Central Bank on top of US currency flows

Trinidad and Tobago Manufacturers Association president Paul Quesnel told Sunday Newsday that some business people were still experiencing shortages of US currency. He said what appeared to be happening was that large projects, some of which may be Government-connected, were drawing large amounts of capital from commercial banks to source materials which are available overseas.

Quesnel however said there was no need for alarm since there was US currency available and expressed optimism that arrangements were being worked out between the Central Bank and commercial banks to regularise the situation. Enill said the Central Bank is "on top" of the situation, having met with commercial banks two weeks ago to address the matter. Stating that there was a lot of demand for currency at this time, the Minister said measures have been put in place to ensure that the Central Bank releases foreign currency to the commercial banks on a weekly basis. He agreed with Quesnel’s assessment that there was no foreign currency shortage in TT at this time.