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Monetary Policy Report November 2020

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The Central Bank of Trinidad and Tobago conducts monetary policy geared towards the promotion of low inflation and a stable foreign exchange market that is conducive to sustained growth in output and employment. This report provides an account of how monetary policy actions support this objective, in light of recent economic developments. 

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  • Most central banks worldwide continue to maintain broad monetary accommodation to support economic recoveries; however, some others have started to, or signaled intention to raise interest rates to stave off looming inflation.
  • According to the Central Bank’s Quarterly Index of Real Economic Activity, domestic economic activity
    contracted in the fourth quarter of 2020 primarily due to sharp declines in the energy sector.
  • The domestic energy sector experienced a further deterioration in output over the first four months of 2021. Available indicators show that non-energy activity continued to be negatively affected by public health restrictions to contain COVID-19.
  • Headline inflation has remained well contained in early 2021.
  • The fallout from the COVID-19 pandemic continues to hinder financial system credit growth. Growth in credit granted by the consolidated system generally decelerated over 2020 before turning negative in 2021.
  • In June 2021, the Monetary Policy Committee held the Repo rate constant at 3.50 per cent following a 150 basis point reduction in March 2020.

Visual Summary:

Internal Developments


monetary policy considerations





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