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Jul 29, 2016

Barrow Says There’s No Reason to Panic

Dean Barrow

The letter from the Central Bank seemed a dire forecast, even with the Ashcroft-request payment aside. There is talk of the economy contracting two percent in the first quarter of this year, a significant drop in revenue from the Free Zones, marginal foreign currency inflows from tourism and falling exports. As we told you on Thursday, it is as close as we’ve ever gotten to an official declaration that the economy is in crisis. But the PM says there’s absolutely nothing to be alarmed about.

 

Prime Minister Dean Barrow

“It is not that there is currently a foreign exchange problem or let me again be completely candid, straightforward with you—to an extent that there is a bit of tightness in the system, that has to do more with the loss of correspondent banking relationships and the difficulties, the sort of round tripping almost or the circuitous journey; that for example credit card settlements, payments in U.S. dollars must make before they come back into the country since some banks, in particular the Belize Bank—the largest bank by market share—does not have a proper correspondent banking relationship. So that has caused some sort of tightening. But that apart, there is no immediate problem. The governor is pointing out that unless we do certain things—and this is not new; you can get it from the IMF report—in 2020 with the advent of the full force of the super bond, we can hit a wall. Well I am here to assure you that we will do whatever is necessary to ensure that that doesn’t happen.”

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3 Responses for “Barrow Says There’s No Reason to Panic”

  1. Hatari says:

    ” . . there is no immediate problem.” What did he just say?! The economy is in shambles as is most of our society and this man says this! Unbelievable! . . . as is most things he says.

  2. Ali BaBa-row, chief thief says:

    There is no reason to panic, only those who will be crushed will have a problem.

    Those who have invested in the Mighty Forty Mutual Fund in the Caymans have nothing to worry about. 100% US dollars, all Belize currency is converted before leaving the country.
    The retirement of thieves is a priority in this administration.
    Be assured Patty-o will do the same in the next administration.

    Suffering thieves who do not rat, touches my heart. They are so deserving.

  3. MNHG says:

    BELIZE IS FULL OF UNDOCUMENTED WORKERS THAT DO NOT PAY TAX, DO NOT SPEND BELIZE MONEY IN BELIZE.
    SEE THEM EVEN IN THE HIGH OFFICERS HOMES, FARMS ETC ETC.
    CHEAP LABOUR, YES BUT ALL THATCHEAP LABOUR MONEY IS GOING AWAY FROM THIS COUNTRY AND THEN WE HEAR THAT THINGS HARD.WE HEAR THEM CHANTING “WE NO WANT NO GUATEMALA”, BUT ONLY GUATEMALAN TAXIS THEY RIDE, YES FOR A “FN” DOLLAR CHEAPER THEY SELLING THEIR COUNTRY TO GUATEMALA, SUPPORTING THE SARSTOON AGGRESSION !!!.GO ON FOOLS!!! YOUR CHILDREN WILL PAY THE CONSEQUENCES FOR YOUR STUPID 2 DOLLAR TAXIS !!!

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