The Trinidad and Tobago dollar (TTD) is the official currency of Trinidad and Tobago. Each dollar, similar to that of the United States, is divided into 100 cents. Currently, there are two sets of notes that are in circulation in Trinidad and Tobago. The notes include those of which were issued in 1985, and new notes that were issued in 2002 and 2004. Both are accepted throughout Trinidad and Tobago. The coins that are issued through Trinidad and Tobago feature the republic's Coat of Arms on the front side of the coin, and on the backside, a national bird or flower.
Baa1, 13 Jul 2006
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Trinidad and Tobago is an active member of the Caribbean Community (CARICOM). The Head of State of Trinidad and Tobago is President Professor Emeritus George Maxwell Richards. The President is elected by an Electoral College, consisting of all members of both houses of Parliament. The parliament consists of two chambers, a Senate of 31 seats and a House of Representatives of 36 seats (which may change to 41 seats after the next election). The 16 Government Senators are appointed by the advice of the Prime Minister, the 6 Opposition Senators are appointed by the advice of the Leader of the Opposition and the 9 Independent Senators are appointed by the President to represent other sectors of civil society. The 36 members of the House of Representatives are elected by the people, for a maximum term of five years. The Prime Minister is appointed by the President. The President is obligated to appoint a person, who according to his judgment has the most support in the House of Representatives to this post. The Prime Minister has typically been the leader of the party that won the majority of the seats in the previous election.
Chief of State President George Maxwell RICHARDS (since 17 March 2003) Head of Government Prime Minister Patrick MANNING (since 24 December 2001) Cabinet Cabinet appointed from among the members of Parliament Elections president elected by an electoral college, which consists of the members of the Senate and House of Representatives, for a five-year term (eligible for a second term); election last held on 11 February 2008 (next to be held by February 2013); the president usually appoints as prime minister the leader of the majority party in the House of Representatives Election ResultsGeorge Maxwell RICHARDS reelected president; percent of electoral college vote - NA
Key Economic Factors
The tourism industry is one that Trinidad and Tobago's government is developing in order to generate revenue and address social problems. These are directly affected, as tourism is a labor-intensive activity, alleviating unemployment problems, and one that brings in considerable amounts of revenue. The government also hopes for this development to trigger greater amounts of domestic and foreign private investment in this sector, i.e. construction of new hotels.
Trinidad and Tobago's economy is based on its production and refinement of petroleum, this sector including methanol, ammonia, urea and liquefied natural gas. It is the fifth largest exporter of liquefied natural gas in the world, and supplies a substantial amount to the United States. The economy has shifted from oil-based to natural gas-based, and the status of the country is quickly moving to an industrialized one.