PORT OF SPAIN, Trinidad – The state-owned First Citizens Bank (FCB) has announced a reduction of foreign exchange limit on credit cards, becoming the latest financial institution to do so in Trinidad and Tobago.
“Please be advised that effective March 10, 2026, there will be an adjustment to the US$ limit on our Mastercard Standard credit card. Your maximum US$ spend on this card will be USD $2,000.00 per month,” the bank said in an email to customers.
It said also that the amended per cycle United States dollar spending limit will only apply to the international transactions of customers, both online and in-person. However, the local currency credit limits would not changed by this adjustment.
Since 2023, several banks have announced reductions in the credit card limits in response to the foreign exchange shortages being experienced in the country.
At the start of this month, JMMB Group Limited halved the monthly US-dollar spending limit to US$100 for its Classic Debit Card holders.
Last August, Republic Bank said the maximum US dollar spending limit per billing cycle on its credit cards would be reduced to US$2,500 or the United States dollar credit limit of the account, if less than US$2,500.
Two years ago, the Republic Bank slashed it’s limit from US$10,000 to US$5,000 in September 2023, while RBC reduced its limited twice in late 2024, from US$7,500 to US$2,058.
Scotiabank also announced personal credit card limits would be reduced to US$2,000 with Aero Mastercard Black capped at US$5,000 in December 2024. On February 10, 2025, CIBC reduced its monthly forex usage limits from US$1,000 a month to US$500 for personal account Visa debit cards.
Earlier this week, the International Monetary Fund (IMF) in its latest staff appraisal of Trinidad and Tobago, said that it recognises the authorities’ commitment to the current de facto stabilised exchange rate arrangement.
“However, maintaining it has required large, regular foreign exchange sales that are contributing to declining reserves, while foreign exchange shortages persist, impeding non-energy activity.”
The IMF said that supporting the existing exchange rate arrangement therefore requires a sizeable and front-loaded fiscal consolidation to facilitate external adjustment and put debt on a firmly downward path.
“This should be combined with moving the policy rate toward a more neutral stance and narrowing the negative US-TT interest rate differential, to help support the exchange rate regime and stem reserve losses.
“Closing the interest rate differential with the United States would help make local assets more attractive and encourage capital inflows—the Central Bank of Trinidad and Tobago (CBTT) has maintained its repo rate at 3.5 per cent since March 2020 despite the now- negative US-TT interest rate differential. Such an adjustment would support macroeconomic stabilisation, but could weigh on growth.”
The IMF said that “gradually moving toward a more efficient, market-clearing foreign exchange allocation system would improve the business environment and support private-sector investment and diversification”.
