Imbert: US$1,816 billion to buffer exchange rate

FINANCE Minister Colm Imbert yesterday disclosed that the total amount of US dollars used to pay credit card debts last year was US$1,204.5 billion. Imbert made this disclosure in response to a question in the House of Representatives. He also disclosed that the total quantum of US dollars used to buffer the TT to US exchange rate in 2017 was US$1,816 billion. The respective monthly averages were US$100.4 million and US$151.3 million.

The sale of foreign exchange on a monthly basis to credit card centres in 2017 was US$108.5 million (January), US$70.5 million (February), US$94.1million (March), US$68.3 million (April), US$100.5 million (May), US$90.4 million (June), US$101.6 million (July), US$98 million (August), US$120.4 million (September), US$107.4 million (October) , US$148 million (November) and US$96.8 million.

The US dollars used to buffer the TT-US exchange rate on a monthly basis last year were US$175 million (January), US$175 million (February) US$175 million (March), US$150 million (April),

US$135 million (May), US$140 million (June),US$175 million (July), US$150 million (August), US$156 million (September), US$125 million (October), US$155 million (November) and US$105 million (December).