Sunday, February 18, 2018

US$3b a year on credit cards*

Finance Minister in Parliament on foreign exchange use:

Finance Minister Colm Imbert

Credit cards utilise US$3 billion a year of this country’s total foreign exchange demand, Finance Minister Colm Imbert said yesterday.
He was responding to a question on notice in the House of Representatives yesterday by the MP for Naparima, Rodney Charles, who asked if the minister could state whether an equitable system has been developed to ensure that small businesses are not significantly disadvantaged by foreign exchange shortages.
Imbert also said the purchase of motor cars made up one of the largest sources of the consumption of foreign exchange.
The minister indicated that, over the last three years, the Government, through the Central Bank, had injected US$6 billion into the foreign exchange market. He said approximately US$2 billion a year is sold to the commercial banking system by the Central Bank, thereby drawing down on the Government’s foreign exchange. 

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