PODCASTS ONE WAY TO EARN FOREX SAYS CBTT GOV.

CCNTV6

The Central Bank Governor is suggesting podcasts are one way that people in this country can become earners of  foreign exchange.  As for any possible change in the rate of foreign exchange, the Governor said that decision is not made by the Central Bank.  Juhel Browne reports.

Transcript

00:00Central Bank Governor Larry Hawaii is suggesting that as many people as possible in Trinidad and Tobago

00:05become earners of Forex, as he gave the example of professors who are doing gigs abroad.

00:12What other suggestions do you have for persons to be able to themselves become earners of foreign exchange?

00:20Even guys like yourself, I mean, podcasts and all kinds of things could be done,

00:26which is a generator of foreign exchange too, right?

00:31You know, agriculture is an area which has tremendous potential.

00:37But with regard to any potential change where one key issue is concerned,

00:43the Central Bank Governor said that is a matter for the government to determine

00:47as he made reference to the nearby Ministry of Finance Tower.

00:51That is not a question for us.

00:53That decision is made across in the other tower.

01:00We provide a lot of guidance on that in terms of information that could be used to determine

01:08what a real effective exchange rate could or should be.

01:13We do different scenarios.

01:15We do computations on the effect of any possible change on things like inflation and that kind of stuff.

01:23Governor Hawaii said it is a policymaker's decision by those elected to office.

01:29The Central Bank Governor also spoke about the decisions that the bank may have to make

01:33at a time when there is way more demand than supply for Forex.

01:39If it is that we find ourselves in a situation where we have to choose between maybe a small business

01:47importing something donuts to sell in Trinidad, we would prefer to say, well, no,

01:53we prefer to use our money for the hospital or for WASA or for TNTech or whoever else.

01:59So we may get to a point where we may have to make that kind of decision.

02:02We're not there just yet, but it is something that we need to bear in mind as we go along.

02:09However, the Central Bank Governor sought to make one thing clear.

02:12The interest rate movements, we probably wouldn't do it with immediate effect.

02:17Let's see what comes out in the budget.

02:20Let's see what the effect is on liquidity in the system, on fiscal flows and so on,

02:27and then we'll make a determination.

02:29So, you know, do I expect that at the end of the month we get up and we see where interest rate is going up.

02:34We're not doing it that way.

02:35Governor Hawaii said it was just an introductory discussion he was having

02:40and he will update the media as policy prescriptions are applied.

02:45Jewel Brown, TV6 News.

02:47Jewel Brown, TV5 News.

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