Thu, 28 May 2020 18:08:51 +0000
UTC to shutter Bureaux de Change
The Unit Trust Corporation (UTC) will stop buying and selling foreign currencies by August, as the service is "not aligned with (the company's) core business," executive director Nigel Edwards said on Thursday. UTC's nine bureaux de change, which are located at its investment centres throughout the country, will be closed by August 1.
Edwards told viewers during the UTC's first virtual annual general meeting that since the organisation is not one of the registered licensed foreign exchange dealers under the Central Bank, it does not receive a mandatory allocation. All of its foreign exchange is earned either through trades at the bureaux or else bought from dealers. "The reality of the foreign exchange market for us is that there is very little supply and therefore little availability (for us)," he explained. The bureaux de change operations account for less than one per cent of the corporation's overall business, he added. The focus now will be on wealth creation for the corporation's 617,000 clients. The aim, Edwards said, will be to achieve the best results it can in 2020, despite the challenges in the local and international markets, brought on particularly by the covid19 pandemic. The AGM also marked the debut of new UTC chairman Gerry Brooks who said in his maiden speech th