Use of Credit Cards
The Honourable Colm Imbert, Minister of Finance, wishes to clarify an issue with respect to the use of credit cards issued by banks in Trinidad and Tobago.
In Parliament yesterday (26-Jan-18), it was stated that foreign credit card purchases amount to US$3 billion annually.
However, that is in fact a 3-year figure. The actual amount of foreign exchange used to make purchases using credit cards issued in Trinidad and Tobago in 2017 was US$1.2 billion, out of a total of US$5.2 billion in foreign exchange in the banking system in 2017.
In other words, in 2017, credit card purchases used up 23% of the foreign exchange available in the entire local banking system.
The Hon. Colm Imbert