Saint Vincent and the Grenadines Calls Foul on Trinidad and Tobago Currency Issue

Prime Minister of Saint Vincent and the Grenadines, Dr. Ralph Gonsalves has expressed his concern over the issue in which Vincentian traders in agricultural produce are unable to convert their earnings to EC Dollars (XCD) from TT Dollars (TTD).

The agricultural producers are hesitant to sell their produce to Trinidadian buyers as these buyers are finding it difficult to pay their Vincentian suppliers due to difficulties in exchanging TTD to XCD.

In response, St. Vincent has set up a facility at Bank of St Vincent and the Grenadines which facilitates conversion from TTD to XCD.

Gonsalves said that the Eastern Caribbean Central Bank and the Central Bank of Trinidad and Tobago has been discussing the issue but progress has been slow. He hopes to raise the issue at upcoming intersessional meeting of Caribbean Community (CARICOM) leaders in Haiti in Frebruary.

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The Caribbean Association of Banks, Inc. is the representative body and recognized voice for banks and other financial institutions in the Caribbean. We seek to influence policies and legislation which impact the sector by advocating on our members’ behalf and participating in the global network of similar institutions.

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