By Gregory Mc Burnie
Copyright newsday
THE Central Bank of Trinidad and Tobago (CBTT) is warning the public of the risks they face if they buy foreign exchange (forex) from unauthorised sellers.
CBTT posted a notice on its Facebook page and placed advertisements in the daily newspapers saying it, “has observed with concern an increasing number of advertisements on social media platforms purporting to offer foreign exchange to the public.”
The bank added buying, selling, borrowing and lending foreign exchange without the required authorisation of the CBTT is an offence under the Exchange Control Act.
CBTT warned, “Members of the public who conduct business with unauthorised persons do so at their own risk including the risk of non-recovery in the event of financial loss, fraud and disputes.”
It urged the public to only conduct forex transactions with authorised dealers such as recognised banks including ANSA Bank Ltd, ANSA Merchant Bank Ltd, Citibank (TT) Ltd, First Citizens Bank Ltd, CIBC Caribbean Bank (TT) Ltd, JMMB Bank (TT) Ltd, RBC Royal Bank (TT) Ltd, Republic Bank Ltd, Scotiabank TT Ltd, Development Finance Ltd, Massy Finance GFC Ltd, NCB Merchant Bank (TT) Ltd and Export-Import Bank of TT (Eximbank).
