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Loss of Correspondent Bank Relationships Has Severe Economic Impact

Moody’s Investors Service has just concluded a visit to Belize; the correspondent banking issue was at the centre of discussions with major players. The report issued at the end of [...]

Only $15 Million in Petrocaribe Funds Left

Between 2012 and 2015, when just the word Petrocaribe was enough to inspire poetry, song and euphoric frenzy, Government’s coffers were said to be bulging with hundreds of millions. The [...]

G.O.B. Nervous About Pending Telemedia Arbitration Ruling

According to Waight, a payment of fifty million dollars is due in a few weeks time. That’s cause for anxiety, but there’s another financial storm looming. When Prime Minister Dean [...]

High-Level Delegation Returns from Washington

With the loss of some existing correspondent bank relationships, the country is facing what Prime Minister Dean Barrow has called an existential threat and a potentially huge crisis. To stave [...]

FDIC Promises an Intervention of Sorts

The delegation then met with the Federal Deposit Insurance Corporation, another regulatory body which regulates banks that are chartered by states and have not joined the Federal Reserve System. According [...]

G.O.B. Will Seek Relationships with Smaller Banks

The delegation also met with the Secretary of the Treasury. PM Barrow says the message from that quarter was the same – that there is nothing wrong with the Belize [...]

CIBC Closes Its Doors in Belize

CIBC First Caribbean International Bank officially exited Belize today. All its branches across the country also closed and banking transactions are shutting down as of tonight to make way for [...]

CWU President Says MOU Was Not Authorized

But according to CWU president Audrey Matura-Shepherd, the union did not authorize the signing of the MOA. In a text sent to News Five, Matura-Shepherd asserts that she was “shocked [...]

Belize Bank Awaits Positive News on Correspondent Banking Relationships

And from crime to the financial sector…Prime Minister Dean Barrow is away on an official visit to Washington where he is attending a series of high-level meetings with officials from [...]

Correspondent Banking Crisis – Opposition Says G.O.B. Should Act Immediately

Prime Minister Dean Barrow has called the loss of correspondent bank relationships an existential threat and a potentially huge crisis. And undoubtedly, if not resolved the implications are many and [...]

P.M. Says De-risking is not a Result of Problems in Belize

Even as the Prime Minister continues to arrange a round of intensive meetings and lobbying sessions in the international forum, he told News Five that it is important that it [...]

Derisking Poses Huge Threat to Belize, Says PM

The PM touched on a number of hot-buttoned issues this afternoon. The issue of the loss of U.S. correspondent banking relationships due to de-risking is poses as an existential threat [...]

G.O.B. Taking All Steps to Find a Solution

Barrow says that while we are not quite there yet, the potential impact on Belize is real and huge. That is what has forced G.O.B. to be galvanized into action [...]

Cost of Diesel Goes Down at the Pump

The government announced today that it will be passing on to consumers some savings on diesel.  And we say some because on December twenty-eighth, the price of diesel shot up [...]

Reduced Petrocaribe Flows Change Economic Landscape in 2016

In his New Year’s Address, released on Wednesday, Prime Minister Barrow acknowledged that the landscape in 2016 will be different than that of 2015, and a significant feature of that [...]

PM Says Infrastructure Works Will Continue

Don’t go all melancholy just yet though. Government has successfully campaigned on massive infrastructure works, and Prime Minister Barrow says that for the most part, that will continue in 2016 [...]

Are Fuel Providers Gouging Consumers?

At midnight on Sunday, the pump prices of fuel spiked, thanks largely to G.O.B. increasing import duties on Premium, Regular and Diesel. That import duty increase, tacked on to an [...]

G.O.B. Increases Import Duties on Fuel…Pump Prices Spike

At midnight on Sunday, officially, pump prices for diesel, regular and premium fuel increased – diesel by eighty-one cents a gallon, regular by ninety-seven cents a gallon and premium by [...]

What Are Belizeans Saying About Fuel Increase

The release from government states that acquisition costs are expected to decline significantly in the coming weeks, in line with declining world oil prices. Pump prices are, consequently, expected to [...]

The Future of Petrocaribe is Uncertain

According to G.O.B.’s Financial Secretary, the increase in import duties has become necessary to stabilize government’s fiscal position which suddenly seems distinctly shaky. But why are consumers taking the hit? [...]

Jack Charles Takes Rice Dispute to Court!

The ongoing logjam between the Belize Agricultural Health Authority, BAHA, and businessman Jack Charles, proprietor of R.C. Imports, over the importation of Guyanese rice will be settled in court.  With [...]

CIBC to Close Doors in January, No Word of Exit Package for Staffers

Negotiations between the Christian Workers Union and the country management of CIBC FirstCaribbean are once again at a standstill.  On Monday, CIBC issued a release stating that it is officially [...]

PBL versus CWU; the Deadlock Continues

At news time, striking stevedores are still camping out at the Port of Belize where they have been since one o’clock this afternoon. But all is quiet despite reports that [...]

CWU Still Unable to Meet with Labor Commissioner Amid Impasse

The CWU has been having emergency meetings with the executive and the stevedores but the situation remains fluid.   Audrey Matura-Shepherd, President, CWU “Decisions aren’t mine alone, so I keep [...]

Chamber of Commerce on Impact of Ongoing Gridlock at Port

More than one hundred containers are waiting to upload and unload. The situation has dire consequences on many fronts. Exports represent thirty-seven million dollars while the imports so far for [...]