T&T Central Bank Sells US$60 Million To Banking System

PORT OF SPAIN, Trinidad, CMC – The Central Bank of Trinidad and Tobago has sold US$60 million in keeping with its program to support the domestic foreign exchange market.

According to the Central Bank, demand for foreign exchange from the business community and public totaled US$625 million in March, while supply of foreign exchange, mainly from energy sector companies amounted to US$595 million.

This resulted in an overall gap of US$30 million.

The sale of the US$60 million served to offset the gap and provided just over US$30 million in excess supply to be used early this month.

According to a statement from the Central Bank, the conversions by the energy sector contributed nearly 75 percent or US$445 million to total foreign exchange inflows last month.

Demand was mainly driven by retail and distribution, credit cards and manufacturing.

Trinidad and Tobago’s net official reserves currently stand at US$10.9 million, representing just over one year’s worth of import cover.