The Central Bank of Trinidad and Tobago issued a statement on current foreign exchange matters amid an ongoing investigation into US dollar currency earmarked for export. It clarified that, under the Exchange Control Act, an authorized dealer that is a bank or non-bank licensed under the Financial Institutions Act, 2008, may legally export notes that are or have been legal tender in Trinidad and Tobago or another country. In the case of US cash exports, where an equivalent amount is wired back to Trinidad and Tobago and sold in the local market, the Bank said there is no net export of the currency. It added that this clarification does not address the matters under investigation and that it will avoid comments that could compromise those inquiries. On market conditions, the Bank said domestic foreign exchange demand continues to exceed supply, even as it has maintained stability in official reserves over the past year. That included USD 1.2 billion injected into the market to support authorized dealers' trading books, plus another USD 900 million provided to state enterprises and to the Exim Bank for small and medium manufacturers and essential imports. Foreign exchange reserves at the end of June 2026 remained at six months of import cover. The Bank also said further measures will be rolled out in the coming months, including updates to the Exchange Control Act, which is proposed to be renamed the Foreign Exchange Act. The changes are expected to clarify foreign currency dealings and related reporting requirements for authorized dealers, while strengthening supervisory oversight and requirements for cross-border cash shipments.
Central Bank of Trinidad & Tobago2026-07-04
Central Bank of Trinidad and Tobago clarifies authorized dealers may legally export US dollar cash and signals exchange control reforms
The Central Bank of Trinidad and Tobago said authorized dealers may legally export US dollar cash under the Exchange Control Act, and that where equivalent funds are wired back and sold locally there is no net export of currency. It stressed that this does not speak to the ongoing investigation into a shipment of US dollar notes. The Bank also signaled planned legislative changes to tighten reporting, supervision and rules for cross-border cash shipments.