The Governor of the Eastern Caribbean Central Bank, ECCB, Timothy Antoine has written to Minister of Finance, Camillo Gonsalves, in relation to the challenges which small Traders from St. Vincent and the Grenadines face in conducting business in Trinidad and Tobago.
Mr. Antoine said the ECCB has arrived at a two-pronged solution with the Central Bank of Trinidad and Tobago CBTT, which involves the settlement of Trinidad and Tobago currency notes, as well as draft/managers cheques, denominated in Trinidad and Tobago dollars.
The letter said the ECCB and the CBTT have agreed to pilot the solution with the Bank of St. Vincent and the Grenadines.
It said, an agreement outlining the terms of the arrangement has been concluded with the Bank of St. Vincent and the Grenadines.
The pilot will be for an initial period of six months, following which a review will be conducted, and changes made, if required. The agreement took effect from November 1st.
The agreement includes, among other things, an arrangements for the ECCB to purchase from the Bank of St. Vincent and the Grenadines, the Trinidad and Tobago notes accepted from certified traders on a weekly basis.