Home' Trinidad and Tobago Guardian : July 30th 2017 Contents July 30 . 2017
sunday business explains | 7
in trade with
and their spe-
changes, so to can
the value of their cur-
rencies in relation to one
One common method
employed by policymakers
in an attempt to restore balance
in trading relationships is the use
of currency devaluation.
is a deliberate
to the value
of one coun-
in relation to
As a tool of monetary policy (curren-
cy management falls under the Central
Bank of a country), currency devalua-
tion occurs in countries that have a fixed
(or semi-fixed) exchange rate system.
It should be noted that devaluation
and currency depreciation, though
often used interchangeably, are very
different currency outcomes and as
such, an important distinction should
A depreciation involves the loss in
value of a currency in relation to another
in an open (freely floating) exchange
rate system overtime. In essence, a de-
The Airports Authority of Trinidad and Tobago (the Authority) invites sealed Bids from suitably qualified companies/firms who are
registered in Trinidad and Tobago for the:
"THE REPAIRS TO PERIMETER FENCE AT THE ANR ROBINSON INTERNATIONAL AIRPORT"
Tender Documents may be perused at the Information Resource Centre, Administration Centre, South Terminal, Piarco
International Airport, Golden Grove Road, Piarco but can only be taken away upon payment of a non-refundable Tender Fee of
One Thousand Five Hundred Dollars ($1,500.00). A copy of the receipt must be submitted with the Bid. Documents will
be available from Friday 28th July 2017.
Prospective Tenderers are required to attend a mandatory Pre-bid meeting and site visit to acquaint themselves with
conditions which may influence their Tender. The Pre-Bid Meeting and Site Visit are scheduled for Tuesday 8th August 2017
at 10.00 am. at the Airports Authority Administration Centre Conference Room, ANR Robinson International
Tenderers must submit one (1) original, one (1) hard copy and one (1) PDF copy on a flash drive of the Tender, in a sealed
"The Repairs to Perimeter Fence at the ANR Robinson International Airport"
and addressed to
The envelopes must be deposited in the Tender Box located in the Lobby of the Airports Administration Centre no later than
2:00 p.m. on Tuesday 29th August 2017.
The Tenders will be opened publicly shortly thereafter at 2:30 p.m. Tenderers or representatives may be present at the opening.
Late Tenders will not be considered in any circumstances. Tenders submitted by means of facsimile or email shall not be considered.
The Authority will not defray any cost incurred by Tenderers during the preparation and/or submission of their Bids.
Failure to attend the mandatory pre bid meeting and site visit will result in disqualification of the tender.
The Authority does not bind itself to accept the lowest or any other Tender.
Secretary -- Tenders Committee
Airports Authority of Trinidad and Tobago
Airports Authority of Trinidad and Tobago
Golden Grove Road
THE REPAIRS TO
PERIMETER FENCE AT THE
ANR ROBINSON INTERNATIONAL AIRPORT
preciation is driven simply by the market
forces of demand and supply for a particular
A devaluation on the other hand, is a con-
scious policy decision taken by the govern-
ment of a country to establish a new (lower)
value for its currency in relation to that of
As an arbitrary example, a country might
choose to devalue its currency in relation to
another by moving the price paid for $1 of the
foreign currency from $3 of its own currency
to $5 of its own currency---a devaluation of
roughly 67 per cent.
As stated earlier, a primary goal of deval-
uation is to combat trade imbalances. When
a currency is devalued it causes a country's
exports to become less expensive thus mak-
ing them more globally competitive.
On the other hand, a devaluation also
causes imports to become more expensive
causing domestic consumers to reduce their
purchases of foreign goods and potentially
assisting domestic businesses to grow.
While a devaluation has its merits based
on the economic and trade circumstances
of a country, it can also have negative con-
sequences. For example, when imports be-
come more expensive, domestic industries
can become less efficient because of the lack
of pressure from competition.
Additionally, a rapid increase in exports
can also lead to an increase in domestic
demand (as a result of higher foreign ex-
change inflows) and could cause elevated
Higher inflation can also result from the
additional cost to businesses who engage in
the importation of goods depending on the
domestic consumption habits of consumers
who may continue to demand foreign goods
over locally produced goods.
T&T's currency operates within a man-
aged floating exchange rate system (also re-
ferred to as a "dirty float"). In the 1970's the
T&T dollar was "pegged" to the US dollar
at a value of US$1 = TT$2.40.
In the 1980's, due to a global decline in
energy prices, T&T entered a period of
economic decline and the value of the
domestic currency was devalued in 1987 to
Worsening economic conditions led to the
intervention of the International Monetary
Fund (IMF), and the currency was further
devalued to US$1=TT$4.25 in 1988.
In 1993, the country moved to a managed
floating exchange rate system and the TT
dollar began trading against the US dollar
at US$1 = TT$5.76.
Over time, and as a result of changing
economic circumstances, the exchange
rate has moved to US$1 = TT$6.78 where
it stands today.
The Eric Williams Financial Complex
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