Conditions in T&T’s capital markets continue to be shaped by the central bank’s tightening of monetary policy. In line with the expectations of the financial sector, the central bank moved ahead with a fifth consecutive increase in its repo rate of 25 basis points to 4% in late May 2015. The increases have begun to have an impact on domestic money market rates, or commercial banks’ prime...
The commercial banking sector is one of the many sources of stability in T&T’s economy. With eight long established banks, backed by major international groups or the government, T&T’s banking system is well capitalised, well regulated and conservative in its lending practices. According to the Central Bank of T&T, at the end of October 2014 the eight banks had total assets within...
With commercial production of crude oil dating back to 1908, T&T’s long history in the energy industry has helped the country punch above its weight in regional and global terms. In 2013 T&T produced 1.5trn cu feet of natural gas, making it the world’s sixth-largest LNG exporter and largest LNG supplier to the US. T&T is also the world’s largest exporter of ammonia and second-...
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Discovered by the Spanish at the end of the 15th century, Trinidad was seized by the British 300 years later, while the smaller island of Tobago was fought over by the Spanish, British, French and Dutch. With uninterrupted democratic rule since independence in 1962, T&T is today characterised by strong democratic traditions, an ethnically diverse population, and a vibrant local cultural...
With a hydrocarbons-based economy, T&T ranks highly on a number of economic indicators, despite its small size. According to estimates from the IMF, T&T’s per capita income was $21,310 in 2014, the third-highest level in the Americas, after the US and Canada. The World Bank categorises T&T as a high-income nation, while the World Economic Forum classifies it as an innovation-driven...
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