Sourcing of US currency continues to be a challenge but it is not yet at crisis stage, says First Citizens deputy CEO Jason Julien.
He said the business community continues to feel the pinch of the short supply and with the country’s economy heavily dependent on energy revenues, “if the oil price is down and the energy flows are down, it means that the source of supply for forex, which comes from that sector, will be down.”
Julien, who spoke to the T&T Guardian on the sidelines of an M4 conference hosted by Microsoft at Hyatt Regency in Port-of-Spain, said he does not expect the bank to be affected by the expected slow growth of the economy.
“We manage our affairs in such a way that we plan for all the challenges that we predict. We can weather the storm,” he said.
He also said that demand for loans has not been significantly affected by an increase in the bank’s prime lending rate to between 8.5 and 8.75 per cent. In fact, he said the demand is expected to increase with the approaching Christmas season.
“The demand for vehicles is there. The demand for mortgages is there. People need to take one step back and begin to prepare for what this uncertainty may mean,” Julien said.
“In some cases it might mean saving more. In other cases it might mean planning your financial affairs more circumspectly. Now is a good time for everyone to have a clear understanding of their current situation and what their needs are for the future.”