Republic Bank will lower its US dollar spending limit per billing cycle on all its credit cards to US$10,000 from US$12,000, effective March 23.
In a release on Monday, the bank said the change was necessary to manage its forex portfolio. The measures will remain “until further notice.”
The change will include all foreign transactions (conducted outside Trinidad and Tobago), including international online transactions where the chosen billing currency is TT dollars, which will also count as part of the US$10,000 limit within a billing cycle.
Local TT-dollar transactions, either online or at merchants, will remain unaffected.
“The bank acknowledges the impact this decision may have on the day-to-day operations of its clients and apologises for the inconvenience caused,” Republic said.
Republic is the biggest commercial bank in TT.
According to the Central Bank, the country’s net foreign reserves were US$6.86 billion at the end of January.