Motions

WHEREAS availability of foreign exchange is important for investment and competitiveness in the private sector and the persistently tight foreign exchange environment can hinder prospects for diversification and economic recovery aspired to in the Government’s fiscal strategy;

AND WHEREAS there has been improved sales and purchases of foreign exchange by authorized dealers recorded thus far in 2022 due to higher energy prices;

AND WHEREAS it is recognized that micro, small and medium-sized enterprises (MSMEs) and the wider population continue to experience the negative effects from the difficulty in accessing foreign exchange, notwithstanding interventions by the Central Bank and the Government to ease tight foreign exchange market conditions;

BE IT RESOLVED that this Senate call on the Government to table in Parliament, within six (6) months, a comprehensive policy framework that will guide key stakeholders, including MSMEs, the Central Bank of Trinidad and Tobago and Commercial Banks on how the Government intends to navigate the tightness in the foreign exchange market to overcome downside risks in the medium and long-term.

(By Senator Amrita Deonarine)