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Finance Minister Davendranath Tancoo has ruled out a devaluation of the TT dollar, saying that a thriving black market for US currency is fuelling a wider “cabal” engaged in major crimes, including illegal gambling and money laundering.

According to Tancoo, several large businesses, which have benefited from preferential access to foreign exchange over the years, have expanded operations abroad.

In contrast, he said a devaluation under current conditions would make it difficult for the average Small and Medium Enterprise (SME) to survive.