The Government is taking steps to address concerns over foreign exchange access and bank charges for the average citizen.
Prime Minister Stuart Young gave an update on the meeting held on Tuesday alongside the Minister of Finance, Vishnu Dhanpaul, officials from the Central Bank of Trinidad and Tobago, and key financial stakeholders.
At Thursday’s Post-Cabinet Media Briefing, Prime Minister Young said discussions focused on the challenges faced by citizens in accessing US currency and the impact of banking fees.
“We’ve been hearing about the difficulties with access, in particular by the average citizens, for foreign exchange and it is something that I would immediately prioritise that needed to be addressed for us to get a better understanding of it as the Government. Because, as you know, as the Government, you’re not directly relating into the foreign exchange, how it goes between the banks, the Central Bank.”
The Prime Minister described the meeting as productive, with open discussions on foreign exchange allocation, illegal activities affecting supply, and the rising cost of banking services. He also questioned why advancements in banking technology have not translated to reduced fees for customers.
“I see that you’re closing down retail banking, you’re shrinking your retail banking services, which means a reduction in costs. You’re moving away from paper, which to me logically also means a reduction in cost. So therefore, why are we not seeing the efficiency of online services equating into lower charges and lower expenses to us, the citizens?”