TTD (Trinidad and Tobago Dollar)

What Is the TTD (Trinidad and Tobago Dollar)?

The Trinidad and Tobago dollar (TTD) is the official national currency of the Caribbean island state of Trinidad and Tobago. Like the U.S. dollar (USD), it is partitioned into 100 pennies.

Users of the TTD frequently utilize the prefix "TT$" to separate it from other dollar-named currencies, like those of the United States, Canada, and Australia.

Figuring out the Trinidad and Tobago Dollar

Trinidad was a Spanish province from as soon as the appearance of Columbus, who visited the island personally in 1498. Its companion island, Tobago, went under pioneer rule of several European nations, including the Spanish, the British, the French, and the Dutch. At last, both Trinidad and Tobago became British settlements in 1802 and remained so until their independence in 1962. In 1976, they formed the Republic of Trinidad and Tobago, which continues right up 'til now.

The primary formal currency utilized on the islands were the silver "bits of eight" coins that were common all through the Spanish settlements around then. These were presented during the 1500s, following the colonization of the islands by Spain.

All through the early and mid-1800s, currency on the islands was administered by private banks. Around then, several currencies were utilized, including those of Britain, Mexico, and Columbia. By the late 1870s, the discovery of tremendous new supplies of silver prompted an extreme devaluation of silver-upheld currencies like the Spanish bits of eight. Thus, British currency turned out to be more famous on the islands.

Following World War II, Trinidad and Tobago momentarily utilized a shared currency alongside other Caribbean nations. In 1964, in any case, this arrangement was supplanted by the modern TTD, which keeps on being utilized today.

Financial growth has been generally flat in the past 10 years, with GDP developing at an average rate of 0.01% somewhere in the range of 2009 and 2019. Today the economy of Trinidad and Tobago is driven to a great extent by its energy sector. The nation is a major exporter of petroleum products and [liquified natural gas (LNG)](/condensed natural-gas), and its energy sector is responsible for around 40% of national GDP.

TTD on Forex Markets

Dissimilar to numerous other Caribbean nations' currency, the Trinidad and Tobago dollar isn't pegged, rather floating freely against different currencies. It has six banknotes presently in circulation: the red $1, the green $5, the gray $10, the purple $20, the olive $50, and the blue $100.

The value of the TTD has depreciated marginally relative to the USD over the course of the last decade, from generally 6.15 TTD per USD in 2009 to around 6.8 TTD per USD in 2020. Its inflation rate has averaged around 6% throughout the course of recent years, albeit recent years have shown a lot of lower inflation.

Features

• Trinidad and Tobago is a major oil and natural gas exporter. Altogether, its energy sector is responsible for generally 40% of national gross domestic product.
• The island nation has had numerous currencies over its time, prior to the formal adoption of the TTD in 1964.
• The Trinidad and Tobago dollar is the national currency of Trinidad and Tobago.