Tancoo slams forex ‘honour system’ and pledges transparent reform

Fi­nance Min­is­ter Dav­en­dranath Tan­coo says the “ho­n­our sys­tem” for forex dis­tri­b­u­tion pro­mot­ed by the last gov­ern­ment has not worked to the ben­e­fit of the econ­o­my or the small and medi­um-sized en­ter­pris­es.

Last Thurs­day, dur­ing a Cab­i­net news con­fer­ence, Prime Min­is­ter Kam­la Per­sad-Bisses­sar said that Cen­tral Bank Gov­er­nor Dr Alvin Hi­laire was re­fus­ing to di­vulge in­for­ma­tion on the top users of for­eign ex­change in this coun­try.

Tan­coo told Guardian Me­dia, “We sim­ply can­not con­tin­ue to do busi­ness like this, and we will not. What I can as­sure the pop­u­la­tion of is that what­ev­er ac­tion we take as a gov­ern­ment to en­sure a more trans­par­ent, eq­ui­table dis­tri­b­u­tion and al­lo­ca­tion of for­eign ex­change will be the re­sult of sig­nif­i­cant re­search and pub­lic and pri­vate con­sul­ta­tion.”