Explore the Central Bank of Trinidad and Tobago’s comprehensive overview of the nation’s economic and financial developments in 2024, including analyses of monetary policy, financial stability, and strategic initiatives, providing insights into the country’s economic trajectory and the Bank’s role in fostering growth and stability.
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Annual Report Highlights
Strategic Plan Achievements
The Central Bank of Trinidad and Tobago made significant strides in the execution of the third year of its Strategic Plan 2021/22-2025/26.
Strengthened Internal Operations
The Bank bolstered internal operations by consolidating operations, which involved streamlining work processes and enhancing teamwork among Departments.
Monetary Operations Enhanced
In the monetary policy sphere, the Bank lowered the primary reserve requirement of commercial banks to 10.0 per cent in July 2024 to mitigate tightened banking system liquidity.
Community Engagement
Community engagement occurred primarily through the celebration of its 60th Anniversary of incorporation which provided an opportunity to engage in public outreach, foster staff awareness and recognition, and to elevate the Bank’s engagement with local, regional and international institutions.
Financial Stability and Cybersecurity
Financial stability measures were put in place by the Bank to improve the risk absorption capacity and operational resilience of the financial system. This included the issuance of guidelines on the Basel III leverage ratios and additional capital buffers, cybersecurity best practices and recovery planning, and a framework for determining a Domestic Systemically Important Bank (D-SIB).
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The Central Bank kept its policy rate unchanged during 2023 in the context of low in ation.
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The ongoing post-pandemic recovery led to improvements in domestic labour market conditions.
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Trinidad and Tobago’s external current account recorded a narrowed surplus over the rst nine months of 2023 relative to 2022 due mainly to lower energy export earnings.
