Central Bank, BATT discuss forex, KYC potocols

THE economy, financial system, liquidity, foreign exchange and the evolving requirements for Know Your Customer (KYC) protocols for bank customers were among the topics discussed during a meeting between newly-minted Central Bank Governor Larry Howai and the Bankers Association of TT (BATT).

A release from the Central Bank said it hosted a meeting with BATT representatives on July 28.

"The meeting is part of a series of key stakeholder meetings following Howai’s appointment," the release said.

During the meeting, Howai said finding a solution to the ongoing problems in the foreign exchange market should be a priority.

He said a long-term solutions could only occur when mechanisms are found to bring demand and supply into equilibrium, "but that is still some way off."

Howai promised to consider the recommendations the banks gave for easing some of the customers’ problems.

The banks asked about the way forward with plans for the Unified Payments Interface, a real-time payment system that allows users to transfer money between bank accounts using a single mobile app.

Howai called for collaboration between banks and the Central Bank to explore solutions for the public.

He expressed confidence that through engagement and sharing of ideas they can find meaningful solutions in several areas.