Foreign exchange

TTMA pleased Minister is considering giving manufacturers higher priority for foreign exchange

The Trinidad and Tobago Manufacturers' Association says it is extremely pleased by the Minister of Finance's pronouncements yesterday at the post-Cabinet briefing that strong consideration will be given to afford manufacturers a higher priority as it relates to access to foreign exchange.

"Such news is welcomed as foreign exchange within the manufacturing community is critical to our operations and export growth mandate," the TTMA said in a statement.

Exchange rate depreciates further

The exchange rate between the T&T dollar and the US dollar has depreciated again.

It will now cost you TT$6.62 for US$1 from today. On Wednesday the exchange rate was TT$6.60.

Supermarkets are already warning that once the TT dollar continues to depreciate, food prices will climb.

The Supermarket Association has announced a 3 to 5 percent price increase across the board. This follows notices from their suppliers.

Western Union limits outgoing funds to US$200 due to foreign exchange shortage

Money transfer company, Western Union, says it is forced to limit the amount of money customers can now send abroad, due to current foreign exchange conditions.

A statement from the company says that "due to current market conditions, Western Union has changed its outbound remittance services in Trinidad and Tobago Dollars (TTD)".

Chamber condemns Central Bank Governor's "breach of confidentiality"

The Chamber of Industry and Commerce is criticising the Central Bank Governor, Jwala Rambarran's decision to disclose the names of companies that are using the bulk of foreign exchange in this country. The Governor also disclosed the amounts during an address on Friday.

The following is the Chamber's full statement: 

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