Trinidad and Tobago is by far the largest Caribbean financial centre in terms of its banking sector. The size and profitability of its lenders make up about 45% of the regional total, with its Tier 1 capital representing an even higher proportion, at almost 50%. The gas-rich country's financial sector contributes 10% to its non-energy gross domestic product (GDP), according to the central bank. It therefore came as a surprise that a survey to test the country's population's understanding of financial products five years ago indicated that only a small proportion of respondents could be described as financially literate.
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