PORT OF SPAIN, Trinidad, Monday October 30, 2017 – At the height of a foreign currency crunch in Trinidad and Tobago, two financial institutions have announced new limits on foreign exchange to the public.
The T&T Unit Trust Corporation (UTC) has implemented disbursement limits on its TT-dollar Income Fund Visa Electron card.
In a statement, the UTC said there was “limited access” to foreign exchange in the external environment it operates in and, therefore, “the UTC has taken a decision to introduce daily and monthly limits on the international usage of the TT-dollar Income fund Visa Electron card.”
UTC said daily and monthly limits on the international usage of the TT-dollar Income Fund Visa Electron Card include for “daily international ATM transactions-TT$1,000 (approximately US$147 which fluctuates based on daily rate.) Daily international Point of Sale transactions-TT$5,000 (approximately US$735 which fluctuates based on daily rate. Monthly limit of TT$20,000 (approximately US$2,940 which fluctuates based on daily rate).”
JMMB Bank has also followed suit, citing what it called a “precipitous” decline in the availability of US dollars in T&T.
Not only did JMMB cap transactions concerning purchases or withdrawals outside of T&T with not only US currency, but all currency types.
The bank told customers that “the drastic reduction in the supply of foreign exchange has impacted, and will continue to impact our ability to facilitate your online purchases from international vendors, overseas withdrawals at ATMs, and international Point of Sale (POS) purchases.
“As a result, a foreign currency limit equivalent to TT$3,500 per month will be effective from October 29, 2017 for all foreign currency online transactions including wire transfers and international point of sale purchases.”
It added that customers would not be able to access foreign currency cash via ATMs but their TT-dollar limits would not be impacted.