St Vincent Prime Minister Ralph Gonsalves said on Wednesday he does not have a quarrel with Trinidad’s energy minister, Dr Roodal Moonilal, and the people of Trinidad and Tobago.
Moonilal rejected comments by Gonsalves that Trinidad and Tobago’s currency is equivalent to “monopoly money”.
Gonsalves, in a recent public statement, had criticised T&T’s foreign exchange payment practices in Caricom trade, stating, “We pay in hard foreign currency. Our country pays Trinidad and Tobago annually in excess of US $65 million … Our traders are paid in Trinidad and Tobago dollars, which are not convertible outside of Trinidad and Tobago … they may as well bring up monopoly money.”
Gonsalves on Wednesday said he does not get into controversies with ministers of other islands; however, it is in the country’s interest to speak.
“I’ve been following the career of this gentleman, and he seems to be a sensible fella. He’s an experienced politician. So I’m making an exception to speak to what he said from the report, which I saw; it is clear that he didn’t get all of what I said. And I’ll send him a copy of my speech. And I believe that he and his government will help me to work out this problem.”
I’ve read the line. Why didn’t I raise it before with Rowley? But I did. I spoke to the issue at length in a 2018 speech and at subsequent functions. So there are two things. He didn’t get my whole speech. He got my throwaway line. But the truth is, if you sell something in Trinidad and somebody gives you Trinidad money, what are you going to do with it in Saint Vincent?”
Gonsalves said in an election year he loves when someone lambasts him, especially while he is defending his people and more so the farmers; however, he would love to see it resolved.
“I don’t have a problem with the people of Trinidad and Tobago, you know, and I don’t want those Trinidadians overseas or even in Trinidad to pick up any cudgel for the economic elites in Trinidad and Tobago who got the thing like this, you know.”
“I don’t say the political elites. I said the economic elites. Because of a lot of foreign exchange in Trinidad, historically Trinidadians complain about it. When Trinidadians come here, they’re surprised that if they got $10,000 EC, they can walk into a bank in Saint Vincent and get 4,000 USD across the counter. They said it is a miracle; they are catching their behinds to get 100 USD in foreign exchange in Trinidad, while the economic elites and sections of the social elites are having foreign exchange for Camembert cheese and fine wines, and they can’t put aside some money to pay for our yam, dasheen, plantain and sweet potato.”
See portions of Gonsalves 2018 speech, speaking at length about the ongoing matter
I said this in the 2018 speech. In the case of the trade between Saint Vincent and the Grenadines and Trinidad and Tobago, there’s a serious problem of non-availability of foreign exchange for traders from SVG who sell agricultural produce. It is wrong and unconscionable that the relevant authorities in Trinidad and Tobago have failed and/or refused to address satisfactorily or at all this burning issue which affects our small farmers adversely. I have raised this matter at the last two heads of government conferences in Guyana and Grenada. The Eastern Caribbean Central Bank has sought to resolve the matter with the Central Bank of Trinidad and Tobago. I have made direct representations on the issue with the government of Trinidad and Tobago. All of this has been to no avail. The matter remains unresolved. I will raise the issue forcefully again in Haiti next week. I went on to say this. The fact of the matter is that Trinidad and Tobago sells approximately $150 million annually. That was at that time. To Saint Vincent. The bulk of these purchases is made up of petroleum products. Saint Vincent and the Grenadines has been selling on average annually over the past five years. Some 18 million in exports of goods. Saint Vincent and the Grenadines pays in hard currency for all exports from Trinidad and Tobago, but our traders are paid in dollars for their exports. Our traders are starved of foreign exchange. All we ask is for Trinidad and Tobago to set aside some $20 million in foreign exchange. US 8 million approximately out of the huge trade surplus that it has with SVG. Surely this is reasonable. How can this single market function properly in such an unfair environment?
