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Central Bank Announces The Sale of More USD

by | Mar 2, 2015

More foreign currency has been added to the local economy by the Central Bank.

More foreign currency has been added to the local economy by the Central Bank.

THE Central Bank of Trinidad and Tobago has announced the sale of a quarter billion US dollars, to offset the shortfall in February which amounted to US$154 million.

In a statement issued by the central bank, it was noted that Demand for foreign exchange from the business community and public totalled US$592 million in February 2015, while supply of foreign exchange, mainly from energy sector companies, amounted to US$438 million which resulted in an overall gap of US$154 million.

The central bank says that in keeping with its strategic foreign exchange management programme, US$250 million dollars was sold to the banking system, offsetting the gap and providing just over US$95 million in excess supply to be used in early March 2015.

Central bank said reserves currently stand at US$10.7 billion, representing one year worth of import cover.

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