ECB staff estimates suggest that a 1 pp increase in the mortgage rate leads, all else being equal, to a decline in house prices of around 5% after about two years (Chart 16).
Over the past decade, the Central Bank of Trinidad and Tobago has taken measures to enhance Know Your Customer (KYC) procedures for institutions falling under its purview. We have issued Guidelines on AML/CFT, which comply with the standards of the FATF and which eventually formed the basis for new legislation in bringing the country closer to full compliance.