credit cards

Finance Minister: US$3 billion spent on credit card purchases yearly

T&T's credit card holders utilise US$3 billion annually in foreign exchange.

The whopping figure was revealed yesterday by Finance Minister Colm Imbert in response to questions for oral answers in Parliament.

Responding to a question posed by Naparima Member of Parliament Rodney Charles as to whether an equitable system had been developed to ensure that small businesses are not significantly disadvantaged by foreign exchange shortages, Imbert said T&T liberalised its exchange rate regime in 1983, thereby removing control on foreign exchange transactions.