Port-of-Spain: The Downtown Owners and Merchants Assocation (DOMA) is sounding a warning over what it believes is a shortage of United States dollars in the country, a situation that the Association claims may be far more chronic than the US shortages experienced over the past 24 months.
In a media release issued today the DOMA is calling on the Central Bank to give answers as to why the US shortage persists.
DOMA says the unavailability of US dollars is now affecting the business community and the importing community in particular.
The leading Port-of-Spain business body states that the shortage has resulted in importers having difficulty in meeting their financial obligations to overseas suppliers.
Local importers are complaining that the lack of US foreign exchange is threatening their overseas credit rating as well as their reputation as suppliers are now questioning whether local businessmen are even able to pay their bills.
DOMA believes this could affect Trinidad and Tobago in the long term and states that it could weaken confidence in T&T's economy and the value of the TT dollar.
DOMA says the current shortage creates an unnecessary excitement in demand as importers are unable to pay for their goods on time, resulting in the appearance of product shortages.
The group says it is surprised by the level of silence from those in the financial sector regarding this current shortage of foreign exchange. It feels there should be more information disseminated with respect to the current state of supply especially since it is one of national importance.
DOMA states that failure to do so can only result in speculation as to the true state of T&T's economy.
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