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Jun 23, 2020

Central Bank Commences Review of Scotia Bank Purchase

Joy Grant

In a recorded statement issued by the Central Bank of Belize on Monday, Governor Joy Grant stated that a detail and thorough assessment of the sale of Scotiabank to C.I.H.L. is being undertaken to ensure that all regulations are being complied with. 

 

Joy Grant, Governor, Central Bank

“As the regulator, the Central Bank has commenced a detailed review of this Agreement and will ensure that foreign currency already in the banking system is not used for purposes of this sale. As such, the COVID-19 crisis and the balance of payments sensitivities facing all small, open economies like Belize is an important consideration. The Central Bank remains committed to the public and the business community in its proactive approach to assuring quality, competitiveness, and efficiency throughout the financial sector in addition to strengthening our oversight capabilities. Strength, stability, and expansion will endure as the key qualities in the financial industry. Over the last decade, assets in Belize’s financial sector have grown by fifty-three percent to four point six-one-five billion dollars with four hundred and sixty-nine thousand individual accounts. Together, the sector will rebound from the current COVID-19 crisis, stronger and more diverse than ever before.”


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