Trinidad and Tobago’s Ministry of Finance issued a statement from Finance Minister Davendranath Tancoo responding to opposition comments on commercial banks cutting US dollar credit card spending limits, linking the reductions to a longer-running foreign exchange shortfall and the need to manage limited foreign currency holdings. The release pointed to Republic Bank’s move to impose lower USD credit card limits and noted that its per-cycle limit was USD 15,000 in 2015 and had fallen to USD 5,000 by the end of Colm Imbert’s term as finance minister. It also cited reductions over 2020–2023 of 67% at Republic Bank and 73% at RBC Royal Bank. Tancoo said the country has been using more foreign exchange than it generates and described a policy mix of increasing foreign exchange generation, managing existing holdings and pursuing import substitution, alongside engagement with stakeholders to support efficient use of the available foreign exchange stock.
Ministry of Finance (Trinidad & Tobago) 2025-08-18
Trinidad and Tobago Ministry of Finance rebuts criticism over banks’ reduced USD credit card spending limits
Trinidad and Tobago’s Finance Minister Davendranath Tancoo addressed opposition remarks on reduced US dollar credit card limits, citing a foreign exchange shortfall. Republic Bank cut limits from USD 15,000 in 2015 to USD 5,000, with further reductions of 67% at Republic Bank and 73% at RBC Royal Bank from 2020 to 2023. Tancoo proposed increasing foreign exchange generation, managing holdings, and pursuing import substitution, while engaging stakeholders for efficient use.