Governor of the Central Bank, Dr. Alvin Hilaire, is warning that caution must be demonstrated in how the country’s foreign reserve is used.
Dr. Hilaire says at present the reserves stands at US seven point nine billion dollars.
However, in spite of the development, Dr. Hilaire says there is no need for panic.
He adds that a collaborative approach is required to turn the situation around.
The Central Bank Governor pointed out the importance of sectors other than the energy industry, stepping up their performance.
Dr. Hilaire’s comments were made at the launch of the 2017 Financial Stability Report on Thursday.