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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Wednesday, July 24, 2024, Vol. 25, No. 148

                           Headlines



A R G E N T I N A

ARGENTINA: Industrial Production Collapses by 14.3% in May


B R A Z I L

BRAZIL: Economy Grows Less Than Expected in May Amid High Rates
JBS SA: Wyoming Representative Opposes IPO


J A M A I C A

JAMAICA: Inflation at 5.4% for 12 Months to June


P U E R T O   R I C O

LANDMARK COMMERCIAL: Claims to be Paid from Exit Financing
SAN JORGE: Seeks to Hire Saltlight Advisors as Collecting Agent


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Central Bank Lowers Reserve % for Banks
[*] TRINIDAD & TOBAGO: TTIFC CEO Calls for Focus on Exports

                           - - - - -


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A R G E N T I N A
=================

ARGENTINA: Industrial Production Collapses by 14.3% in May
----------------------------------------------------------
Martin Fernandez Nadale at Buenos Aires Times reports that
industrial production suffered a year-to-year collapse by 14.3
percent in May and, contrary to the preceding month recorded a
depersonalized monthly 0.6-percent fall.

It's the latest slump for the sector after the incipient
bounce-back by 4.5 percent from the previous month, according to
Buenos Aires Times.

In addition, over 21,000 jobs have been lost since August,
according to a new report by the UIA Argentine Industrial Union,
the report notes.

The data indicates that the performance of the sector "was
influenced by the lower demand level and increase in costs in some
sectors," read the UIA report, Buenos Aires Times relays.

May was the 12th month consecutive indicating a year-to-year fall
and so far in 2024, it accumulates a year-to-year 12.8-percent
contraction, the report says.

In the meantime, the report points out that the anticipated June
numbers reflect a persistent collapse compared with 2023 and
forecasts that the monthly series would also show a decrease, thus
prolonging the recessive valley, the report notes.

Nevertheless, the analysis highlights that the information provided
was "partially affected by the lower number of working days due to
the holidays. Besides, deducting that effect, major falls were
observed," the authors of the text warned, the report discloses.

                      Widespread Collapse

In the sector analysis from last month, there were dives in the
automotive sector (-40.2 percent), cement dispatch (-32.8 percent),
and patents of agricultural machinery (-36.6 percent), the report
discloses.  In addition, the demand for electricity of major
industrial users fell (-13.3 percent), the report relays.

As for trade, imports from Brazil declined by 50.8 percent, whereas
exports increased by 8.8 percent, the report says.  In the opposite
direction of what happened in April and March, the settlement of
foreign currency in the foreign exchange market grew by 25 percent,
the report notes.

"Even though the performance of the month was partly affected
because there were fewer working days, industrial activity
continues facing difficulties due to the low demand, as well as
higher costs.  In this context, in April, recorded wage-earners in
the industry plummeted.  5,074 jobs were lost in that month and a
decrease by 21,285 jobs is accumulated since August 2023",
industrials warned, the report relays.

In most sectors comprising the UIA's index, the downward term
prevailed, the report discloses.  The most significant falls were
in non-metallic minerals (-28.8 percent), and in the automotive
sector (-27.9 percent), where the decline was driven by a lower
level of sales both to the domestic market (-36.2 percent) and the
export market (-24.1 percent), the report says.

At the same time, the production of basic metals was contracted
(-19.5 percent), affected by the drop in steel (-29.4 percent),
whereas the production of aluminium grew from May last year (+3.5
percent). Metal-mechanic also gave in (-17.6 percent), accumulating
twelve months running of decline, with a drop in all segments of
the sector, the report relays.

"In the case of the segment of chemical substances and products it
fell once again year-to-year (-9.7 percent), with drops in all
products comprising the indicator, and mainly by a lower
performance in the production of paints, cleaning products and
toiletries and medication. In the chemical and petrochemical
segment the fall of intermediate petrochemicals(-21.9 percent),
inorganic chemicals (-12.4 percent) and plastic raw materials and
synthetic rubber (-8.9 percent) stand out", the report holds, the
report notes.

As for the production of food and beverages, it experienced a
-4.9-percent decline, offset by the increase in oils (10.9
percent), the report says.  Deducting that category which grew
year-to-year, the variation of the rest of the food sector was -7.1
percent, the report relays.

The manufacturing of paper and cardboard, in turn, declined
year-to-year by -12.6 percent, with a slowdown prevailing in nearly
all sub-sectors, the report discloses.  It was driven by the
general fall of production of paper for packaging, printing and
tissue, whereas paper for newspapers grew, the report says.

                               Energy

The report relates that the only sector in the index which had an
increase was oil refinery (4.4 percent), after five months of
consecutive fall.  It is one of the sectors which grew most in the
Milei era, along with a greater exploitation of Vaca Muerta, the
report notes.

Given the data which expose the deep crisis the sector is going
through, representatives from the industry within the UIA expressed
their concern over the fall in activity, the rising costs of
supplies, the impact of the economic context in the production
sector and the rise of energy rates, which especially affected
SMEs, the report discloses.

In addition to alerting about job losses, industrials agreed about
the need to drive an "agenda of measures to gain back the dynamic
of the internal market (focusing on the development of local
production consumption and formal employment), promoting
added-value exports (increase of reimbursements, lowering of
duties) and countering unfair competition (anti-dumping and customs
values, among others)," the report notes.

They also seized the opportunity to insist on the SME law grounded
on six axes: tax simplification, creation of a regime to
incentivise industrial SME investment supplementary to the RIGI Big
Investment Incentive Regime; an automatic update of categorisation
parameters; tools to internationalise companies; simplification of
the creation of new companies and access to financing, the report
discloses.

                           RIGI

Regarding President Javier Milei's new RIGI investment incentive
scheme, the UIA asked Javier Milei's government to regulate the
initiative approved in Congress within the fiscal reform
contemplating a series of points favouring national industry, the
report relays.

In this vein, they claim that any local suppliers declaring VPU
single project vehicles be a local industry; establishing for 20
percent to be for the development of national industrial suppliers
with the same benefits as the rest of those entering the RIGI,
among other relevant points for the national industry, the report
notes.

"The objective is for RIGI benefits to generate more local
suppliers and employment," they explained from the UIA, the report
adds.

                      About Argentina

Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.

S&P Global Ratings, on March 15, 2024, raised its local currency
sovereign credit ratings on Argentina to 'CCC/C' from 'SD/SD' and
its national scale rating to 'raB+' from 'SD'. S&P also raised its
long-term foreign currency sovereign credit rating to 'CCC' from
'CCC-' and affirmed its 'C' short-term foreign currency rating. The
outlook on the long-term ratings is stable. In addition, S&P
revised its transfer and convertibility assessment to 'CCC' from
'CCC-'.

S&P said the stable outlook on the long-term ratings balances the
risks posed by pronounced economic imbalances and policy
uncertainties with the favorable change in near-term debt service
obligations. S&P also expect no further debt exchanges that it
would likely consider to be distressed.

Fitch Ratings upgraded on June 13, 2023, Argentina's Long-Term
Foreign Currency (FC) Issuer Default Rating (IDR) to 'CC' from
'C'and affirmed the Long-Term Local Currency (LC) IDR at 'CCC-'.
Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.

The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a default
event of some sort appears probable in the coming years, regardless
of the outcome of upcoming elections. The affirmation of the LC IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.



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B R A Z I L
===========

BRAZIL: Economy Grows Less Than Expected in May Amid High Rates
---------------------------------------------------------------
Bloomberg News reports that Brazil's economy grew slightly less
than expected in May though prior figures were revised up, the
central bank's main gauge of activity showed amid signs that
borrowing costs will stay high for longer.

The bank's economic activity index, a proxy for gross domestic
product, rose 0.25% from April, below the 0.3% median estimate from
analysts in a Bloomberg survey, according to the report.

Still, April's monthly growth was revised to 0.26% from 0.01%
previously, according to data published, the report relays.  From a
year ago, the gauge gained 1.3%, the report added, Bloomberg News
says.

                           About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.

As reported in the TCR-LA on May 6, 2024, Moody's Ratings affirmed
the Government of Brazil's long-term issuer and senior
unsecured bond ratings at Ba2, senior unsecured shelf rating at
(P)Ba2 and changed the outlook to positive from stable. Moody's
assesses thatBrazil's real GDP growth prospects are more robust
than in the pre-pandemic years, supported by the implementation of
structural reforms over multiple administrations, as well as the
presence of institutional guardrails that reduce uncertainty
around future policy direction. The outlook change to positive is
underpinned by Moody's assessment that more robust growth combined
with continued, albeit gradual, progress towards fiscal
consolidation, may allow Brazil's debt burden to stabilize.
However, there are risks to the government's execution of
continued fiscal consolidation.

S&P Global Ratings raised on Dec. 19, 2023, its long-term global
scale ratings on Brazil to 'BB' from 'BB-'. The outlook on the
long-term ratings is stable. S&P affirmed Brazil's global scale
short-term ratings at 'B' and its national scale long-term rating
at 'brAAA'. S&P also raised the transfer and convertibility
assessment on the country to 'BBB-' from 'BB+'. S&P said, "The
stable outlook reflects our expectation that Brazil will maintain
a
strong external position, thanks to strong commodity output and
limited external financing needs. We also believe Brazil's
institutional framework can sustain stable and pragmatic
policymaking based on extensive checks and balances across the
executive, legislative, and judicial branches of government. We
expect a very gradual fiscal correction but anticipate fiscal
deficits will remain large."

Fitch Ratings affirmed on Dec. 15, 2023, Brazil's
Long-TermForeign-Currency Issuer Default Rating (IDR) at 'BB' with
a StableOutlook. Fitch said Brazil's ratings are supported by its
large and diverse economy, high per-capita income, and deep
domestic markets and a large cash cushion that support the
sovereign's financing flexibility and its high local-currency debt
share. Strong external finances support resilience to shocks,
underpinned by a flexible exchange rate, robust international
reserves and a sovereign net external creditor position. The
ratings are constrained by weak economic growth potential,
relatively low governance scores, high and rising government
debt/GDP, and budgetary rigidities. A new fiscal framework
introduced this year aims to anchor a gradual consolidation process
and address these fiscal weaknesses, but its effectiveness is
increasingly unclear.

DBRS Inc., on August 15, 2023, upgraded Brazil's Long-TermForeign
and Local Currency - Issuer Ratings to BB from BB (low).At the same
time, DBRS Morningstar confirmed Brazil'sShort-term Foreign and
Local Currency - Issuer Ratings at R-4.The trend on all ratings is
Stable (March 2018).


JBS SA: Wyoming Representative Opposes IPO
------------------------------------------
Rachael Oatman, writing for Meat+Poultry, reports that concerns
from Congress regarding JBS S.A.'s potential initial public
offering (IPO) in the United States continue to be brought forth,
most recently from US Representative Harriet Hageman (R-Wyo.).

On July 12, Hageman sent a letter to Gary Gensler, chair for the US
Securities and Exchange Commission (SEC), urging him to decline any
development of the IPO, according to the report.

"For years, JBS engaged in illegal activity to tighten its
stranglehold over the global meat processing market," she wrote,
the report notes.  "Its criminal convictions make JBS a serious
threat to US investors, the US agricultural community and access to
affordable food."

Charges against the company Hageman urged the SEC to consider
include bribery and corruption while Joesley and Wesley Batista
served as JBS executives, Meat+Poultry relays.

The Batista brothers were banned from holding management positions
in the companies owned by J&F after allegations of insider trading,
the report discloses.  However, four years ago they were cleared to
return to leadership positions and later acquitted of insider
trading, the report notes.  The brothers are back on the JBS S.A
board of directors as of April this year, the report relays.

Hageman also pointed to over $134 million amassed in settlements
due to market manipulation and price fixing allegations against JBS
within the past three years, adding that "to the best of our
knowledge the company remains under investigation by the Department
of Justice for similar allegations," the report says.

The congresswoman requested the IPO be postponed until all
outstanding legal claims and investigations against the company
have been resolved so that the SEC can be certain JBS's disclosures
are accurate, the report notes.

Hageman's concerns follow those of a bipartisan group of senators,
the report relays.  In January, the senators wrote to the SEC with
their hesitation of a US IPO for JBS, the report discloses.

JBS previously attempted an IPO in the United States, with the most
recent proposal occurring in 2017. The proposal was delayed
following corruption charges against Joesley and Wesley Batista,
the report relays.

The most recent and current proposal was issued one year ago.

The company has been publicly traded in Brazil since 2007. With a
dual listing, JBS seeks to accelerate diversification and growth in
its global markets, the report says.  The company said the move
would not impact operational structures, including assets, supply
chains and financial flows worldwide, the report adds.


                          About JBS SA

As reported in the Troubled Company Reporter-Latin America in
August 2021, S&P Global Ratings revised the global scale outlook
on JBS S.A. (JBS) and its fully owned subsidiary JBS USA Lux S.A.
(JBS USA) to positive from stable and affirmed its 'BB+' issuer
credit rating. The recovery expectations remain unchanged, and S&P
affirmed the 'BB+' ratings on the senior unsecured notes and the
'BBB' ratings on the secured term loans.




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J A M A I C A
=============

JAMAICA: Inflation at 5.4% for 12 Months to June
------------------------------------------------
RJR News reports that consumers faced an average 5.4 per cent
increase in the cost of goods and services for the 12 months to
June this year.

Deputy Director General of STATIN, Leesha Delatie-Budair, said the
annual inflation as at June, was influenced by a rise in the cost
of 'Food and Non-Alcoholic Beverages', which was up by 4.0 per
cent, according to RJR News.

'Transport', up 11.1 per cent, and 'Housing, Water, Electricity,
Gas and Other Fuels', up by 5.4 per cent, also contributed to the
rising costs, the report notes.

"The inflation rate for the division 'Food and Non-Alcoholic
Beverages' was influenced by a 3.8 per cent increase in the 'Food'
group, increases in the index for the classes 'Fruits and Nuts' at
11.1 per cent, and 'Cereals and Cereal Products', 4.0 per cent,"
Ms. Delatie-Budair reported, RJR News says.

Higher prices for oranges, ripe bananas, pineapples and dried
coconuts were the main contributors to the increase in the 'Fruits
and Nuts' class, the report discloses.

The deputy director general was speaking at STATIN's first
face-to-face press briefing since the COVID-19 pandemic, the report
adds.

                       About Jamaica

Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism.  Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.

In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable.  The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction.  The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.

S&P Global Ratings raised on September 13, 2023, its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'BB-' from 'B+', and affirmed its short-term foreign and local
currency sovereign credit ratings at 'B'.  The stable outlook
reflects S&P's expectation that the government will remain
committed to prudent fiscal policies and reducing debt, as well as
supportive economic policies including a flexible exchange rate
regime and effective monetary policy.  

In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.



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P U E R T O   R I C O
=====================

LANDMARK COMMERCIAL: Claims to be Paid from Exit Financing
----------------------------------------------------------
Landmark Commercial Centers Development Inc., filed with the U.S.
Bankruptcy Court for the District of Puerto Rico a First Amended
Disclosure Statement describing Plan of Reorganization dated July
8, 2024.

The Debtor is a corporation duly registered before Puerto Rico's
Department of State identified as entity number 150866 since March
4, 2005.

The Debtor's principal asset is two parcels of land described on
Debtor's Schedule A/B on which Debtor currently has established a
mining business, specifically for gravel, on a designated permitted

area and for which the other parcel is to be destined to the
development of a strip mall shopping center.

The parcels of land are described as follows:

     * Parcel of land for future development of approximately 16.0
cuerdas located at Guamá Ward, San German, Puerto Rico
registered
as Land #19,457; Folio 91; Tomo 611, Property Registry, Section of
San Germa¡n. Hereafter, "Property A."

     * Lot Remanent for the use of a gravel operation of
approximately 49.3738 cuerdas located at Guamá Ward, San
German,
Puerto Rico, Land #783; Folio 104; Tomo 13 – Property
Register
Section San Germán. Hereafter, "Property B."

The Debtor's current principal business is a mining operation
focused at the moment on gravel as well as future commercial
development. Particularly, on Property B on which the Debtor
manages the gravel operation, the Department of Natural and
Environmental Resources for the Commonwealth of Puerto Rico ("DRNA"
by its abbreviation in the Spanish language) through the Puerto
Rico Department of Commercial Development and Commerce, Office of
Permits ("OGPe") by its abbreviation in the Spanish language), has
granted a formal permit for the extraction of material that is
valid until the year 2027.

The Debtor filed its voluntary petition in a good faith effort to
comply with all obligations, while implementing its reorganization
strategies within a cohesive and structured proceeding which may
maximize these efforts and entail a benefit for the Debtor, the
Estate, creditors, and parties in interest.

The Debtor anticipates that the best feasible alternative for
funding its Plan of Reorganization is through an exit financing to
be provided by the entity Access Group, LLC in juncture with the
continued operations of the Debtor's business, the development of
the commercial property for the construction of a food court mall
at Property A and the operation of the Quarry operation at Property
B.

Class 4 consists of General unsecured creditors considering those
listed by the Debtor, those who filed a proof of claim as
unsecured, those secured creditors whose claims are in excess of
the scheduled value of the collateral, or those who after Debtor's
efforts have agreed to be considered part of their claim as
unsecured, are included in this class. The debt under this class
has been estimated by Debtor in the amount of $5,463,977. This
class is impaired.

Except to the extent that a Holder of an Allowed General Unsecured
Claim agrees a to less favorable treatment, in full and final
satisfaction, compromise, settlement, release, and discharge of
each Allowed General Unsecured Claim and of and in exchange for
each Allowed General Unsecured Claim, each such Holder shall be
paid as follows:

   * On the effective date of the plan allowed claimants shall
receive from the Debtor:

     -- An initial lump sum payment to be paid on the effective
date of the plan for 20% of the allowed principal balance owed on
each claim.

     -- and (4) consecutive yearly payments of 20% of the allowed
principal balance owed on each claim to be paid no later with date
of payment to be fixed on the effective date.

Class 5 consists of Equity Security Interest Holders. Creditors
under this class will not receive any payment. The equity security
holder will retain His interest on the reorganized entity and shall
remain as designated officer in charge of the Reorganized Debtor.
This class as proponent will not vote for the Plan.

At present, Debtor's operations have generated receivables, but
Debtor has not perceived the income from the parties of the
executory contracts disclosed in Schedule G. Both CH Heavy
Transport Inc. and Jorge L. Sánchez Soler, Eng. are currently
extracting material on Debtor's property and have not made payments
as both depend on payment for works provided from government
agencies who in turn such parties have contracts with.

The Debtor is currently assessing the need to take extrajudicial
and/or judicial action regarding the lack of payment. In the
meantime, Debtor's Plan shall be sustained by funds to be provided
by an exit financing being pursued by Debtor's principal through
the third party Access Group LLC and the increased operation of the
Quarry at Property B.

A full-text copy of the First Amended Disclosure Statement dated
July 8, 2024 is available at https://urlcurt.com/u?l=kGiAdF from
PacerMonitor.com at no charge.

Landmark Commercial Centers Development Inc., is represented by:

     Wigberto Lugo Mender, Esq.
     LUGO MENDER GROUP, LLC
     100 Carr. 165, Suite 501
     Guaynabo, PR 00968-8052
     Telephone: (787) 707-0404
     Facsimile: (787) 707-0412
     Email: a_betancourt@lugomender.com

           About Landmark Commercial Centers Development

Landmark Commercial Centers Development Inc. is primarily engaged
in renting and leasing real estate properties.

Landmark Commercial Centers Development filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D.P.R. Case No. 23-03338) on Oct. 16, 2023.  The petition was
signed by Jose A. Feliciano-Ruiz as president.  At the time of
filing, the Debtor disclosed $6,555,072 in assets and $8,609,063 in
liabilities.

Judge Edward A Godoy presides over the case.

Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC, is the
Debtor's counsel.


SAN JORGE: Seeks to Hire Saltlight Advisors as Collecting Agent
---------------------------------------------------------------
San Jorge Children's Hospital Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ
Saltlight Advisors, LLC as collecting agent.

The firm will assist the Debtor and the Plan Administrator in
matters related to the billing and collection of accounts
receivables owned by the Debtor, generated before the sale and not
otherwise considered straddle claims which are to be billed by the
buyer.

The firm's payment fee consists of a rate of 15 percent of the
amounts collected.

The Debtor does not believe that Saltlight nor its officer have an
interest materially adverse to it, its creditors, or other parties
in interest.
  
                  About San Jorge Children's Hospital

San Jorge Children's Hospital, Inc., operates a hospital in San
Juan, P.R., which specializes in pediatrics.

San Jorge Children's Hospital filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case
No. 22-02630) on Sept. 1, 2022, with between $10 million and $50
million in both assets and liabilities. Edward P. Smith, chief
operating officer, signed the petition.

Judge Maria De Los Angeles Gonzalez presides over the case.

The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group,
LLC as bankruptcy counsel and Galindez, LLC as external auditor.

Cardona Jimenez Law Offices, P.S.C., represents the official
committee of unsecured creditors appointed in the Debtor's case
while RSM Puerto Rico serves as the committee's financial advisor.



=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

TRINIDAD & TOBAGO: Central Bank Lowers Reserve % for Banks
----------------------------------------------------------
Trinidad Express report that following a special meeting on July
19, the Monetary Policy Committee of the Central Bank of Trinidad
and Tobago decided to reduce the primary reserve requirement of
commercial banks from 14% to 10%.

This reduction is scheduled to take effect on July 24, according to
Trinidad Express.

In a release issued July 19, the MPC stated that the daily excess
reserves for July fell by 29% compared to June, the report notes.

And the June figure was lower than the excess reserves for May, the
report relays.

"The MPC examined the recent decline in excess reserves of
commercial banks—the deposits held by banks at the Central Bank
in excess of the required reserve ratio of 14% of prescribed
liabilities (deposits and short-term borrowings).  The daily
average of excess reserves measured $2,766 million from July 1 to
July 18, 2024 compared to $3,914 million in June 2024," the release
stated, the report discloses.

In its Monetary Policy Announcement dated June 28, the Central Bank
noted that this country's financial sector liquidity remained ample
during the second quarter of 2024, despite an increase in domestic
financing by the Government, the report says.

"Commercial banks' excess reserves at the Central Bank averaged
$4.2 billion in the first half of June 2024, marginally lower than
in May 2024 ($4.3 billion).  There was nonetheless some skewness in
the liquidity positions of banks, leading some institutions to
temporarily borrow on the interbank market," the June Monetary
Policy Announcement stated, the report notes.

The MPC said that it reaffirmed the appropriateness of the overall
stance of monetary policy, the report discloses.

"At the same time, the committee considered that, in the current
circumstances, a lowering of the reserve requirement, accompanied
by greater reliance on open market operations (the purchase and
sale of securities by the Central Bank to affect liquidity), would
have an immediate impact on liquidity. This combination is also
consistent with the Central Bank's longstanding objective of
progressively moving towards more market-determined instruments of
monetary policy," it stated, the report says.

The MPC stated that after taking all factors into consideration, it
decided to reduce the primary reserve requirement of commercial
banks to 10% of prescribed liabilities with effect from July 24,
the report adds.


[*] TRINIDAD & TOBAGO: TTIFC CEO Calls for Focus on Exports
-----------------------------------------------------------
Trinidad Express reports that Chief Executive Officer of the T&T
International Financial Centre (TTIFC) John Outridge says that
access to finance and talent is crucial for establishing this
country as a fintech hub and encouraging businesses to adopt
cashless transactions.

However, he emphasized that there also needs to be a focus on
exports, according to Trinidad Express.

"We are where we are; the focus really has to be on exports. When
talking about the fintech sector, that is where we see the biggest
enabler, particularly for the businesses," Outridge said, the
report notes.

Outride made the comment while speaking at the T&T Chamber of
Industry and Commerce (TTCIC) Business Economic Outlook forum at
Hilton Trinidad and Conference Centre, Port of Spain, the report
relays.

However, Outridge noted that the challenges and barriers are
significant, attributing them to a reluctance to deal with the
complexities of banking, which can create friction, the report
discloses.

"These are the sort of things that we're working on, because there
are 25,000 small businesses in T&T and after doing a financial
inclusion survey last year, we realised that 88% of MSMEs did not
possess the type of information required to open a business bank
account," he said.

Outridge added that when approaching financial institutions as an
MSME, having the right documents is essential, and a business bank
account becomes fundamental, the report relays.

He also highlighted the lack of cashless transaction options as
another challenge arising in the business sector, the report says.

"Going into the business sector, 76% of them did not have the means
to conduct transactions electronically," he added.

Outridge stated that this issue can further dampen export
initiatives, the report notes.

He said that business owners may participate in trade missions
hosted by the Trade and Industry Ministry and ExporTT, but concerns
about payment methods will inevitably arise, the report discloses.

"In 2023, Mastercard did a study within T&T and Jamaica to evaluate
the social cost of cash and it was argued that the T&T economy
could grow by an additional 3.5% if the country increases its
electronic payments by 30%," Outridge said, the report relays.

To put these figures into perspective, Outridge noted that nearly
everyone uses their Linx card, with Linx processing over four
million transactions a month, the report says.

To achieve the 3.5% growth target, T&T would need to increase this
number by 1.2 million transactions monthly, Trinidad Express
notes.

"We have one million Linx cards in T&T, so that would mean we have
to do one additional transaction a day. But for all the things that
I mentioned, there are significant barriers, challenges, trust and
cost," he added.

Trinidad Express relays that he explained that this is because
businesses need to assess the resources they have and can afford to
invest in such a transformation.

Adding to this, TTCIC president Kiran Maharaj mentioned that the
chamber has intensified its efforts to support the SME sector, with
the recent Digimark Conference serving as evidence of this
commitment, the report says.

She also announced that the Chamber plans to launch an SME
conference next year, the report notes.

Maharaj further noted that the chamber looks forward to fulfilling
its role through its cooperative agreement with the T&T Stock
Exchange's Small and Medium listing, the report discloses.

"(We will be) facilitating discussions towards the establishment of
venture capital initiatives; providing guidance to angel investors;
support MSMEs who want to scale up; exploring opportunities for
public and private sector partnerships; and leading conversations
to accommodate joint ventures with foreign direct investment," the
report adds.



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