Port of Spain a shopping and business centre for much of the country. Most government offices are also located in the city and many important government services can only be accessed in the Ministry offices located downtown. Within recent years, local banks headquartered here have helped it become a financial centre for the Caribbean and Central America region. Two of the largest banks in the Caribbean, Republic Bank, Trinidad and Tobago Limited and Royal Bank of Trinidad and Tobago (RBTT, reacquired by the Royal Bank in 2008) are headquartered here or base their Caribbean operations in the city. Trinidad's economy is based on
Port of Spain the old capital, San José de Oruña (modern Saint Joseph), about inland, had fallen into disrepair, and Governor Don Pedro de la Moneda transferred his seat to Port of Spain, which thus became Trinidad's de facto capital. The last Spanish Governor of Trinidad, Don José Maria Chacón, devoted much of his time to developing the new capital. He compelled the island's Cabildo (governing council) to move to Port of Spain, and he limited its powers to the municipality. The 1783 Cedula of Population, which encouraged the settlement of French Catholics in the island, led to a rapid increase in the