The Central Bank of Trinidad and Tobago published a Year 4 implementation update for its Strategic Plan 2021/22–2025/26, summarising progress made from 1 October 2024 to 31 March 2025 and setting out priorities for the April–September 2025 period. The programme highlights work spanning deposit protection, currency issuance, climate-related initiatives, payments modernisation and cybersecurity, alongside new initiatives to strengthen public communications and the reach of the Office of the Financial Services Ombudsman. Key developments include an increase in deposit insurance coverage from TT$125,000 to TT$200,000, with the higher limit to apply from 1 October 2025, and work to incorporate the updated national coat of arms into the upcoming TT$100 banknote design, with notes expected to be ready for public distribution by October 2025. On climate, the Bank reported expanded public education, carbon footprint calculations and NGFS engagement, and said its international reserves investment in sustainability bonds reached USD 43 million across issuers including the World Bank, the Inter-American Development Bank and the European Investment Bank. The update also reports progress on developing a UPI-based fast payments system with the Ministry of Digital Transformation and industry engagement, and on strengthening cybersecurity through internal controls, public awareness efforts and supervisory capacity-building with IMF support. Planned work for the next six months includes workshops during an IMF technical assistance mission in early April to support design work and preparations for testing of the UPI fast payments arrangement toward the end of the April–September period. The Bank also plans to introduce a redesigned website, explore the feasibility of a Central Bank app, launch a quarterly Economic DataPack aligned to monetary policy announcements, review Financial Services Ombudsman operations including potential handling of fast-payments-related complaints, and deepen supervisory training in areas such as cybersecurity, anti-money laundering, credit quality and consolidated supervision, including hosting the Association of Supervisors of Banks of the Americas.
Central Bank of Trinidad & Tobago 2025-03-28
Central Bank of Trinidad and Tobago updates strategic plan with UPI fast payments testing plans and deposit insurance increase to TT$200,000
The Central Bank of Trinidad and Tobago released a Year 4 update on its Strategic Plan 2021/22–2025/26, highlighting progress in deposit protection, currency issuance, climate initiatives, payments modernization, and cybersecurity. Key developments include raising deposit insurance coverage to TT$200,000 effective 1 October 2025, and a new TT$100 banknote design. The Bank also reported USD 43 million in sustainability bond investments and progress on a UPI-based fast payments system.