Trinidad Central Bank moves to reduce interest rates
Wednesday, October 15, 2003
PORT-OF-SPAIN, Trinidad: Trinidad's Central Bank will today reduce interest rates from 18 to 14 percent in hopes of spurring borrowing and investment, reports out the twin-island Republic indicated last night.
The bank reported it plans a further reduction to 11 percent by the end of June 2004, and then to 9 percent by early 2005.
Trinidad and Tobago Manufacturers Association welcomed the move, according to AP since many members were hard hit by the September, 11, 2001, attacks.
Reducing the requirement frees up more money for commercial banks to lend. The bank predicted prime lending rates at commercial banks would fall from 11 percent to 9 percent as a result of the new reserve requirements.
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