Tuesday February 9th, 2010
- Last update:15 hours 28 min ago
Browne:
No foreign $$ crisis in T&T
Published: 30 Sep 2009
Trade Minister Mariano Browne in the Senate yesterday. Photo: Keith Matthews.
Minister in the Ministry of Finance Mariano Browne says there is no foreign exchange crisis in T&T. The minister said this while responding to a motion on the adjournment brought by Opposition Senator Wade Mark.
Mark, in presenting the motion in the Senate yesterday, said he wanted to know what the foreign exchange situation was as it related to months of import cover and why businessmen were being called upon to line up to access foreign exchange. “There is ample evidence that we would be able to meet all our requirements. There may come a period when we will have to sell some more out of our reserves to be able to make good the trade requirements in the marketplace and those would be seen as short blips in supply but our foreign exchange cover and our import cover remain buoyant,” he said. Browne said at the last published date in May 2009 the total international reserves held by the Central Bank was US$8.9 billion. He said that figure increased to US$10.2 billion when the reserves held by commercial banks in T&T were included.
He admitted that there had been a slippage of approximately $1 billion. The reserves held by the commercial banks were down by approximately US$300 million and that held by the Central Bank is also down somewhat, he said. He maintained that the current reserves would allow for 11 months import cover. Browne said last year was a bumper year for trade. But, this year he said: “The level of imports has fallen, so the average value of imports for 2009 is lower than that for 2008.” He said, “When one looks at the summary balance of trade and the summary balance of payments position, T&T is in net surplus. We are earning more than we are spending.” Browne admitted there existed a greater demand for foreign exchange at this time but, insisted if there were any sort of shortage in the foreign exchange requirement T&T would have seen the emergence of a black market rate or alternatively a wide disparity in the amount that was quoted (daily exchange rate).
Browne stressed the world was experiencing a finance crunch and many international businesses did not enjoy the same level of banking support as they would have had previously. “That will translate as a change in the terms of trade,” Browne, who is also Trade Minister, told legislators. He added that while previously a businessman would have been given 90 or 30 days credit, now the foreign supplier was asking to be paid earlier. “That has led to some tightening in the foreign exchange market,” he said. Browne also said there was no wage or salary freeze in T&T as was being claimed by Mark.
During the debate Mark called on the Government to scrap the Tarouba Stadium project, which includes the Brian Lara Stadium. He said the project was a white elephant and should be abandoned because of the excessive cost overruns
No foreign $$ crisis in
No foreign $$ crisis in T&T:
Whaaaaat!!!!!!!
Where is he living?
Where is he working?
Clearly he feels that he can fool all of us.
Last Thursday I was at FCB to get US$6,800 for my child's school fees.
Guess what I was told?
They have to put my "name on a list, check back in about 3 weeks, they should have by then".
As my father used to say " let all of them feel you chupid, when the truth come out you go laugh at them"
Stop Lying ppl can see right
Stop Lying ppl can see right thru these child like fibs.
I know mike you in Tobago so
I know mike you in Tobago so you getting it on the black-market, lol
How does this man keep his
How does this man keep his job, misleading the public again.
Quite Simple. Keep on lying
Quite Simple. Keep on lying while looking down at the taxpayers. He has probably earned his supper this month for such creativity.
And the man has the gall to publicly acknowledge that he was refused US$18,000.00 and had to take cash for his child who is studying overseas.
Talking about rubbing salt in our wounds, this man makes Colm looks like a little alter boy.
No, no, no. You have to
No, no, no. You have to appreciate the sophisication in what the man is saying. He is an excellent creative accountant. You have to read between the lines. What he is saying is this: There is no foreign exchange available for the likes of you. We have emptied the Central Bank and salted it far away where the sun doesn't shine. And we had help from inside; a brilliant inside job. We have learnt some useful lessons from the mistakes of that last lot who had tried to emulate the bunch before them. Now we leaving no paper trail to the stash and we ain't going to no country where they have extradition treaties. We just waiting for the executive jet and we'll have it on stand-by, fuelled up on the runway and when the next 20-year itch start to scratch and the fireworks start, we'll be on those 4 new Westland attack helicopters on the way to the airport. Then is you to catch. Addios muchachos; vamonos!! You notice how I was practising mih Spanish wid dose fellas from the DR the other day? Yih tink it was jus for so, eh?
Just the same way the rest
Just the same way the rest of his colleagues keeping theirs, by lying, spinning, misleading...doh forget it have people who like it so.
Again Mr. Minister
Again Mr. Minister adequately demonstrates that he is not in tune with what is taking place at the ground level.
It is difficult for persons to get foreign exchange. If there is no problem with the foreign exchange in US, then why are the other currencies weakening?
It seems to me that Minister Mariano Browne is again trying to dismiss peoples' views on this and many other issues that directly impact them and frankly it’s becoming annoying.
With all due respect, you were not elected by the people, you were selected by the PNM, so know your place, you only here for a short while and if T&T mash up, you could go back to Barbados while people reel from the nonsense that you and your cohorts in government has done.
I suggest you open your eyes, ears, get your head out of the sand (if that’s where it is) and listen to what the people saying!
The 2nd line should read:
The 2nd line should read:
It is difficult for persons to get foreign exchange. If there is no problem with the foreign exchange in US, then why is it that our currency is weakening in comparison to the pound, euro etc?
....is it just my
....is it just my imagination?....I could swear that Mariano's nose has grown a full 6" just in the past fortnight...
ianE Its not only his nose
ianE
Its not only his nose look at all of their waistlines ,its gotten bigger living off the fat of the land
...Brownoccio?....
...Brownoccio?....
What a buffoon,these PNM
What a buffoon,these PNM ministers are the most heartless bunch of cohorts this nation has ever seen ,Manning do the right thing and step down if its the salary you and your wife are depending on then Im sure some of the businessmen would not mind paying you after youre gone just to keep you there .Get out now
I said it months ago, and
I said it months ago, and I'll say it yet again.
The United States currency will continue to strengthen.
The Trinidad Dollar will continue to weaken.
The United States is a far more dynamic economy and market than a small island in the Caribbean. They are one of the only countries in the world that is able to enter into a recession and come out of it just as quickly, they literally spend their way out of it, while inflation remains at an all time low.
Trinidad, needs to understand what is really happening, only yesterday I called RBTT, FCB and SCOTIA bank asking them if I wanted to deposit some USD what rate they will offer.
All three banks were offering 0.5% on savings, 1% on CD's and Mutual Funds around 3-5%.
Now I don't know how many people know, but not 1 dollar in a mutual fund is insured,secured or guaranteed, by anyone, Just read the Prospectus.
Hear this one, any US deposit over 250,000.00 USD must be referred to the Managing Director for the individual Bank for Approval. Why? The Bank just don't have anywhere to invest the funds, that can generate a sufficient return to pay customers.
You see the Financial Gurus and Scholars, will not listen to a small humble Consultant, if you are blue eyed and can't be friends with the right people at the top, no matter how excellent the recommendations, they just don't listen.
The entire world, including the United Nations General Assembly, the IMf and the World Bank are endorsing and mandating that all governments move towards ALM(Asset LIABILITY Management) strategy for Investments, according to the Principles for Responsible Investing Report, out of the UN.
But Banks and other Financial Houses in Trinidad and Tobago, because of 1)mindset and 2)Private arrangements between themselves, and Retail Investment Brokers and Investment Bankers, they settle for mutual funds, which when the market is up, will make money, but when the market is down, you can also loose money, which is what happened to Merril and Leahman Bros, where so many Trinidadians lost money.
I recommend Mr. Browne that the entire financial sector of Trinidad and Tobago should be moving towards ALM Strategy, and the best Firm to seek advice is the one who created the World's first Liability Index, none other than Ryan ALM Inc. http://www.ryanalm.com
Give me call , we should get together, and maybe we can move this country in the right direction
Mrs. J Soman (469-2500)
I said it months ago, and
I said it months ago, and I'll say it yet again.
The United States currency will continue to strengthen.
The Trinidad Dollar will continue to weaken.
The United States is a far more dynamic economy and market than a small island in the Caribbean. They are one of the only countries in the world that is able to enter into a recession and come out of it just as quickly, they literally spend their way out of it, while inflation remains at an all time low.
Trinidad, needs to understand what is really happening, only yesterday I called RBTT, FCB and SCOTIA bank asking them if I wanted to deposit some USD what rate they will offer.
All three banks were offering 0.5% on savings, 1% on CD's and Mutual Funds around 3-5%.
Now I don't know how many people know, but not 1 dollar in a mutual fund is insured,secured or guaranteed, by anyone, Just read the Prospectus.
Hear this one, any US deposit over 250,000.00 USD must be referred to the Managing Director for the individual Bank for Approval. Why? The Bank just don't have anywhere to invest the funds, that can generate a sufficient return to pay customers.
You see the Financial Gurus and Scholars, will not listen to a small humble Consultant, if you are blue eyed and can't be friends with the right people at the top, no matter how excellent the recommendations, they just don't listen.
The entire world, including the United Nations General Assembly, the IMf and the World Bank are endorsing and mandating that all governments move towards ALM(Asset LIABILITY Management) strategy for Investments, according to the Principles for Responsible Investing Report, out of the UN.
But Banks and other Financial Houses in Trinidad and Tobago, because of 1)mindset and 2)Private arrangements between themselves, and Retail Investment Brokers and Investment Bankers, they settle for mutual funds, which when the market is up, will make money, but when the market is down, you can also loose money, which is what happened to Merril and Leahman Bros, where so many Trinidadians lost money.
I recommend Mr. Browne that the entire financial sector of Trinidad and Tobago should be moving towards ALM Strategy, and the best Firm to seek advice is the one who created the World's first Liability Index, none other than Ryan ALM Inc. http://www.ryanalm.com
Give me call , we should get together, and maybe we can move this country in the right direction
Mrs. J Soman (469-2500)
It seems that the PNM are
It seems that the PNM are getting their ideas and concepts from the adult cartoon South Park, they have so much in common.