Sunday, February 18, 2018

Crackdown on US$ blackmarket*

New Bankers Association boss

In his first in-depth interview as new president of the Bankers Association of Trinidad and Tobago (BATT), Republic Financial Holdings Ltd Managing director, Nigel Baptiste, called on the authorities to deal with a long-standing illegality: the US dollar (USD) black market. The country's foreign exchange (forex) crisis, technically described as 'tightness', has been ongoing for the last four years, with successive governments failing to solve. Boss at the country's largest bank by assets, Baptiste answered a wide range of questions at Republic Bank's head office on Park Street in Port of Spain last week.

He said he feared the ongoing dispute between the Caribbean Nitrogen Company (CNC) and the state-owned National Gas Company (NGC) could be a watershed moment for Trinidad and Tobago, called on the authorities to address the worsening US-dollar crisis, and acknowledged that evolution of the banking sector is undeniable.

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