Central Bank warns T&T can’t depend on petrodollar windfall

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Central Bank warns T&T can’t depend on petrodollar windfall

The Central Bank is warning that while Trinidad and Tobago is benefiting from increased production in oil, gas and petrochemicals and from higher prices for them, it must not rely on any such windfall indefinitely amid global uncertainties.

In its Monetary Policy Report May 2022, issued on Monday it said “In the very uncertain global setting care must be taken to not consider this ‘windfall’ as permanent, and to continue much needed structural reforms to strengthen TT’s competitiveness..”

The bank reiterated the point in its overview and outlook.

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It stated “Much-needed structural reforms should also be accelerated to reduce bureaucracy and strengthen TT’s dynamism and attractiveness in tourism, financial and other service markets.”

The report’s key messages cited positives for TT domestically, but amid negatives globally.

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