Trinidad pumps US$1.5B into its forex market: CARICOM BUSINESS
The Central Bank of Trinidad and Tobago injected US$1.012 billion into the foreign exchange market between January and October 2021.
According to Finance Minister Colm Imbert, the Government, through the Exim Bank, has provided access to a further US$524 million, which “led to a total intervention of US$1.536 billion in the forex market for the first ten months of this year.” The bank routinely sells foreign exchange to authorised dealers in the market to meet excess demand by covering the net sales gap.
Over the period January to October 2021, the net sales gap was US$843.1 million, representing an 11.9% decline from the previous period. Further, 3 new special-purpose windows for foreign exchange have been established in recent years. One window has been made available at CBTT for State enterprises to ensure the uninterrupted supply of essential goods and services. In addition, 2 other special purpose forex windows have been established at the Exim Bank for the importation of essential goods and the other for the importation by export manufacturers of raw materials and equipment. (TE)
Extract from CARICOM BUSINESS Newsletter Vol 4 No 45
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