Central Bank to Address Foreign Exchange Shortage In Trinidad and Tobago

Central Bank to Address Foreign Exchange Shortage In Trinidad and Tobago
Author

Media Release

Release Date

Tuesday, January 20, 2015

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The Central Bank of Trinidad and Tobago says it has sold US$200 million to authorized dealers in its first foreign exchange intervention for 2015.

“This sale was conducted to ease some of the outstanding demands for foreign exchange especially those coming from the business community,” the Central Bank said in a statement, noting also that “this s first sale was timed to bring relief to the market as January typically sees lower conversions of foreign exchange by energy companies”.

Last week, following a meeting between Prime Minister Kamla Persad Bissessar and business representatives, Finance Minister Larry Howai; Minister of Planning and Development Dr Bhoe Tewarie and Minister of Trade, Industry, Investment and Communications Vasant Bharath, had been mandated to seek a meeting with Central Bank Governor Jwala Rambarran, “over the widespread feeling that the continuing stresses with availability of foreign exchange presented too many uncertainties for business”.

The Central Bank said it will release its Monetary Policy Announcement (MPA) on January 30 “at which time we will provide details on the impact of falling energy prices on the country’s balance of payments and the domestic foreign exchange market”.

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