An account has been setup by BOSVG to assist Vincentian itinerant traders or “traffickers” who trade between the Twin Island Republic and SVG.
This Announcement was made by Prime Minister Gonsalves via WEFM morning program on Thursday 20th July 2017.
Traffickers had complained recently that they were not able to access EC currency in exchange for their goods in Trinidad and Barbados.
Gonsalves said an account was setup at a particular bank in Trinidad, on that account, Gonsalves said traffickers could deposit their earnings, once they have shown that it came from legitimate sales.
Gonsalves said by doing so traffickers would be able to get the exchange in EC dollars here in SVG.
The Prime Minister said he suggested to the bank they should have a facility here in St Vincent for persons who return with TT Dollars to do a similar process, following which they can unload the TT Dollars through an intermediary.
In April, Gonsalves said his government had raised the issue on various occasions and written to the government of Trinidad and Tobago.
He also said at that time that the matter was raised at the Monetary Council of the Eastern Caribbean Central Bank. Over the last two or so years, the Central Banks in both countries said they were falling short of foreign exchange.
Traders can obtain more information at the Bank Of St Vincent and the Grenadines.
