Includes special features of this country’s banking system and rules/laws that might impact U.S. business.
Last Published: 7/20/2019

The financial services industry in Trinidad and Tobago is one of the most developed in the Caribbean. There are eight commercial banks operating in TT. The commercial banks remain the single largest group of financial institutions in terms of assets. Two of the locally owned banks have established a commercial presence in various territories in the Caribbean.

There has been considerable growth in the use of ATMs for the provision of banking services, and there are now 254 ATMs in the country (an average of one ATM per 5000 people). Banks have also been providing telephone and Internet banking services. Four banks share a linked network of ATMs and debit point-of-sale operations. Banks now offer a relatively sophisticated menu of services.

There is some blurring of the distinction between banks and non-banks and many banks offer a variety of innovative financial products, including retirement plans denominated in U.S. currency, individual annuity plans, and mutual funds including offshore equity funds. Banks are also playing a central role in the development of the money market.

The Central Bank of Trinidad and Tobago (CBTT) determines monetary policy, sets rates and reserve requirements, and regulates the operations of the commercial and other financial institutions. There are no restrictions on borrowing by foreign investors.
 

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