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Saturday, July 5, 2025

Secrecy over new foreign exchange allocation system

by

20140525

A new for­eign ex­change al­lo­ca­tion sys­tem in­tro­duced by the Cen­tral Bank of T&T (CBTT) last month has changed the amount of for­eign ex­change each bank–and by ex­ten­sion its spe­cif­ic clien­tele–has ac­cess to.While the CBTT has con­firmed the new sys­tem, it has re­fused to di­vulge any fur­ther in­for­ma­tion on what trig­gered the changeover or how the new sys­tem is ex­pect­ed to im­prove ac­cess to for­eign ex­change.

This se­cre­cy sur­round­ing the new sys­tem comes even as Fi­nance Min­is­ter Lar­ry Howai has de­scribed it as be­ing less ef­fec­tive than orig­i­nal­ly an­tic­i­pat­ed, and on Fri­day an­nounced an im­me­di­ate in­jec­tion of a fur­ther US$200 mil­lion (TT$1.2 bil­lion) to buoy the fail­ing sys­tem.In an e-mail ex­change with the Sun­day Guardian on Fri­day night, Howai di­rect­ed all queries to CBTT gov­er­nor Jwala Ram­bar­ran.

"You should get the de­tails of the new sys­tem di­rect­ly from the CBTT who for­mu­lat­ed the sys­tem and who man­age the sys­tem on a dai­ly ba­sis.The CBTT al­so re­lates di­rect­ly with the banks, so the gov­er­nor would be the one who can best dis­cuss this mat­ter," Howai said.


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