Wednesday, 08 June 2016 20:21

Central Bank Governor: Economy sound and resilient

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Governor and Chairman of the Central Bank, Dr. Alvin Hilaire, said the local financial sector is sound.

As he presented the 2015 Financial Stability Report on Wednesday, Dr. Hilaire said the domestic commercial banks and financial institutions are strong and flexible.

The Central Bank Governor gave the financial sector a passing grade as he went through the performance review of the domestic financial system for 2015.

"In our view, the financial system in Trinidad and Tobago is sound and resilient. We looked at the data, we looked at the information. We have in our best judgement and analysis, this is what our summary of the situation currently in our country."

The Governor said the bank's data indicates that the banking and financial institutions are performing well.

"Financial institutions remain well capitalised. Liquid profitable with relatively low incidents of non-performing loans."

He said this performance review doesn't mean the sector can become complacent as there are areas that need to be monitored, strengthened and legislated.

One such area is the insurance sector: "We have a Joint Select Committee, as I said before, appointed by Parliament in 2013 reviewed the Bill, the Bill was revised and so forth and it has been going back and forth but with the dissolution of Parliament, I think there has been some slowing down of activity. The Bill is on the short term legislative agenda of the Government but we are taking this opportunity to not so subtly lobby for urgent attention in this area."

The Central Bank Governor indicated that the financial sector is running smoothly but with energy prices down and no recovery in sight, commercial banks and financial institutions need to monitor their loans and continue to be conservative in their lending.

Read 678 times Last modified on Tuesday, 21 June 2016 09:17
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