Monday, January 22, 2018

Central Bank sells US$50m more

Boost to foreign exchange market

 The Central Bank sold US$50 million to the banking system yesterday as part of what it said was a programme of scheduled foreign exchange interventions.

“This sale was timed to provide further support to the foreign exchange market based on anticipated lower volumes of conversions by energy sector companies during the second half of August 2014,” the bank said in a statement. 

The total amount of US dollar funds sold by the Central Bank to authorised dealers for the year so far is US$1.04 billion. 

“For the year to date, the bank provided almost one-quarter of the total foreign exchange supply to the market,” the statement said.

Trinidad and Tobago’s net official reserves currently stand at US$10.134 billion, representing in excess of 12 months of import cover. “The Central Bank continues to closely monitor the domestic foreign exchange market and will act proactively to ensure market order and stability,” it added.

In July, the bank sold US$175 million to the banking system.

Its interventions have come amidst ongoing complaints from business groups and individual customers over several months about not being able to access US dollars at commercial banks.

One of the groups, the Trinidad and Tobago Manufacturers’ Association, complained last month that its members were not getting US dollars easily.

But bank sources told the Express that from its compiled data, 100 TTMA members were able to get more than US$82 million during weeks in June and July.