PORT OF SPAIN, Trinidad, CMC—The Central Bank of Trinidad and Tobago (CBTT) says cybercriminals constantly evolve their tactics, techniques, and procedures. It has urged all citizens to be vigilant against cybercrimes such as phishing, identity theft, internet fraud, and banking fraud.
In a notice posted on its official website, the CBBT said that people should always update their operating systems and applications to the latest versions to enhance their online security and benefit from security upgrades.
In addition, the CBTT said that people should learn how to use digital technologies safely and responsibly.
“This includes practicing good password hygiene, enabling multi-factor authentication, and being cautious about the information you share online,” it said, adding that they should enable multi-factor authentication (MFA) on any account that offers it to add an extra layer of security.
“Be cautious of unsolicited emails, links, and attachments. Verify the source before clicking,” the CBTT said, urging citizens to use strong passwords for their Wi-Fi networks and avoid using public Wi-Fi for sensitive transactions.
Meanwhile, the CBTT said that Trinidad and Tobago’s balance of payments net errors and omissions returned to over two billion US dollars in 2022 and 2023, following a dip during the COVID-19 pandemic.
The Central Bank’s publication of a note on errors and omissions in the country’s balance of payments came after economist Marla Dukharan published a report last Wednesday, indicating that on average, over two billion US dollars “disappear” annually from the country in errors and omissions. The economist said that on a per capita basis, Trinidad and Tobago is the world’s largest loser of foreign currency.
However, the CBTT, indicating that the note’s publication is the first in a new series that aims to explain essential concepts and monetary policy actions to a broad public audience in non-technical terms, explained that the balance of payments is “a statistical statement that summarises financial transactions between residents of an economy and nonresidents (or the rest of the world) during a period.”
It said that the balance of payments comprises the current account, the capital account, the financial account, and the overall balance. Net errors and omissions represent a balancing item in a country’s balance of payments.
Trinidad and Tobago’s current account, which shows the flows of goods, services, primary income, and secondary income between residents and nonresidents in 2023, recorded a positive surplus on its current account of US$3.39 billion.
The CBTT said the capital account transactions are “relatively small.” Still, the financial account, which shows transactions between residents and nonresidents that involve financial assets and liabilities, recorded a net outflow of US$1.60 billion.
“The overall balance represents the change in international reserves managed by the Central Bank over the period. In 2023, the change in international reserves was -US$736.1 million,” said the Central Bank, adding that in principle, the balance of payments must balance, meaning the overall balance must be equal to its components, the current, capital, and financial accounts.
The CBTT said that it collects data on the country’s balance of payments from primary sources, such as the Central Statistical Office and the Ministry of Energy and Customs. However, it also collects data from surveys involving private and public institutions.
“As noted earlier, errors by reporting agencies, and more so incomplete coverage of transactions constitute the errors and omissions in the balance of payments.”
The CBTT said two issues in the sphere of incomplete coverage are the measurement of travel expenses and the response rate of companies to the Central Bank’s survey requests, which is about 50 percent.
It noted that errors and omissions were US$2.36 billion in 2023 and US$2.07 billion in 2022 but only US$90.5 million and US$132.6 million in 2021 and 2020, respectively. In 2019, errors and omissions totaled US$1.10 billion.
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