Trinidad and tobago Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in trinidad and tobago, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Trade Financing
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Methods of Payment

A wide range of payment methods are used in Trinidad and Tobago, including letter of credit, cash in advance. The main credit cards used in TT are VISA and Mastercard.  For more information about the methods of payment or other trade finance options, please read the Trade Finance. Guide.

Banking Systems

The financial services industry in TT is one of the most developed in the Caribbean.  There are eight commercial banks in TT, comprising a mix of local and foreign banks.  Citibank is the only American bank operating in TT.  Two locally-owned banks have a commercial presence in various territories in the Caribbean: Republic Bank Limited and First Citizens Bank.  The Central Bank of TT determines monetary policy, sets rates and reserve requirements, and regulates the operations of the commercial and other financial institutions.  There are no restrictions on borrowing by foreign investors.

Foreign Exchange Controls

 The Central Bank of TT manages foreign exchange (forex) and has been combatting forex shortages since 2015 through regular injections of U.S. currency from the country’s sizeable but dwindling foreign reserves.  Companies must sometimes wait three to nine months to exchange their TT dollar profits to U.S. dollars.  The forex shortage is expected to persist through 2023 due to decreased export revenue and exchange rate management given the imbalance between forex inflows, import liabilities, and local demand.  The repatriation of capital, dividends, interest, and other distributions and gains on investment may be otherwise freely transacted without limits. 

U.S. Banks and Local Correspondent Banks: Citigroup is the only U.S. bank in TT but it does not offer retail services.  A full list of local and foreign banks can be found at https://www.central-bank.org.tt/core-functions/regulated-commercial-banks. For additional information, visit the U.S. Department of State Investment Climate Statements website

 

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Global Business Navigator Chatbot Beta

Welcome to the Global Business Navigator, an artificial intelligence (AI) Chatbot from the International Trade Administration (ITA). This tool, currently in beta version testing, is designed to provide general information on the exporting process and the resources available to assist new and experienced U.S. exporters. The Chatbot, developed using Microsoft’s Azure AI services, is trained on ITA’s export-related content and aims to quickly get users the information they need. The Chatbot is intended to make the benefits of exporting more accessible by understanding non-expert language, idiomatic expressions, and foreign languages.

Limitations

As a beta product, the Chatbot is currently being tested and its responses may occasionally produce inaccurate or incomplete information. The Chatbot is trained to decline out of scope or inappropriate requests. The Chatbot’s knowledge is limited to the public information on the Export Solutions web pages of Trade.gov, which covers a wide range of topics on exporting. While it cannot provide responses specific to a company’s product or a specific foreign market, its reference pages will guide you to other relevant government resources and market research. Always double-check the Chatbot’s responses using the provided references or by visiting the Export Solutions web pages on Trade.gov. Do not use its responses as legal or professional advice. Inaccurate advice from the Chatbot would not be a defense to violating any export rules or regulations.

Privacy

The Chatbot does not collect information about users and does not use the contents of users’ chat history to learn new information. All feedback is anonymous. Please do not enter personally identifiable information (PII), sensitive, or proprietary information into the Chatbot. Your conversations will not be connected to other interactions or accounts with ITA. Conversations with the Chatbot may be reviewed to help ITA improve the tool and address harmful, illegal, or otherwise inappropriate questions.

Translation

The Chatbot supports a wide range of languages. Because the Chatbot is trained in English and responses are translated, you should verify the translation. For example, the Chatbot may have difficulty with acronyms, abbreviations, and nuances in a language other than English.

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