The institute will work with key stakeholders to develop a National Financial Inclusion strategy based on the G-20 principles of leadership, co-operation and empowerment.

[5] In its 40 years of existence, the Bank has faced many challenges, some a direct result of exogenous shocks, others because of the impact of domestic policies.

The external source of turmoil was linked to continuing concerns about the strength of sterling and the TT dollar/sterling peg.

[6] In the mid-1980s, the Bank faced a major threat to the financial system when oil prices slumped and the economy slipped into recession.

Several non-bank financial institutions (NFIs) failed due to weak internal controls and excessive exposure to the real estate market.

The amendments conferred special emergency powers on the Bank to intervene in financial institutions to protect the interests of depositors and creditors.

Prior to the establishment of the Bank in 1964, and in the aftermath of World War II, monetary policy and management were largely conducted by several different institutions.

The Bank's monetary policy objectives and tools have had to constantly adapt to the needs of a rapidly changing domestic and international economic environment.

The monetary policy framework of the Bank has as its primary objectives, the maintenance of: As noted earlier, Trinidad and Tobago passed through a major economic and financial crisis in the second half of the 1980s consequent to the slump in oil prices.

In addition to a rapid rise in inflation, the country experienced acute balance of payments and debt servicing difficulties.

When the reliance on these controls proved to be ineffective the Government adopted a new strategy involving the negotiation of a stabilisation and structural adjustment programme with the International Monetary Fund and the World Bank and the negotiation of debt rescheduling agreements with creditor banks and the Paris Club.

In recent years the Bank has continued to refine its monetary policy framework and upgrade its regulatory and supervisory regime to bring it more in line with international best practices.