Skip to playerSkip to main content
CCNTV6
Is Trinidad and Tobago facing a foreign exchange crunch? Central Bank Governor Larry Hawaii addresses concerns about the nation's high demand for US dollars, revealing strategies to manage forex distribution.

The annual demand for foreign exchange in Trinidad and Tobago is over $6 billion USD, surpassing the combined demand of other Caribbean islands. Discover the Central Bank's role in providing USD and potential seasonal adjustments to address peak demands during holidays like Christmas and Carnival.

With forex a top priority for the Central Bank, how will the government's upcoming budget tackle this critical economic issue? Stay informed on the latest developments impacting Trinidad and Tobago's financial landscape.

#TrinidadAndTobago #Forex #Economy #CentralBank
Transcript
00:00To sustain our economy, the demand for foreign exchange is well over 6,000 million U.S. dollars a year.
00:09Central Bank Governor Larry Hawaii speaking with the media on Thursday
00:13as he responded to a question from the Express newspaper about whether there is a local foreign exchange crisis.
00:20It's just short of 6 billion, which is 6,000 million U.S. is sold in Trinidad and Tobago.
00:28That is more than all the rest of the islands, including Jamaica combined.
00:33About 4.5 billion, which the commercial banks buy.
00:38Governor Hawaii said the Central Bank provides 1.2 billion U.S. dollars.
00:44It's getting to the point where you, the public, have more foreign exchange than us, the Central Bank.
00:51Mr. Hawaii was appointed as the Central Bank Governor on June 24th
00:55and has identified the Forex issue as a priority.
00:59Credit cards were using 765 million a year of all foreign exchange reserves back in 2015.
01:09It is now 2,317 million.
01:14Now, 2,000 million is plenty of money, right?
01:18And as U.S. dollars, right, that we are spending abroad as citizens on an ongoing basis.
01:26TV6 News posed a question about the closing quarter of 2025.
01:31How does the Central Bank deal with the policy for the distribution of Forex at a time like that
01:39when you have the importation of goods for the key shopping seasons,
01:44but also persons who may be flying out for vacation or business at the end of the year?
01:48Yeah, well, in fact, even before that, because, of course, businesses bring in stock
01:55around October, November, orders go out.
02:01And the other, probably like Diwali, happens around that kind of time frame.
02:06So you also have a big festival, I suppose, at that time together with Christmas following right after.
02:16Governor Hawaii spoke of one suggested remedy.
02:20Saying, okay, closer to Christmas, you have it higher.
02:24In January, lower.
02:26February, maybe, could be lower.
02:28Carnival, people come in with money rather than go out with money, I presume, right?
02:34You know, and as we go along, you know, different things, we adjust seasonally for that.
02:41We haven't gone very far with that.
02:44It's something that I've sort of put out for us to consider.
02:47The foreign exchange issue is expected to be addressed by the government in its upcoming budget.
02:53Jewel Brown, TV6 News.
Be the first to comment
Add your comment