00:00The Association of Trinidad and Tobago says it is deeply concerned about the ongoing foreign
00:05exchange challenges facing the country.
00:07In a news release this morning, BATT says it is acutely aware of the ongoing situation.
00:12However, it says the banks remain committed to collaborating with the government to address
00:17the issues.
00:18The Association is also seeking to assure the public that its members operate in compliance
00:24with legal regulations, adhering to the central bank's policies and guidelines regarding
00:29reallocation and distribution of foreign exchange, which include a fixed-rate foreign
00:35exchange allocation provided by the bank, an obligation prescribed in regulation for
00:40banks to sell foreign exchange to the public at a specified spread, regular daily reporting
00:47to the CBTT of forex transactions with information provided as prescribed by the central bank.
00:54The Association further notes that commercial banks are also prohibited by regulation from
00:59purchasing foreign exchange above a specified rate.
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