Trinidad & Tobago Central Bank Raised Repo Rate 25 Bps to 4%

Central Bank Governor Jwala Rambarran announces May rate decision at press conference in San Juan, Trinidad & Tobago.

  • Rate increase seeks to “insulate our economy well in advance and as much as possible from negative effects” of expected U.S. rate hike
  • Rambarran sees inflation rising over rest of 2015 on higher food prices and expansion of consumer credit
  • Trinidad & Tobago 1Q GDP contracted 0.5% vs 2.5% contraction in 1Q 2014: Rambarran
  • Central bank expects Trinidad & Tobago economy to “remain in low growth phase” for rest of 2015 on further gas supply interruptions
  • Trinidad & Tobago FX demand has risen to about $25m per day; Central bank will cover any USD shortfall
  • Nation’s 2015 deficit to widen to 10.5b Trinidad dollars, or 6% of GDP: Rambarran

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