Central Bank expected to regulate the banking system
The overabundance of local currency will predictably have an adverse effect on the availability of foreign exchange, particularly U.S. dollars. The Central Bank of Belize which is the supervisory body for commercial economic activity is expected to regulate says the prime minister.
“I have signaled long before this last time that I believe we may have indeed reached that stage. The regulator which is the Central Bank is, in matters of regulation, autonomous and so I don’t know that I can instruct the Central Bank what to do. I could perhaps go fiddle with the law to oblige the Central Bank in a situation like this but I don’t know that I want to go that far. I believe that the Central Bank must be at a point now where it recognizes that something has to give and so I will wait a little bit longer on that basis that the Central Bank surely will get some traction on this issue.”