News

Trinidad: TT$ devaluation in 2 years

MOVEMENT for Social Justice (MSJ) political leader David Abdulah is predicting a devaluation of the TT dollar over the next two years as foreign exchange reserves will dwindle due to the impending closure of the Pointe-a-Pierre oil refinery.

Addressing a media briefing at the party’s St Joseph road, San Fernando headquarters yesterday, Abdulah said the refinery’s closure would mean forex once earned by the refinery would have to be used to purchase fuels (gasoline, diesel, aviation fuel) on the international market. Fuels which he said had once been produced by the refinery.

“So given the fact that foreign exchange reserves have been declining over the past few years because the central bank is using reserves, we are in trouble. Given the rate of decline of foreign exchange reserves in 2 years’ time we will be in a difficult place.”

He said government’s economic policy seemed to be on encouraging development which consume forex instead of earning it through the sale of goods and services on the international market.

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