Central Bank Governor Larry Howai met with representatives from the Energy Chamber of Trinidad and Tobago on Wednesday.
The discussions focused on a number of areas, including the shortage of skilled labour, supplemental petroleum taxes, and VAT refunds, as well as opportunities for improvements in the sector’s performance through the restructuring of the VAT system, accelerated capital allowances, streamlining the approval processes for greater efficiency, transitioning the Green Fund to a Carbon Fund, and greater equity in electricity pricing.
The disequilibrium in the foreign exchange market was also raised. A suggestion regarding developing a system to enhance opportunities for investments by the services sector of the energy business was shared as a means of increasing foreign exchange reserves in the long term.
The meeting was part of the Central Bank of Trinidad and Tobago’s ongoing stakeholder engagement sessions. The Bank has had similar sessions with the Confederation of the Regional Business Chambers, the T&T Chamber, and the American Chamber of Trinidad and Tobago.