Addressing the country’s persistent foreign exchange concerns will be the top priority for newly appointed Central Bank Governor Larry Howai.
Speaking to TTT News on his first day in office, Mr. Howai acknowledged the urgency of the forex issue, calling for greater transparency in how foreign currency is allocated and distributed across the economy.
“I don’t have a solution at this time. I will have to do a level of consultation with people in the business community as well as individuals and I need to understand exactly how the Central Bank is handling the distribution at this point because when I used to be in banking I think there have been changes to how that system operated 12 years ago, 13 years ago, as compared to how they operate now.”
Governor Howai said he would work with the banks to ensure that there is more equitable distribution but acknowledged a stark reality: “We will not ever be able to give everybody what they want. We just don’t have the foreign exchange that would allow us to do that.”
The Central Bank Governor said he cannot give projections on timelines at this stage but expects progress by the time the budget is read later this year.
Mr. Howai was appointed Governor of the Central Bank of Trinidad and Tobago for a five-year term, effective June 24th, 2025.
He previously served as Minister of Finance and the Economy from 2012 to 2015, and before that as Chief Executive Officer of the First Citizens Group. He also held leadership roles in the energy sector, including Chairman of the National Gas Company and the National Energy Corporation.