00:00Central Bank Governor Larry Hawaii was joined by Finance Minister Devon Jernath Tanku,
00:05Planning Minister Dr. Kennedy Swart Singh, and Energy Minister Dr. Rudal Munilal at a meeting
00:10with who the Central Bank identified as key stakeholders in the energy sector that, quote,
00:16centered on measures to address ongoing foreign exchange challenges, end quote.
00:21The Central Bank said the meeting at its conference facilities was constructive and collaborative,
00:26with participants expressing support for a series of near-term initiatives to improve foreign exchange availability and distribution.
00:34The Central Bank said, quote, discussions focused on practical actions to enhance the efficiency of forex allocation
00:42and support efforts to ease current market constraints, end quote.
00:46Late last month, the Energy Chamber raised concerns about recent developments in the Pointe-Lysus industrial estate,
00:52where Canada-based Methanex indefinitely idled its large Titan Methanol plant after it did the same with its Atlas plant,
01:00following Nutrien's controlled shutdown of its Trinidad nitrogen operations in October last year.
01:07The Energy Chamber said, quote,
01:09the shutdown of these facilities has weakened Trinidad and Tobago's exports of these products
01:14and will have an impact on the country's foreign exchange earnings, end quote.
01:20The Central Bank did not make any mention of the Energy Chamber's statement,
01:24Methanex or Nutrien,
01:26but the Central Bank did point out that the energy sector conversions remain
01:30the primary source of foreign exchange inflows,
01:33accounting for approximately 60 to 75 percent of total market conversions.
01:39However, the Central Bank added that over the past decade,
01:42foreign exchange sales by energy companies have declined by an estimated U.S. $1.2 billion annually,
01:49significantly reducing the supply available to the domestic economy,
01:53but at the same time, demand for foreign exchange continues to outpace supply.
01:58The Central Bank said while improvements are expected in the supply of local oil and gas from late 2027,
02:06it is working in close collaboration with the line ministries
02:09as it recognizes the need for targeted short-term interventions.
02:14The Central Bank said Governor Hawaii expressed optimism that continued coordination among stakeholders
02:20will support more effective management of the foreign exchange market
02:24and contribute to greater stability in the period ahead.
02:28Jewel Brown, TV6 News.
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