Central Bank, T&T Chamber align on forex reform, digital payments future

In a step toward economic reform and digital transformation, the Central Bank of Trinidad and Tobago and the Trinidad & Tobago Chamber of Industry and Commerce today found common ground on national issues, including foreign exchange management and the rollout of a national fast payments system, the Central Bank said in a statement.

The high-level stakeholder engagement, held at the Central Bank, marked one of the first major consultations under the leadership of newly appointed Governor Larry Howai.

The meeting was part of the Bank’s ongoing strategy to foster inclusive dialogue and collaboration with key economic actors.

A central outcome of the discussions was the Chamber’s full endorsement of the Bank’s push for greater transparency and innovation in the allocation and management of scarce foreign exchange reserves. Governor Howai described the session as an “open and candid exchange” designed to better understand the business community’s challenges and identify practical, forward-looking solutions.

“The Central Bank is heartened and pleased with the mature, considered approach articulated by the Chamber and the role they have adopted with their membership in helping them to manage expectations,” said Governor Howai.

“We will sustain our engagements and collaboration with the Chamber and all key stakeholders in our quest to overcome the challenges we are facing and to once again become the export titan of the Caribbean.”

Chamber President Sonji Pierre-Chase welcomed the opportunity to engage directly with the Governor early in his tenure and noted the alignment of views on several critical matters.

“We are encouraged by the shared vision for a more resilient, self-sufficient economy,” she said.
The discussion also spotlighted the upcoming implementation of the Unified Payments Interface (UPI), a fast payments system expected to modernise the national financial landscape.

The Chamber voiced strong support for the initiative, citing its potential to deliver faster, more secure, and inclusive payment solutions, especially for small and medium-sized enterprises.

Additionally, the Chamber expressed interest in the Central Bank’s potential role in facilitating a strategic partnership with the African Export-Import Bank to improve inter-regional payments and unlock new business opportunities.

The Chamber also advocated for renewed research collaboration with the Bank, specifically in support of its ongoing “Service Index” project aimed at measuring and improving the performance of the service sector.

The Central Bank committed to assisting with the initiative.