Power102FM

Decision by Bank to Suspend Purchase of Foreign Currency can Create a Level of Unease and Anxiety

DOMA President Gregory Aboud

DOMA President Gregory Aboud

One business group is of the view that the decision by a commercial bank on Thursday to suspend the purchase of any foreign currency on a walk -in basis can create a level of unease and anxiety.

Media reports say that persons will be referred to the Bank’s foreign exchange department and if there is availability the customer would be served.

Commenting on the situation Down Town Owners and Merchants Association President, Gregory Aboud, in a News Power Now interview this afternoon said the temporary suspension of the sale of foreign exchange by Republic Bank Ltd adds a new unfortunate dimension to the persistent shortages that have existed in the local market.

He said this unprecedented action will be taken very seriously locally and internationally.

CLICK TO LISTEN

Down Town Owners and Merchants Association President, Gregory Aboud

Meanwhile , the Trinidad and Tobago Central Bank explains that it has consistently supported the foreign exchange market with larger and more frequent sales of foreign exchange in 2015.

The Central Bank said it will continue to meet the shortfall in the market especially during the current increased demand and reduced supply.

It noted that from January 1 – August 13, 2015, the Central Bank said it has supported the foreign exchange market with approximately US$1.5 b.

COMMENTS

WORDPRESS: 0
DISQUS: 0
%d bloggers like this: