Wed | Dec 7, 2016

TT central bank sells forex to ease shortage

Published:Wednesday | January 21, 2015 | 12:00 AM

The Central Bank of Trinidad and Tobago says it has sold US$200 million to authorised dealers in its first foreign-exchange market 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.

"This first sale was timed to bring relief to the market as January typically sees lower conversions of foreign exchange by energy companies."

Mandated Meetings

The intervention followed a meeting last week between Prime Minister Kamla Persad-Bissessar and business representatives, out of which Finance Minister Larry Howai and two other government ministers were mandated to seek a meeting with central bank governor Jwala Rambarran to discuss the availability of foreign currency and the uncertainty facing businesses as a result.

The central bank said its next monetary policy announcement on January 30 would address the impact of falling energy prices on Trinidad's balance of payments and the domestic foreign-exchange market.