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Trinidad & Tobago central bank holds benchmark rate at 5%

The Central Bank of Trinidad & Tobago on Dec. 28 maintained its monetary policy rate at 5.00%.

The central bank's monetary policy committee pointed to both global and local reasons for its decision to hold the lending rate steady. It weighed both the "implications of international financial developments and prospects for Trinidad and Tobago's external balances. At the same time, it noted that "domestic growth momentum appeared to have slackened in the third quarter while inflation remained very low."

The central bank also noted that private sector growth continued, with consumer lending up 7.1% year over year in October, while business lending slipped 1.3% in the month.