Getting Foreign Exchange

Useful tips for dealing with the current shortage of foreign currency affecting Trinidad and Tobago.

Dealing with the ongoing foreign currency shortage in Trinidad and Tobago requires maximizing existing credit card limits, exploring USD-denominated investments (mutual funds/bonds), supporting local import substitution, and, for businesses, diversifying revenue streams to include foreign exchange earnings.

Tips for Individuals

• Maximize Credit Cards: Utilize the full USD limit on credit cards monthly, as unused limits do not roll over.
• Alternative Digital Wallets: Convert TT currency to USD and transfer to platforms like Wise to hold or make payments.
• Invest in USD Assets: Place excess TT cash into USD-denominated mutual funds or bonds through local financial institutions, offering better returns than traditional savings.
• Prioritize Local: Support local manufacturers and producers to reduce demand for imported goods.
• Plan Ahead: Anticipate longer wait times for bank-approved foreign exchange and plan large purchases in advance.

Tips for Businesses

• Earn Foreign Exchange: Explore opportunities to export goods or services to generate your own USD, such as leveraging online platforms for international, services.
• Import Substitution: Shift supply chains to local sources to reduce dependency on foreign currency.
• Optimize Cash Flow: Manage inventory efficiently, as suppliers may demand faster payments due to their own forex constraints.
• Monitor Policy: Keep updated on, Central Bank policies and, exim bank facilities, for essential imports.

Strategic Approaches

• Diversification: Explore, diversification, of investments and business operations to mitigate risk.
• Financial Planning: Engage with financial advisors for, currency hedging or, investment strategies.