Bankers’ Association on forex crunch: We operate with Central Bank policies

THE Bankers’ Association of Trinidad and Tobago (BATT), in a news release on November 5, said its members manage their foreign exchange (forex) allocations in compliance with policies from the Central Bank of Trinidad and Tobago (CBTT).

The Central Bank regulates the country’s banks and financial institutions.

“BATT members operate in compliance with legal regulations, adhering to the CBTT's policies and guidelines regarding the allocation and distribution of foreign exchange,” the release said.

It said banks get a fixed foreign exchange allocation from CBTT and are obligated to sell foreign exchange at a specified spread.

It said commercial banks are also prohibited by CBTT from purchasing foreign exchange above a specified rate. Banks report daily to the CBTT on forex transactions with information provided as prescribed by CBTT.

“(BATT) is acutely aware and is also deeply concerned about the ongoing 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.” the release said.