Amidst reports and claims of an “inequitable distribution” of foreign exchange and an increase in the black market procedures for the same, the Centra
Amidst reports and claims of an “inequitable distribution” of foreign exchange and an increase in the black market procedures for the same, the Central Bank of Trinidad and Tobago (CBTT) has listed its authorised distributors.
In a public notice dated November 14, the CBTT noted that in accordance with the Exchange Control Act (Chapter 79.50, Section 6[1]), transactions involving the buying, selling, borrowing or lending of foreign currency should only be conducted through authorised dealers.
The CBTT said as of September 30, 2024, the following institutions are licensed as authorised foreign exchange dealers in Trinidad and Tobago:
- ANSA Bank Limited
- Citibank (Trinidad & Tobago) Limited
- First Citizens Bank Limited
- CIBC Caribbean Bank (Trinidad & Tobago) Limited
- JMMB Bank (T&T) Limited
- RBC Royal Bank (Trinidad & Tobago) Limited
- Republic Bank Limited
- Scotiabank Trinidad & Tobago Limited
- ANSA Merchant Bank Limited
- Development Finance Limited
- Massy Finance GFC Limited
- NCB Merchant Bank (Trinidad and Tobago) Limited
- Export-Import Bank of Trinidad and Tobago (EXIMBANK).
CBTT said additionally, the following Bureaux de Change operators are authorised to–buy and sell foreign currency notes and coins as well as purchase travellers’ cheques; and, or, conduct foreign exchange conversions which are incidental to primary remittance business:
- Global Exchange Trinidad and Tobago Limited
- GraceKennedy (Trinidad & Tobago) Limited
- Massy Remittance Services (Trinidad) Limited
- Millennium Finance and Leasing Company Limited.
The CBTT further noted that EXIMBANK holds a limited-scope authorised dealer license to conduct specific foreign exchange transactions.
Furthermore, CBTT said Bureaux de Change are required to display its license, which contains the authorised activities.
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