Republic Bank Has Tightened Controls

Port of Spain, Trinidad: August 14, 2015: Republic Bank Limited wishes to clarify certain statements made recently in the local media regarding the suspension of the sale of foreign currency in its branches.

The Bank has not suspended foreign currency sales; rather, it has tightened controls in the sale process, referring all requests for foreign currency to the Bank’s foreign exchange department for approval.

Recently, the foreign exchange market has been experiencing a higher demand for US currency than the available supply, and with the Bank currently holding the largest market share, it has therefore been met with the biggest need to satisfy its customers’ requirements. This has resulted in a strain on the Bank’s resources and in order to ensure equitable distribution of the Bank’s available supply to its customers, tighter controls have been put in place.

Republic Bank maintains its focus on the satisfaction of its staff, customers and shareholders, and remains committed to serving its customers within the constraints of the Industry.

August 14, 2015
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