COMMERCIAL LAW MEMORANDUM ON EXCHANGE CONTROL
1. The Exchange Control Act Chap. 79:50 regulates all foreign currency transactions in Trinidad and Tobago and is designed to prevent the escape of currency and preserve the Country’s foreign exchange reserve. Prior to April 12, 1993 there existed under the Exchange Control Act and Regulations made thereunder a range of controls and restrictions in respect of dealings in gold, local and foreign currencies, securities and payments to non-residents designed strictly to control any leakage of foreign exchange. To be lawful any such dealings required the prior approval of the Central Bank of Trinidad and Tobago. 2. With the passage of...
Continue reading