The Big Lie— Online Shopping Fueling Forex Challenge in T&T

Republic Bank’s recent halving of the maximum US dollar spending limit per billing cycle on their credit cards has once again brought Trinidad & Tobago’s foreign exchange challenges to the fore. With the dreaded Budget Day being imminent, once again, the scapegoat is online shopping on US sites. Per an article on Trinidad Express on Sep 17, 2023, Finance Minister, Colm Imbert, attributes that the demand in foreign exchange is being fueled in part by “an explosion in online shopping over the last several years.” This quote, among others, were also in similar articles in the other local dailies.

These pathetic statements in defense of failed governance from this, and all governments we have unfortunately allowed to govern, is worthy of our own version of the book: Lies and the Lying Liars Who Tell Them. It’s easy to pick apart the arguments and manufactured statistics, but what good will that do? The merry Minister will continue down the same road because, ‘they eh riot yet’— yes we have a callous, uncaring government, and an incompetent, impotent Opposition; a complete box set of 41 jackasses you elect over and over, because you know, this time for sure.

This article won’t be a political rant (though it may appear to be), I have no political affiliation; I equally despise both parties shamelessly occupying the Red House. Choosing between them is like choosing between two types of cancer, which is what they are. I’m writing this for the critical and free-thinkers, and especially the young people of Trinidad & Tobago, who, because of the internet, are so much more exposed to the world than when we were at their age. They see how people in first world countries live, you know, with good economies and good governance, and cannot understand why we don’t have the same here. Young people, there is no forex shortage in Trinidad & Tobago, a select few are getting all the forex they need.

There’s hasn’t been an explosion in online shopping, there’s only been steady growth. The only explosion in online activity was during the Covid period when there were lockdowns, and that was local online shopping, as the rest of the world were also under lockdowns. Post-Covid, any increase in demand for USD, may be from consumer credit cards yes, but not primarily consumer goods. Unable to get forex from their own banks, entrepreneurs and small businesses have turned to maxing out their credit cards for business supplies.

There can’t be an explosion of online shopping when banks control the the purse strings. Banks imposed a monthly USD spending limit no more than the credit limit on your credit card. You have to beg your bank for a meagre $200 USD per person if you’re traveling. There is a long wait before you can apply for credit cards at many banks. You can’t use your Visa/MC debit card for online transactions outside Trinidad & Tobago (some don’t even work for local online transactions, but that’s another article).

When the public sees Starbucks opening all over and certain stores that rely on imported products with fully stocked shelves, you wonder if they’re generating their own USD. For sure, the supply of forex has been severely impacted by the closure of Petrotrin. And in case you didn’t read my preceding sentence because you went to open your fridge, I’ll repeat it. T&T’s forex supply has been severely impacted by the closure of Petrotrin. But your government has been dipping into the Heritage and Stabilisation Fund (HSF), especially during the pandemic, under the guise of using it for what it is created for: fiscal stabilization support due to the shortfall in oil revenues, except that they created the shortfall.

So bet your bottom USD Dollar that the select few are being amply supplied with forex with no limits, while the rank and file plebs scrounge around for the crumbs.

Civil Engineer come Finance Minister is merely one example of the square peg in round hole style of governance that afflicts Trinidad & Tobago. He is joined by a carefully selected orchestra of political appointees in high government positions, merrily playing while the Titanic continues to sink— only difference is that they aimed for the iceberg.

Just as there was no Plan B after the closing down an entire sugar industry in Caroni (1975) Ltd and , same was done after the closure of Petrotrin. And they’re still scratching their empty heads wondering ‘wey de forex gorne?’

There has been, an continues to be, gross mismanagement of our economy in every sector, which, by design, will always be dependent on imports. There are no plans to change this.

Trinidad & Tobago’s style of governance is a choreographed puppet show perpetuated since independence, evidenced by what we all go through on a daily basis. The same recycled politicians continue to govern with ‘who tief more’ finger-pointing while the ‘tiefing’ and mismanagement continues unabated, and will continue to do so.

Then we have the political pundits, economic analysts, and other organizations with their post-budget pappy-shows, you know, the ‘experts’ who will carefully dissect with their well thought out opinions and recommendations like if the government gives a rat’s ass about what they think; they’re doing what they want anyway.

Again, writing this for the young people in Trinidad & Tobago; sorry I don’t have better news, the country is circling the drain and there is nothing we can do about it.