TT Chamber Calls For Urgent, Collective Action To Address Foreign Exchange Crisis

The Trinidad and Tobago Chamber of Industry and Commerce (TT Chamber) has released a comprehensive position paper outlining the scale, causes, and solutions to the country's worsening foreign exchange (forex) crisis, warning that inaction is no longer a viable option for the national economy.

In a Media Release today (Friday 19th December, 2025), the TT Chamber said it “emphasizes that the foreign exchange shortage is now a nationally recognized challenge affecting businesses of all sizes, households and the country's long-term development prospects. Persistent shortages, growing uncertainty and widening market distortions are undermining business continuity, weakening investor confidence and constraining economic diversification.”

According to the TT Chamber, “Addressing the crisis requires broad-based engagement and a multi-stakeholder approach, involving the Government of Trinidad and Tobago, the Central Bank of Trinidad and Tobago, the private sector and other chambers. The TT Chamber notes that the complexity of the forex challenge means there is no single policy lever or quick fix. Instead, solutions must be developed through coordinated dialogue, evidence-based policymaking and shared responsibility. The position paper highlights that there is now broad national awareness that the existing framework is under strain. Businesses across sectors are experiencing delayed access to foreign currency, rising operating costs and reduced competitiveness, while black market activity signals deeper market imbalances. The TT Chamber stresses that these conditions are not sustainable and will worsen over time if left unaddressed.”

In this context, the TT Chamber is calling on all stakeholders to “rally around a shared objective: restoring foreign exchange availability, predictability and confidence in the system. This includes open engagement on exchange rate policy, measures to expand and diversify forex inflows, institutional reforms to improve competitiveness and transparent communication to reduce uncertainty.”

Critically, the TT Chamber is warning that doing nothing is not an option. “Delaying reform risks entrenching shortages, accelerating capital flight, widening market distortions and ultimately forcing a more disruptive and costly adjustment in the future. By contrast, timely, coordinated action offers a more orderly and credible path toward stability.”

The Media Release concluded by saying, “The TT Chamber reaffirmed its commitment to constructive engagement with policymakers, regulators and the wider society, and stands ready to contribute research, data and private-sector perspectives to support a national solution to the foreign exchange challenge.”