00:00Following his sudden dismissal, we reached out to Navin Dukaran, former CEO of Ex-Im Bank, the only official credit agency in Trinidad and Tobago.
00:09TV6 News asked him about the legacy he was leaving, and he mentioned his biggest accomplishment as the CEO of Ex-Im Bank.
00:17Mr. Dukaran said, quote, national non-energy export growth, end quote.
00:23Navin Dukaran is the son of former central bank governor and former finance minister Winston Dukaran.
00:28The now former CEO of Ex-Im Bank told the Sunday Express that he is very proud of what the bank had accomplished during his tenure, and he wishes the best for the institution and the country.
00:42Ex-Im Bank's publicly declared financial statements show that in 2024, its profit for the year was $97.3 million, which was an increase from $88.2 million in 2023.
00:55However, the Sunday Express recalled that the finance minister said in his 2026 budget presentation in the parliament that the unfair practices at major commercial banks and the Ex-Im Bank have exacerbated foreign exchange shortages.
01:11Navin Dukaran appeared before the Public Administration and Appropriations Committee of the parliament last week on December 1st, and responded to questions from committee members, including Works and Infrastructure Minister Jolene John.
01:23Thank you, Mr. John, for that very applicable question.
01:29So, you know, one of the things I want to point out is on the essentials program, which is the foreign exchange for essentials programs, which includes food, medicine, and other essential items,
01:40there are 30 pharmaceutical companies accessing this forex window at present.
01:48Seven are considered large, five are medium, and 18 are small importers.
01:55Mr. Dukaran told the committee Ex-Im Bank's program is intended for the goods to reach to the public on the shelves of the stores.
02:01We don't just ask for, you know, your invoices only.
02:04We ask for all your financial statements as our company.
02:08And when we get your financial statements, there's a line on your income statement that says cost of goods sold,
02:14which is the total amount of purchases of items that you would have purchased in the last fiscal year.
02:22So that would be one of the avenues that we would look at that data point to see that it makes sense,
02:28the amount of foreign exchange allocated for a particular company, you know, matches somewhat their purchases.
02:35The committee's chairman, Speaker of the House, Jagdeo Singh, raised the concerns about the possibility of local importers being able to double
02:42or triple dip in the forex market by submitting to commercial banks the same documents they submit to the Ex-Im Bank.
02:50Are you agreeing, further agreeing with me, that that is a fundamental weakness in the forex system that needs to be addressed?
02:59I would say this is why all banks are regulated under the Financial Institutions Act by the Central Bank,
03:03as well as in some other different acts.
03:06And our reporting requirements are to the regulator, which we do fulfill regularly,
03:11and we are up to date on all statutory obligations.
03:13The finance minister has so far not directly commented about Mr. Dukaran's dismissal.
03:20However, in an apparent reference to the state sector,
03:24the minister told the Sunday Express that the positive transformation the country voted for is happening
03:29and changes will take place as employer and employee seek to arrive at best fit for purpose.
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