The Central Bank of Trinidad & Tobago, the central banking authority of the country, reportedly plans to develop a financial inclusion policy intended to improve financial access for poor people. According to a statement attributed to the bank’s governor Jwala Rambarran, “the bank is currently in the process of conducting a follow up national survey to determine whether there have been improvements in the level of financial literacy and inclusion in [Trinidad & Tobago], and to assess the impact of the National Financial Literacy Programme (NFLP) interventions over the past five years.” The survey results are to be used to aid in the development of the financial inclusion policy.
Mr Rambarran also reportedly stated that Trinidad & Tobago intends to adopt the Maya Declaration, a statement of principles for the development of financial inclusion policies for developing nations, at the Alliance for Financial Inclusion (AFI) Global Policy Forum in September 2013. According to Mr Rambarran, “AFI provides an excellent opportunity for us to develop relationships with other countries and to leverage their knowledge and expertise to catalyze financial inclusion policy changes, and to help push the global financial inclusion agenda.”
As of September 2011, the Central Bank of Trinidad & Tobago reported total assets of TTD 74.9 billion (USD 11.6 billion).
By Charlotte Newman, Research Associate
About the Central Bank of Trinidad & Tobago
The Central Bank of Trinidad and Tobago was established in 1964 as the central banking authority in the country. The bank’s responsibilities include issuing and redeeming currency, developing and implementing monetary policy, acting as banker and advisor to the government and commercial banks, and issuing securities on behalf of the government. As of September 2011, the Central Bank of Trinidad and Tobago reported total assets of TTD 74.9 billion (USD 11.6 billion).
About Alliance for Financial Inclusion (AFI)
The Alliance for Financial Inclusion (AFI) is a Thailand-based network of financial policymakers from developing and emerging economies that aims to increase access to financial services for poor people. AFI uses a “peer-to-peer” model that enables member institutions to share knowledge and identify policy solutions for their home countries. AFI also provides grants to members to help support policy implementation. As at 2013, AFI’s member institutions represent approximately 85 countries.
Sources and Additional Resources:
The Guardian: “T&T to Develop Financial Inclusion Policy,” http://www.guardian.co.tt/business-guardian/2013-04-24/tt-develop-financial-inclusion-policy
MicroCapital.org story, October 16, 2012, “MICROCAPITAL BRIEF: 15 Caribbean Microfinance Institutions to Benefit from $2m Phase Two of Caribbean Microfinance Capacity Building Project (CARIB-CAP II),” https://www.microcapital.org/microcapital-brief-15-caribbean-microfinance-institutions-to-benefit-from-2-million-phase-two-of-caribbean-microfinance-capacity-building-project-carib-cap-ii/
MicroCapital.org story, November 3, 2011, “MICROCAPITAL BRIEF: Alliance for Financial Inclusion’s Global Policy Forum Concludes with Signing of Maya Declaration on Financial Inclusion,” https://www.microcapital.org/microcapital-brief-alliance-for-financial-inclusion%E2%80%99s-global-policy-forum-concludes-with-signing-of-maya-declaration-on-financial-inclusion/
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