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Central Bank injects another US$75m into system

Tuesday, August 5, 2014

The Central Bank said it sold US$75 million to the financial system yesterday as part of its “scheduled foreign exchange intervention programme.” “As with recent interventions, this sale was timed to support the foreign exchange market and to preempt any significant tightening in light of anticipated lower volumes of US currency conversions by energy sector companies in August 2014,” the bank said in a statement

So far this year, the Central Bank has sold US$940 million to authorized dealers, the equivalent of 25 per cent of the total supply to the foreign exchange market. The bank said it will continue to provide further support to the domestic foreign exchange market over the next few weeks. At the end of July, T&T’s net official reserves stood at US$10,180 million, representing in excess of 12 months of import cover. 

The bank said it will continue to monitor conditions in the domestic foreign exchange market and act proactively to ensure market order and stability.