News Column

United States : CENTRAL BANK to pump US $200 million into system

May 24, 2014

On 22 May 2014, Finance Minister Larry Howai said that the Central Bank agreed to inject US $200 million into the market.

He said this was to address the short-term need in the foreign currency market and to relieve any concerns of the public. 

Fe said, In addition, the Central Bank has agreed to introduce certain changes to the allocation system, which, I am advised, have been received by the banks.

The new system of foreign exchange distribution has not worked as originally expected. As a consequence the Central Bank decided to revisit the system. 

Howai said, In addition over the past few days and in response to the difficulties being experienced by the public in acquiring foreign exchange, the Minister of Finance and the Economy has met with stakeholders to determine the nature and extent of the current problems and has encouraged discussion to address the short term difficulties being experienced in the market place as well as to determine measures which may be effected to improve the efficiency of the system.

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Source: TendersInfo (India)

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