Stock Market / Finance in Trinidad and Tobago
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TRINIDAD AND TOBAGO, 2016/03/20
Despite having to tackle falling energy prices, the economy of oil exporting Trinidad and Tobago is not facing any crisis, according to the International Monetary Fund (IMF).
In fact, an IMF mission that left the twin-island republic this week next an almost two week visit, said the country has a lot going for it amid the challenges.
The economy– which the Central Bank of Trinidad and Tobago last December declared was in a recession – is confronting a major shock with the sharp fall in energy prices that accelerated through early 2016, and based on available data, inclunding on job losses and continued supply-side constraints in the energy sector, the IMF mission projects gross domestic product (GDP) will fall one % this year and declines in energy-based revenues will constrain the Government’s ability to act as an engine of increase.
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TRINIDAD AND TOBAGO, 2015/05/12
A week next downgrading the Trinidad and Tobago government’s bond rating, Moody’s Investors Service has downgraded Initial Citizens Bank Limited’s (FCBL) long term local and foreign currency deposit ratings.
The New York-based firm moved the rating to Baa2 from Baa1 and assigned the bank a counterparty risk assessment of Baa2(cr) / Prime-2(cr).
FCBL’s foreign currency short-term deposit rating was as well downgraded to Prime-3 from Prime-2, while the Prime-2 local currency short-term deposit rating was affirmed.
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TRINIDAD AND TOBAGO, 2014/05/26
The Trinidad and Tobago government says there are no plans to devalue the local currency as the major opposition People’s National Movement (PNM) called for an end to the new system of foreign currency allocation that it claims could lead to the creation of a black market that would from presently on lead to a devaluation of the local currency.
Finance Minister Larry Howai told reporters that there was additional than sufficient foreign reserves to transaction with the needs of the country and that the foreign exchange reserves had continued to increase and was estimated at TT$10.3 billion (One TT dollar = US$0.16 cents), which was additional than 12 months of import cover.
He said the issue was the new system put in place by the Central Bank.
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TRINIDAD AND TOBAGO, 2014/02/14
A conference aimed at analysing the deficit situation in Caribbean nations and the policies for deficit relief will be held here on February 24.
Representatives from across the region will attend the conference organised by the Permanent Secretariat of the Latin American and Caribbean Economic System (SELA) with the General Secretariat of the Association of Caribbean States (ACS).
The event will as well focus on different approaches that respond to the particular characteristics of the economies in the region, exchange experiences part nations in the sub-region related the subject of deficit relief and disseminate data about this reality part nations and integration organizations in Latin America and the Caribbean.
