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Mar 1, 2021

Amending the Central Bank Act to Generate Foreign Currency

John Briceño

An amendment to the Central Bank Act is before the Senate that, when passed, will make available fifty million dollars to invest into the productive sector. Prime Minister John Briceño says the tourism industry is the primary target group because it will also help to generate foreign currency, which has been depleting since the start of the pandemic.

 

Prime Minister John Briceño

“It is pretty much what the Federal Reserve in Untied States did when the market crashed in 2008 that they could have access to all of this cash and then put it into the system and lend it to banks and to businesses so that they can continue to operate and keep alive until things are stabilized. Well we are doing the same thing; we have already amended the Central Bank Act – well we passed it in the House and now it is in the Senate. The Senate should have already passed it, but the last time when it was presented, a few senators were asking for more time because they wanted to study it and better understand what it is that we are attempting to do.  We are going to use ten million dollars from central government and forty million dollars from central bank and that fifty million dollars is going to be made available through the lending agencies the national bank of Belize, the DFC or any other organization that would want to be able to have access to this money. But this money is going to be targeted, it is going to be targeted to industries and businesses that create jobs and create foreign currency. And so the tourism industry is going to be a priority of what we want to target.”


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