“We have lost several millions of dollars by way of foreign exchange losses because the euro has dropped. In the budget we were saying that we would project the euro to be about EC$3.60 to the euro but that figure dropped dramatically,” Skerrit pointed out.
Noting that the European Union is one of Dominica’s biggest partners in development, Skerrit said there’s concern about the impact on projected revenue, resulting from a fluctuation in the euro.
“This is where we are going to be challenged tremendously, and therefore we have to keep studying what’s happening with the euro because the European Union is one of our biggest development partners and a good portion of our budget is financed by the European Union,” Skerrit said.
The 2010/2011 national budget will be presented in July and Dominicans meanwhile have been told to expect the provision of measures that will generate economic growth.
Skerrit said “making some resources available hopefully to the Aid Bank to un-lend to citizens of Dominica to construct new homes”, is among measures being looked at for the budget.
We love you PM..you always keep us informed!!!!!!!!!!
The Venezuelan Dollar is always there My brother.Ha Ha Ha
Venezuela is now broke and taking loans from Russia. Where they getting money to give
Dominica?
From the horses mouth:
“a good portion of our budget is financed by the European Union,” Skerrit said.
Well done exept now that his fellow French/ EU citizen/agent is getting all the contracts and makes his perchases in euros yes there is a major loss….LOL
52million contract converted from euros to EC which is pegged to the US$ then back to Euros===> millions in losses
compared to if Dominicans had got the contracts then the loss would not be…
But you forgot to mention where the losses would be:
option one “starve the children of the nation to feed the Dogs under the table”
option two: “Feed the Children and Starve the Dogs under the table”
Lets see where your allegiance lies
LOL LOL
Well whatever money is lost I am sure that Skerrit can dip into his enormous supply and cover whatever wextra is needed. He should not be afraid and try to take infront…Does that mean that we might see an increase in taxes? Bravo!!! allu will suck salt i tei you….lol
Actually, this time around Skerrit is right. The fact that the US$ has appreciated in relation to the Euro$ means that for a Euro$ we recieve less US$ and by extension less EC$.
In layman terms… if for example we get 1,000,000 € for a specific project and the exchange rate drop say from 3,40EC$/€ to 3,15EC$/€… you can imagine the loss
3,40 EC$/€ * 1,000,000€ = 3,400,000 EC$
3,15 EC$/€ * 1,000,000€ = 3150,000 EC$
A LOSS OF 250.000 EC$
Be informed
Did you study internatioanal trade..I Guess your intials are E H…lol
skerrit is just taking in front blaming the euro he just cannot fool me he will fool those who love his dimples he is just covering his a$$$$
skerrit is taking infront blaming the euro he just cannot fool me he will fool the ones that love his dimples he is just covering his a$$$$$$$
no so they giving him a special constant rate. stop being a… n let them people run their show. allu will stalk skerrit jus now. allu every move and breath is 4 skerrit, he not that important
Wait a minute….is it me,or is there is something wrong with the picture that the PM is trying to paint?
i think it´s you…
Its definitely you!!!!!!!