Prime Minister Stuart Young has hinted at upcoming relief for Trinidad and Tobago residents struggling to access foreign exchange, revealing that a potential solution is already under review. The announcement has sparked cautious optimism among citizens and businesses alike, many of whom have faced mounting frustration in navigating a tight forex market.
Speaking during a radio interview on Slam 100.5FM, Young pointed to recent meetings with banking officials and emphasized his administration’s urgency in finding fair, accessible, and lasting fixes for both foreign exchange access and high bank charges.
Quiet Moves, Big Hopes
The PM’s remarks came less than a month after a high-level March 25 meeting with the banking sector. That meeting, followed by another on April 4, focused heavily on how foreign currency is being distributed and the surging costs attached to basic banking.
“There is an area I’ve asked the Central Bank and the Minister of Finance to look at that I think can provide some alleviation,” Young said, although he stopped short of revealing the specifics.
What’s clear is that the government sees room for change. And quickly.
What’s on the Table?
Even without full disclosure, Young’s comments offered some insight into what the government might be eyeing. He stressed that the goal isn’t to hand out large sums of U.S. dollars, but to create a fairer path for average citizens needing modest amounts of forex for daily needs — travel, tuition, or online purchases.
“You mighten be able to walk out… with no US$50,000, US$10,000,” he admitted, “but enough that you could go about and do your business.”
The focus, it seems, is on building an “equitable system” — one where more citizens, not just large businesses or elite clients, get their fair shot at accessing limited foreign reserves.
One official familiar with the talks said a tiered allocation system or dedicated forex window for individual consumers is under discussion. While not confirmed, such an approach could balance institutional and public needs more transparently.
Fee Frustration Comes to the Fore
Young didn’t mince words on another issue: high bank charges. From withdrawal fees to online banking costs, the public outcry has grown louder. And the PM is clearly listening.
He acknowledged the financial pressure that bank fees place especially on low-income earners. These aren’t minor annoyances — for some, they’re a real hit to already stretched wallets.
Young said addressing these charges is part of his administration’s wider push to make financial systems more inclusive. “I am not giving up that fight,” he promised.
Four Weeks, Real Movement?
Political promises are common. What isn’t so common is speed — but in this case, the Prime Minister was keen to highlight momentum.
“That was within four weeks,” he noted, referring to the progress made between the March and April meetings. That sense of urgency is being welcomed, especially by small business owners who’ve been bearing the brunt of forex shortages and banking costs.
For perspective, T&T’s foreign exchange crunch has been years in the making. Lower energy exports and reduced foreign inflows have squeezed supply, while demand — particularly from importers — hasn’t eased. That mismatch has created a kind of forex bottleneck.
And while the Central Bank does intervene periodically, critics argue that too much forex still flows to a handful of commercial players while everyday users are left with scraps.
The Public Reaction: Skepticism and Hope
Public response to Young’s comments has been a mixed bag. Some citizens are hopeful, encouraged by a sign that the government is treating the issue seriously. Others are more skeptical, wary of repeated promises with little to show on the ground.
Local entrepreneur Janelle R., who runs an online beauty business, summed it up: “If they fix this thing, even a little, that changes everything for me. But we’ve heard this before. I’m watching, not cheering yet.”
For now, banks remain tight-lipped about what’s been proposed behind closed doors. But one executive, speaking anonymously, said there’s a “real effort” underway to improve how forex is managed and shared — not just talked about.
