The Central Bank of Trinidad and Tobago has expressed concern about what its says is an increasing number of advertisements on social media platforms purporting to offer foreign exchange to the public.
It is an offence under Section 6(1) of Exchange Control Act, Chap 79.50, for persons to buy, sell, borrow and lend foreign exchange without the required authorisation of the Central Bank, the Bank noted in a release yesterday.
“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.
“As such, the public is strongly urged to conduct transactions for the buying, selling, borrowing or lending of foreign currency through authorised dealers,” it advised.
The Central Bank said the following institutions are licensed as authorised foreign exchange dealers in Trinidad and Tobago, as at August 31, 2025:
—ANSA Bank Ltd—Citibank (Trinidad & Tobago) Ltd—First Citizens Bank Ltd—CIBC Caribbean Bank (Trinidad & Tobago) Ltd—JMMB Bank (T&T) Ltd—RBC Royal Bank (Trinidad & Tobago) Ltd—Republic Bank Ltd—Scotiabank Trinidad & Tobago Ltd—ANSA Merchant Bank Ltd—Development Finance Ltd—Massy Finance GFC Ltd.—NCB Merchant Bank (Trinidad and Tobago) Ltd13 Export-Import Bank of Trinidad and Tobago (EXIMBANK)Additionally, the Bank said the following bureaux de change operators are authorised toa) buy and sell currency notes and coins as well as purchase traveller’s cheques; and/orb) conduct foreign exchange conversions which are incidental to primary remittance business:—Global Exchange Trinidad and Tobago Ltd—GraceKennedy (Trinidad & Tobago) Ltd—Massy Remittance Services (Trinidad) Ltd—Millennium Finance and Leasing Company Ltd |
“The Central Bank shall continue to monitor activities concerning foreign exchange and advise the public accordingly,” it added.
