T&T Gov't says no plans to devalue the dollar

The Trinidad and Tobago Government says there are no plans to devalue the local currency.



The main opposition People’s National Movement has criticised the decision of the Central Bank to expand the pool of authorised dealers for US currency from the six commercial banks to 12 entities.



The party said the move will push up demand resulting in a black market and the eventual devaluation of the Trinidadian dollar.



However, Finance Minister, Larry Howai, told reporters yesterday that there are more than sufficient foreign reserves to handle the needs of the country.



According to him, foreign exchange reserves were estimated at TT$10.3 billion, which would cover more than 12 months of import.



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