On Thursday, the Central Bank sold US$50 million to the banking system. This sale is the second in a series of Central Bank's foreign exchange interventions strategically timed and directed to ensure a reliable supply of foreign exchange to meet demands of the business community as commercial activity for the approaching Christmas season pick up. The first sale of $US50 million occurred just eight days ago on October 8.
With this intervention, the total amount of US funds sold by Central Bank to the financial system for the year so far amounts to US$1,290 million. For the year to date, the Bank provided 23 per cent of the total foreign exchange supply to the market.
T&T's net official reserves currently stand at US$10,125 million, representing approximately one year's import cover.