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Bank executive: US $ enough to meet demands

Published: 
Wednesday, June 4, 2014
Trade Minister Vasant Bharath, centre, shakes hands with CIBC First Caribbean International Bank CEO, Rik Parkhill, right, as Duane Hinkson, managing director of the bank’s T&T branch looks on. They were at CIBC First Caribbean International Bank’s Infrastructure Conference at the Hyatt Regency in Port-of-Spain, yesterday. PHOTO: MARYANN AUGUSTE

Managing director of FirstCaribbean International Bank in T&T Duane Hinkson said while there has been a lot of “talk and noise” about problems with the supply of US currency, data shows that between commercial banks and the Central Bank there should be enough for trade and non-trade needs Hinkson spoke with reporters yesterday during the coffee break at the bank’s Infrastructure Conference at the Hyatt Regency in Port-of-Spain. 

 

 

He said the “kinks” associated with the new foreign exchange arrangement the Central Bank put in place probably contributed to the problems being experienced. “I think from the recent statements by the Central bank and the Banking Association of T&T, we are working a lot collaboratively to ensure that customers’ needs are met. We anticipate going forward that they will see less and less noise out there in the market with respect to foreign exchange supply,” he said.

 

Meanwhile, the T&T Chamber of Industry and Commerce, which is hosting a breakfast meeting on the foreign exchange situation on Friday, said the Central Bank’s injections of US dollars into the system has eased the low supply of currency on the market. 

 

 

“We certainly believe that these injections have resulted in some reduction in the current queue for $US demand; however, we have continued to hear from our members and the wider business community on how the continued shortage of foreign exchange has affected business operations in T&T,” the Chamber said in a statement.

 

“With a new foreign exchange allocation system introduced by the Central Bank in April, the Chamber would like our business community to be better informed as to what this new system entails, and how the Central Bank expects this system to better meet the demand for US currency. Further, what role does the banking sector play on the distribution of US dollars?” “The T&T Chamber wants to continue to encourage discussions and dialogue to find solutions to the Foreign Exchange issue,” said Chamber CEO, Catherine Kumar. 

 

“We want to ensure that any system put in place will alleviate what is a growing challenge for our private sector, and, by extension, the wider community.”