Central Bank has sold a total of US$325 million to the banking system since its programme of strategic foreign exchange interventions for the final quarter of 2014 started five weeks ago.
In a statement issued yesterday, the bank said it started its series of US dollar sales on October 8 with a sale of US$50 million. Just eight days later, the second sale was conducted on October 16 for another US$50 million. Central Bank then injected US$100 million into the banking system just five days later on October 21. On October 30, US$50 million were sold and the latest intervention worth US$75 million occurred November 6.
This series of deliberately-timed US dollar injections demonstrate Central Bank's commitment to, as far as it possibly can, provide a reliable supply of foreign exchange to the business community and public. So far, Central Bank has sold US$1.5 billion to the financial system for 2014 and has provided 25 per cent of the total supply of foreign exchange to the market.
T&T's net official reserves currently stand at US$11.3 billion.