RBC has no plans to change its policies as it pertains to providing foreign exchange (forex) to its clients. In a statement on Tuesday, RBC managing director Gretchen Camacho-Mohammed said, "Right now in TT, the demand for forex, particularly for US dollars, outstrips the available supply." She added this has been a trend for several years now.
Camacho-Mohammed also said, "While we continually monitor the forex situation, we do not have plans at this time to make any changes to our existing policies and procedures for clients." In a separate statement, Scotiabank said it is doing what it can to provide foreign exchange (forex) to its customers.
Scotiabank said it "continues to fully support the economy by providing forex to our corporate, small business and retail clients across all sectors of the economy." The bank said, "There has been less available foreign currency for some time. The Central Bank continues to provide stability to the local forex market via the periodic injections of forex into the market."
Scotiabank said these injections are used by forex dealers to sell to clients for forex demand for trade purposes. As a relationship bank, Scotiabank said, it focuses on the distribution of forex for meeting trade-related demand as well as retail demand for medical, travel and educational purposes.
Neither statement made reference to questions raised by UNC MP David Lee about whether TT was experiencing a forex crisis. Lee based his statement on Republic Bank's decision last month to reduce the maximum US-dollar spending limit on credit cards from US$15,000 to US$12,000.