Maroc - NEWSDAY.CO.TT - A la Une - 11/12/2025 05:23

More heads roll on forex issue

HEADS continue to roll as the government closes in on the forex situation. On December 6, reports emerged suggesting Navin Dookeran, the Eximbank CEO, had been dismissed by a new board at that entity. This followed the departure of Karen Darbasie, the First Citizens Group CEO, in August ahead of pre-retirement leave. And in June, the appointment of Alvin Hilaire, the Central Bank governor, was abruptly revoked. Whatever it may do behind-the-scenes, the government has been coy in the wake of these public developments. Officials declined to say why Dr Hilaire was dismissed, but it came in the wake of striking disagreements over forex data disclosure and auditing; Ms Darbasie has disputed how her departure has been characterised but Davendranath Tancoo has tied it to an examination of forex distribution and leakage. But does the departure of Mr Dookeran mark a real turn in the tide as it relates to the disequilibrium between demand for and supply of foreign exchange? Or is it gallery designed to convey the impression that action is being taken by authorities? We hope the former, not the latter. “I would prefer not to say more at this time,” the ex-Eximbank CEO, in place since 2019, told this newspaper this week, pointing to previous statements in which he expressed pride in his accomplishments over his tenure. It’s clear there’s a lot more to be said. Mr Dookeran’s departure highlights the increased role played by the Eximbank in recent years in forex dynamics. Those dynamics have seen a relatively smaller direct role for the Central Bank, as suggested by a presentation made by Larry Howai, the Central Bank Governor, in September. According to Mr Howai, the need to “address the Eximbank facility with respect to pricing and revolving” is a key consideration. The governor has also called for more transparency within the financial system, changes to consumption patterns, the modification of interest rates and the adoption of measures to encourage the repatriation of funds. He’s not seen evidence of a “forex cartel,” as alleged by the Prime Minister, but has warned that foreign exchange management may have to become tighter. As at August, purchases were down a whopping 19.2 per cent year-on-year. Mr Dookeran is declining further comment for now, but the government is indicating that it intends to say more and more about forex in the coming months. Ms Persad-Bissessar’s promise to release the government’s findings on its review of systems and key operatives looms. Meanwhile, stakeholders continue to clamour not for more firings and rhetoric, but for action considering pressing challenges. “We are talking about businesses that have operated for decades, generational family businesses, many of whom are retail SMEs, fighting for survival,” said Vivek Charran, president of the Confederation of Regional Business Chambers, this week, laying bare the stakes. “What is at issue here is the ability of this new administration to find a fair and balanced, equitable means of forex distribution.” While heads continue to roll, that’s what the public awaits. The post More heads roll on forex issue appeared first on Trinidad and Tobago Newsday.