With respect to bank lending rates, the short-term prime lending rate has remained at a record low level of 1.625 per cent since September 1995. The long-term prime lending rate was lowered by a total of 0.8 percentage points in September, October, and December to reach a record low of 2.5 per cent, reflecting developments in long-term market rates.
3  ASPECTS OF TRINIDAD AND TOBAGO’S GLOBAL ECONOMIC INTERACTIONS  5. Second, our financial system is closely linked to world markets and this will  continue. Many of Trinidad and Tobago’s indigenous and foreign-based banks have branches, headquarters or subsidiaries throughout the Caribbean, North America, Latin America, India and more recently Africa.