00:00The Central Bank of Trinidad and Tobago says it has maintained stability in the official foreign exchange reserve position over
00:07the past year, notwithstanding injections into the market in the sum of U.S. $1.2 billion to support the
00:15trading book of the authorized dealers.
00:17Additional support has also been given to state enterprises and to the Ex-Im Bank for small and medium manufacturers
00:23and for essential imports which collectively amount to another U.S. $900 million, according to the Central Bank, which further
00:31said foreign exchange reserves at the end of June 2026 remained at six months of import cover.
00:38The Central Bank said it recognizes that there are many areas of the management of the system that need to
00:44be strengthened and a number of initiatives will be rolled out in the coming months, including updating the Exchange Control
00:50Act.
00:51The Central Bank said this will enhance the supervisory oversight of the foreign exchange system and strengthen the requirements for
00:58cross-border cash shipments.
01:00As for an ongoing investigation into a quantity of U.S. dollar currency that was earmarked to be shipped out
01:07of the country, the Central Bank emphasized that it needs to exercise care in making any statement at this stage.
01:14The Express has reported that NCB Merchant Bank, Trinidad and Tobago Limited, has confirmed that the U.S. $2 million
01:21seized by customs and excise officials at the Piaco International Airport belonged to that bank.
01:27The Express also reported that NCB Merchant Bank added that the cash was being transported in the ordinary course of
01:34business and that the shipment complied with all applicable laws, regulations and industry protocols and that the funds remain in
01:41the custody of the Central Bank awaiting clearance for shipment.
01:44The Central Bank, which did not name the financial institution, said it recognizes that the public has questions which arose
01:52in the context of domestic demand for foreign exchange outstripping the supply and where legitimate requests for foreign exchange are
02:01not always met.
02:02The Central Bank explained an authorized dealer is permitted to export any notes of a class which are or have
02:10at any time been legal tender in Trinidad and Tobago or in any other country.
02:14With respect to exports of U.S. cash, the Central Bank said where a compensating credit in an equivalent amount
02:21is wired back to Trinidad and Tobago and the funds sold in the local market, there is no net export
02:27of the currency.
02:28The bank stressed that its clarification should not be interpreted as commenting on the investigation itself and said it will
02:37continue to cooperate with the relevant authorities while avoiding any statement that could compromise the process.
02:44Julie Brown, TV6 News.
02:46Julie Brown, TV6 News.
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