The Central Bank Act of 1964 entrusts the Central Bank with a range of responsibilities, including:

1. issuing and redeeming currency
2. developing and implementing monetary policy
3. acting as banker and advisor to the Government
4. acting as banker to the commercial banks
5. issuing of securities on behalf of the Government
6. managing the foreign exchange market and protecting the external value of the currency
7. investing the country's external reserves and the HSF
8. fostering and promoting financial stability
9. conducting intelligence-gathering and research

The Central Bank is also instrumental in the development of the Trinidad and Tobago financial system and continues to adopt policies which foster economic growth and development.