The Trinidad and Tobago government says there are no plans to devalue the local currency as the main opposition People’s National Movement (PNM) called for an end to the new system of foreign currency allocation that it claims could lead to the creation of a black market that would eventually lead to a devaluation of the local currency.
Finance Minister Larry Howai told reporters that there was more than sufficient foreign reserves to deal with the needs of the country and that the foreign exchange reserves had continued to increase and was estimated at TT$10.3 billion (One TT dollar = US$0.16 cents), which was more than 12 months of import cover.
He said the issue was the new system put in place by the Central Bank.
Source-Carib360
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