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Financial News

Aug 2014 Financial News

Central Bank releases US$50m into market

Aug 20, 2014

The Central Bank yesterday sold US$50 million to the banking system.  This sale was timed to provide further support to the foreign exchange market based on anticipated lower volumes of conversions by energy sector companies during the second half of August 2014, the bank said in a statement. The bank said the total amount of United States funds it has sold to authorised dealers for the year so far is US$1,040 million.

For the first six months of 2014, the Central Bank sold $US690 million to the financial system, or equivalent to one-fifth of the total supply of foreign exchange to the market. For the year to date, the bank said it has provided almost one-quarter of the total foreign exchange supply to the market. T&T’s net official reserves currently stand at US$10,134 million, representing in excess of 12 months of import cover.  

The Central Bank said it continues to closely monitor the domestic foreign exchange market and will act proactively to ensure market order and stability.

 

Source:
Trinidad Guardian
Wednesday August 20, 2014

http://www.guardian.co.tt/business/2014-08-20/central-bank-releases-us50m-market