Central Bank of Trinidad and Tobago seeks World Bank Group support on Islamic banking fast payments and bank resolution

The Central Bank of Trinidad and Tobago said Governor Larry Howai hosted a World Bank Group delegation led by Marcos Chiliatto, Executive Director for the Trinidad and Tobago Constituency, for discussions on technical cooperation in Islamic banking, bank resolution frameworks and payment systems oversight. The talks focused on support the Bank wants from the World Bank Group to strengthen and modernise Trinidad and Tobago’s financial sector, including work on monetary policy, fast payments and crisis preparedness. The Bank identified three main areas for assistance. These are capacity building and training on the implications of Islamic banking for monetary policy, including the development of monetary policy tools aligned with Islamic banking principles, support for the framework and governance needed to introduce a national fast payments system while the Draft Payment Systems and Services Bill is out for public consultation, and review of commercial bank recovery plans with practical simulations to improve preparedness in the event of a crisis. The meeting was described as part of a longstanding relationship between the two institutions and came on the heels of the launch of the World Bank Group’s new office in Port of Spain.