(Trinidad Guardian) Mitchell De Silva, new president of the American Chamber of T&T (AmCham), believes that the Government should have as little intervention in the economy as possible especially as it relates to the allocation of foreign exchange.
On Wednesday, during his mid-year review, Finance Minister Colm Imbert said that the Government has requested the Central Bank to give priority to manufacturing and trade whenever it intervenes in the disbursement of foreign exchange to commercial banks.
“Clearly, those are critical areas and it is the minister’s or Central Bank’s right to direct the allocation of currency, but in a free market it is not always best to do those kinds of things when there is interference. It creates distortions in the economy. As a business chamber we are in support of a free system as possible. At the end of the day you have to decide what you want, a market-driven economy or one that is directed by the state,” De Silva said.
De Silva spoke to the media on Thursday evening after the opening ceremony of AmCham T&T’s Annual General Meeting at the Hilton Hotel, St Ann’s. He holds the position of Regional Vice President of Corporate Banking, RBC.