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Nov 21, 2017

Chamber Says Foreign Exchange Problems Continue

Kim Aikman

The Government had to put together seventy-eight million U.S. dollars to repay Dunkeld International Investments Limited and the B.T.L. Employees’ Trust as final payment for the acquisition of Belize Telemedia Limited twice over.  Both Prime Minister Dean Barrow and Financial Secretary Joseph Waight indicated that there should be no immediate effect on buying power. But Waight made it known that recovery, if all goes well as it must, to the long-term foreign reserves will take at least two years – not to ignore continuing litigation on related aspects such as arbitration. However, the Chamber of Commerce and Industry says Belize’s foreign exchange pre-dated the B.T.L. affair and it is something they plan on discussing in the near future.

 

Kim Aikman, C.E.O., Belize Chamber of Commerce and Industry

“We are looking at it very closely. Our members are telling us – this is before the Belize Telemedia incident – our members have been telling us that there has been difficulty in accessing foreign exchange, and we had attributed this to the corresponding banking situation, where because the money travels around the world before it reaches your supplier, it takes a while for them to get which affects their credit line. So this has been something they have been telling us before Telemedia. I am sure we will look at the impact that will take place and we will formulate a position after that.”

 

Aaron Humes

“But in terms of specifically the Telemedia matter, that will be a part of that discussion?”

 

Kim Aikman

“Of course, that has to be a part of that discussion because it will affect all of us. But it’s a process, as I said, that we will go through and once that is finished, we will come to you with a release.”

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