Eastern Caribbean Central Bank (ECCB) agreed that member governments should take collective action towards a resolution on the issue.

Effective March 1, businesses in SVG desirous of making payments in United States dollars to T&T must seek the prior approval of the director general of Finance and Planning.

This measure was announced by Minister of Finance Camillo Gonsalves during his Budget presentation, in response to the difficulties experienced by local traffickers in repatriating their funds to SVG.