Central Bank governor meets business stakeholders

Central Bank governor Larry Howai, fourth from right, at the meeting with members of the Confederation of the Regional Business Chambers on July 31 at the Eric Williams Plaza, Independence Square, Port of Spain. Among the members of the Confederation were chairman Vivek Charran, third left, Angenie Jairam, centre, and Jai Leladharsingh, second right. - Photo courtesy CBTT

THE governor of the Central Bank of TT (CBTT) recently met with representatives of the Downtown Owners and Merchants Association (DOMA) and the Confederation of the Regional Business Chambers.

In news releases on July 31, the CBTT said the meetings were part of its ongoing stakeholder engagement efforts.

The meetings took place at the Eric Williams Plaza, Independence Square, Port of Spain, on July 31.

This meetings form part of governor Larry Howai’s continued commitment to active partnership with the business community since assuming office in June, it added.

Howai was accompanied by the deputy governor and other members of the management at the bank.

At his meeting with DOMA, Howai acknowledged that the association is “close to the ground” and that its members are poised to assist the bank in the continued execution of its mandate.

He led the session by stating the purpose of the engagement as a forum for open and constructive dialogue and collaboration on specific suggestions to address shared national challenges. In the discussions, Howai underscored the value of deepening trust and understanding of what is affecting businesses and members of the public.

Foreign exchange, including supply-demand dynamics and the outlook for improving access and efficiency, was a central topic of discussion during the meeting.

Howai presented a summary of the domestic economic recovery, repo rate, foreign exchange reserves, foreign exchange market transactions, settlement of credit card accounts, energy sector contribution to foreign exchange and the Bank’s role in supplementing the foreign exchange market supply through authorised dealers and special facilities.

Other matters discussed, the release said, included macroeconomic conditions affecting businesses, the impact of market interventions, and opportunities for practical, coordinated solutions, particularly in areas where the Central Bank and business stakeholders can work together more effectively.

The CBTT said, the DOMA representatives expressed their gratitude for the forum and the early invitation from the governor and engaged in lively discussions and shared preliminary ideas for the bank’s consideration.

They also committed to formally submitting their views to the governor following the meeting.

Representing DOMA were Gregory Aboud – president, Robert Hadad and Joseph Rahael.

At his meeting with the Confederation of the Regional Business Chambers, Howai underscored the value of building and nurturing relationships with groups such as the confederation “as their insights and feedback will help inform decisions that will facilitate thriving businesses and a flourishing economy.”

Howai said the confederation is a rich and valued source of information for the Central Bank for businesses across its 13 member chambers.

A release said, “Foreign exchange, including supply-demand dynamics and the outlook for improving access and efficiency, was a central topic of discussion during the meeting. Howai discussed the domestic economy, foreign exchange reserves and foreign exchange market transactions. The potential benefits to small and medium enterprises of a fast payments system such as the Unified Payments Interface (UPI) that is being considered for implementation was also discussed.”

The confederation representatives expressed appreciation for the opportunity to partner, collaborate and share with the Bank in improving our nation’s competitiveness. They conveyed the major challenges faced by small and medium enterprises including access to foreign exchange and bank financing, registration of their businesses, banking fees and charges, and digital foreign exchange restrictions. The confederation proposed solutions for the bank’s consideration and committed to engaging further with the Bank in the future.

“The Central Bank is deeply committed to working alongside our partners in the business sector to strengthen economic confidence and resilience,” said Howai. “These engagements are considered critical to the Bank; we are optimistic that by putting our heads together, we can find novel ways forward, even in a challenging environment.”

Representing the Confederation of the Regional Business Chambers were Vivek Charran (chairman), Angenie Jairam and Jai Leladharsingh.

“The Central Bank remains firmly committed to working alongside our partners in the business sector to strengthen economic confidence and resilience,” said Howai. “These engagements are not just a matter of course; they reflect our belief that through honest exchange and shared responsibility, we can find ways forward, even in a challenging environment.”