The business community ios awaiting the next move by the authorities after the weekend dismissal of the chief executive officer of the Export Import Bank (EximBank), Navin Dookeran.
The dismissal of Dookeran, the son of a former finance minister and central bank governor, Winston Dookeran, came less than three months following the appointment of a new board of directors by the government and a warning from Prime Minister Kamla Persad-Bissessar that the lack of transparency in foreign exchange allocations was creating deep distortions in the economy, concentrating wealth in the hands of a few while placing small and medium enterprises under strain.
In a statement, Dookeran, who had been in the position for the past six and a half years, said he was “proud of what we accomplished during my tenure, and I wish the best for the institution and the country”.
No reasons were givens for the removal of the former commercial relations manager of the RBC Financial Group in Toronto, Canada, and lecturer and programme director at the UWI-Arthur Lok Jack Global School of Business. .
Finance Minister Davendranath Tancoo said the “positive transformation” the country voted for in April was under way, with employment changes expected as organisations and staff work to achieve the “best fit for purpose”.
In September, a daily newspaper reported leaked data showing that pharmaceutical and poultry companies dominated the bank’s foreign exchange distributions over the past five years.
According to EximBank records, from 2020 to mid-2025, the institution allocated US$1.4 billion in forex to 123 companies under the essential window.
On Sunday, the the Greater Tunapuna Chamber of Industry and Commerce (GTCIC) noted that while the circumstances surrounding Dookeran’s departure have not been disclosed, the transition “presents an opportunity for renewed direction and strengthened governance.
“The GTCIC remains hopeful that this transition will lead to improvements in the transparency, efficiency and fairness of forex allocation systems. Businesses consistently call for clearer communication, simplified process
“A stronger, data-driven approach—supported by technology, stakeholder consultation, and robust oversight—can help rebuild confidence and ensure that the FX made available through EXIMBANK is effectively channelled to sectors that stimulate employment, investment, and national competitiveness,” said GTCIC president Ramon Gregorio.
The Greater San Fernando Area Chamber of Commerce said Dookeran’s removal has generated unease among importers and SMEs, many of whom are already grappling with limited access to foreign exchange.
“The sudden termination of EximBank CEO Navin Dookeran naturally raises concerns, especially with the Christmas season approaching when businesses rely heavily on timely access to foreign exchange,” the chamber’s president Kiran Singh told the Express newspaper.
“Any abrupt leadership change can create uncertainty, and there is a real possibility of short-term delays or tighter forex allocation,” he said, adding that the private sector group respects the need for accountability, but stressed that the transition must be carefully managed to avoid disruption.
“For his replacement, the business community will be looking for someone who brings strong integrity, transparency and a commitment to fair distribution of forex. Stability, fairness and clarity must guide the way forward,” Singh said.
Chief strategic officer and board member of the Confederation of Regional Business Chambers (CRBC), Angie Jairam, said the timing of the leadership change is particularly sensitive.
“Much was ventilated in recent times on the distribution of forex, and this change comes at a very sensitive time,” Jairam said, noting that many businesses are already experiencing challenges accessing foreign exchange, “and with the seasonal increase during Christmas we hope it can be a smooth transition with more equity”.
President of the Chaguanas Chamber of Industry and Commerce, Baldath Maharaj, acknowledged that the government and the EximBank board may be pursuing a new strategic direction.
“We recognise that the government and the new board may be pursuing a refreshed strategic direction for the bank, and we respect their authority to make decisions aligned with that vision,” he said.
“Regardless of the strategic path chosen, businesses must be assured of a fair, transparent, and accessible process so they can operate with stability and contribute to national growth,” Maharaj said.
The EXIMBANK, which originated as te Trinidad and Tobago Export Credit Insurance Company Limited (EXCICO) established by the government in 1973 to promote exports, was officially converted into the present-day EXIMBANK in 1997, gaining broader financial powers.
On November 4, 1997, the Ministry of Finance Order converted EXCICO into EXIMBANK, allowing it to function as a full financial institution. (CMC)
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