Home' Trinidad and Tobago Guardian : September 11th 2014 Contents NADALEEN SINGH
By the end of this year, the Central
Bank s National Financial Literacy pro-
gramme will be developed into a Nation-
al Training Institute for Financial Inclu-
That is one of T&T s commitments
under the Maya Declaration which it
entered into in March 2013 after becoming
the 100th member of the Alliance for
Financial Inclusion (AFI) last year.
Central Bank Governor Jwala Rambar-
ran made the announcement yesterday
as he launched the Financial Inclusion
Development Agency (Fida) which will
offer training in T&T s financial system
to young people.
The launch was one of the highlights
of the opening ceremony of the Global
Policy Forum (GPF) at the Hyatt Regency
in Port-of-Spain. T&T is the first country
in the Caribbean to host the forum.
"The unveiling of the (Fida) logo rep-
resents the birth of the world s newest
financial inclusion, education and training
institute," Rambarran said.
"Fida is the first of its kind in T&T
and it is the first of its kind in the
Caribbean. You will notice the humming
bird which we selected as the main ele-
ment of the logo. The humming bird
symbolises the vital characteristic of
Fida---strategic movement. The humming
bird s flight is deliberate, for us it will be
the strategic interventions Fida undertakes
He added that the radiant colours of
the humming bird represent co-operation,
collaboration and partnerships.
Rambarran said Fida will take a "bottom
up approach" to financial stability by spe-
cialising in financial inclusion, education
Underscoring the need for financial lit-
eracy, Rambarran said the Central Bank
was the first in the region to establish an
Office of Financial Services Ombudsman.
In 2007, the National Financial Literacy
Programme was established.
"Two years later, the Clico/HCU crisis
erupted. There was little this newly formed
programme could have done in that time
to prevent or lessen the blow of the finan-
cial crisis through financial literacy.
Though young, our financial literacy pro-
gramme provided some insight which
could have served as an early warning of
the crisis to come," Rambarran said.
The Central Bank Governor said 16 per
cent of adults in T&T are always in finan-
cial difficulty, adding that the bank part-
nered with the Ministry of Education
last week to "officially have financial
inclusion courses taught in our early
childhood care centres." He said a child s
mental development occurs before age
four, so that is the best time to influence
Rambarran signed memoranda of
understanding (MOU) with Guyana and
Suriname to assist in the development
of financial literacy programmes in those
• Twitter: @GuardianTT • Web: guardian.co.tt
Venezuela's central bank has
acknowledged what anyone
watching the prices on the shelves
already knew: The South American
country's inflation rate is continuing
its upward march.
After withholding monthly
inflation data through the summer,
the central bank said inflation over
the past 12 months has reached
63.4 per cent. That means
something that cost US$1 a year
ago would cost about US$1.63
today. It's believed to be the world's
Venezuela's bolivar currency
plunged to a record low in black
market trading this month, now
bringing a fourteenth of its official
value. The weakening currency has
hurt investment and makes basic
goods hard to find.
The bank had drawn criticism for
halting the publication of its
inflation and scarcity indexes,
flouting its own bylaws which
require it to publish the numbers
each month. The bank last reported
the data in May, when the annual
inflation rate was 60.9 per cent.
The new numbers are the worst
inflation recorded in the socialist
country since the bank began
tracking prices nationwide in 2008.
It's not the fastest inflation in
recent Venezuelan history, however.
That would be the hyperinflation of
the 1980s and 90s. (AP)
T&T signs on for financial inclusion
Central Bank Governor Jwala Rambarran, centre, rings a gong to officially open the 2014 Global
Policy Forum (GPF) at Hyatt Regency yesterday. With him are Dr Alfred Hanning, left, executive
director of the Alliance for Financial Inclusion (AFI) and Amando Tetangco Jr, Governor of Bangko
Sentral ng Pilipinas and chair of the AFI Steering Committee. PHOTO: SHIRLEY BAHADUR.
Long-delayed data show Venezuela inflation rising
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