Central Bank's foreign exchange (forex) sales to banks increased 30 per cent in the last year, Finance Minister Winston Dookeran said yesterday. He was responding to an Opposition question in the Senate. He said the Central Bank's forex sales figure to banks rose from US$395 million between January to April 2010 to US$515 million over January to April 2011. Dookeran said in 2011, about 72 per cent of foreign exchange sold by commercial banks came from the public and 20 per cent from Central Bank.
He said there were periods when the foreign exchange market could experience demand pressures and that was aggravated when there were very large transactions in the market. In the last year, he said, forex demanded increased by nine per cent with Central Bank supplying 20 per cent of that and the remaining amount from the public. On another Opposition question, Food Production Minister Vasant Bharath said all efforts were made to keep agricultural lands from being used for housing or other purposes.
Bharath, however, noted that current use of agri-lands for residential purposes had been taking place in the East- West Corridor in areas where private lands were close to State lands, or where it became impossible to continue agriculture in close proximity to areas where people lived and work. He said agricultural land was sometimes also occupied by residential squatters. In such situations, he said, his ministry and the Planning Ministry work out the surrender of occupied areas for change of designation. He said State lands were managed by the Commissioner of Lands on behalf of the President. Bharath said 1,432 leases have been issued to former Caroni employees.