The Bankers Association of Trinidad & Tobago (BATT) is acutely aware and is also deeply concerned about the ongoing foreign exchange (forex) challenges facing the country. BATT members remain committed to collaborating with the government to address these pressing issues that are affecting both the business community and the wider public.
BATT members operate in compliance with legal regulations, adhering to the Central Bank of Trinidad & Tobago (CBTT) policies, and guidelines regarding the allocation and distribution of foreign exchange. The foreign exchange management process observed by all banks includes:
- A fixed-rate foreign exchange allocation provided by the CBTT.
- An obligation prescribed in regulation for banks to sell foreign exchange to the public at a specified spread.
- Commercial banks are also prohibited by regulation set by CBTT from purchasing foreign exchange above a specified rate
- Regular daily reporting to the CBTT of FX transactions with information provided as prescribed by CBTT as regulator.
Recognizing the structural factors that are contributing to the forex challenges, BATT remains eager to continue discussions with the government and CBTT with a view to developing an approach that serves the interests of all stakeholders to the greatest extent possible.