THE recent move by banks especially Scotiabank Trinidad and Tobago to reduce the daily limit for its Scotia Card Visa Debit card to US$50 per day has caused some concern to citizens and has highlighted the ongoing foreign exchange crisis, that has impacting everyday consumers immensely.
For many, to make online purchases in US dollars was once a matter of convenience, but now it has become a necessity. It is very concerning for every single person that live in T&T.
This change has made it difficult to use T&T dollars on platforms like Amazon, which previously allowed transactions in the local currency with your credit cards.
Now citizens are being forced to draw from their limited US dollar limit on their credit cards for these purchases cutting down their buying power considerably. Where are we going with these restrictions?
The bank restrictions have taken effect recently lowering limits on USD transactions, increasing fees for foreign transactions, and even blocking certain types of USD payments altogether. This is the hard reality under this administration.
This shift can be seen as a direct consequence of the PNM Government’s mismanagement of the country’s foreign exchange reserves. Over time, the decreasing supply of US dollars has made it more difficult for citizens and businesses to get access to foreign currency, severely limiting their purchasing power. In a country where we import a vast amount of goods, including essential items, this restriction has an intense effect on the standard of living. If the situation persists, we may soon find ourselves unable to afford the most basic of items from international markets, further segregating us economically.
The government’s continued failure to adequately address the diminishing foreign exchange reserves and its impact on the financial system is leaving citizens “to catch our tail.”
Reduced US limits on our debit and credit cards, higher fees, and making it more difficult to buy in US dollars have created an atmosphere of uncertainty in the business sector.
The worrisome effects isn’t just about making purchases on platforms like Amazon and other platforms, it’s about the broader economic future of our country, where foreign transactions are being stifled and making it out of the reach for the average person.
Neil Gosine is an insurance executive, sometimes a temporary Opposition Senator, an ex-treasurer of the UNC and a former chairman of the National Petroleum Marketing Company of Trinidad and Tobago (NP). He holds a Doctorate in Business Administration, a Master’s in Business Administration MBA, BSC in Mathematics and a BA in Administrative Studies. The views and comments expressed in this column are not necessarily those of AZP News, a Division of Complete Image Limited
US Purchases Out of Reach
Commentary
THE recent move by banks especially Scotiabank Trinidad and Tobago to reduce the daily limit for its Scotia Card Visa Debit card to US$50 per day has caused some concern to citizens and has highlighted the ongoing foreign exchange crisis, that has impacting everyday consumers immensely.
For many, to make online purchases in US dollars was once a matter of convenience, but now it has become a necessity. It is very concerning for every single person that live in T&T.
This change has made it difficult to use T&T dollars on platforms like Amazon, which previously allowed transactions in the local currency with your credit cards.
Now citizens are being forced to draw from their limited US dollar limit on their credit cards for these purchases cutting down their buying power considerably. Where are we going with these restrictions?
The bank restrictions have taken effect recently lowering limits on USD transactions, increasing fees for foreign transactions, and even blocking certain types of USD payments altogether. This is the hard reality under this administration.
This shift can be seen as a direct consequence of the PNM Government’s mismanagement of the country’s foreign exchange reserves. Over time, the decreasing supply of US dollars has made it more difficult for citizens and businesses to get access to foreign currency, severely limiting their purchasing power. In a country where we import a vast amount of goods, including essential items, this restriction has an intense effect on the standard of living. If the situation persists, we may soon find ourselves unable to afford the most basic of items from international markets, further segregating us economically.
The government’s continued failure to adequately address the diminishing foreign exchange reserves and its impact on the financial system is leaving citizens “to catch our tail.”
Reduced US limits on our debit and credit cards, higher fees, and making it more difficult to buy in US dollars have created an atmosphere of uncertainty in the business sector.
The worrisome effects isn’t just about making purchases on platforms like Amazon and other platforms, it’s about the broader economic future of our country, where foreign transactions are being stifled and making it out of the reach for the average person.
Neil Gosine is an insurance executive, sometimes a temporary Opposition Senator, an ex-treasurer of the UNC and a former chairman of the National Petroleum Marketing Company of Trinidad and Tobago (NP). He holds a Doctorate in Business Administration, a Master’s in Business Administration MBA, BSC in Mathematics and a BA in Administrative Studies. The views and comments expressed in this column are not necessarily those of AZP News, a Division of Complete Image Limited