By Stephen Cummings
Caribbean Net News Trinidad and Tobago Correspondent
Email: stephen@caribbeannetnews.com

PORT-OF-SPAIN, Trinidad: The Government of Trinidad & Tobago is seeking to increase the authorised capital of its Central Bank from TT$100 million to TT$800 million.

Speaking in the House of Representatives on Friday, Minister in the Ministry of Finance Conrad Enill gave the rationale for the proposed increase.

"Ultimately the objective of the increase being proposed is to ensure that the Central Bank remains financially strong and adequately capitalised to carry out its responsibilities and to give confidence both in the local market as well as to the international community," said Enill.

Enill added that government was in the process of tightening up the regulatory framework that would seek to bring the operations of the Bank into line with other international financial institutions.

Meanwhile, the proposed increase in capitalisation is being questioned by the Opposition United National Congress, who said they needed further clarity on the measure. Opposition leader Kamla Persad Bissessar accused the government of being secretive about the real reason for the request as the debate continued.