We begin our newscast this evening with welcome news from the financial sector. The Central Bank of Belize held a press conference earlier today to update the public on its operations and the nation’s economic standing. Governor Kareem Michael kicked things off by highlighting a remarkable rise in G.D.P. per person from 2020 to 2023. This figure represents the country’s economic output per person. Back in 2020, the G.D.P. per person was ten thousand, five hundred dollars. Fast forward three years, and it has jumped by five thousand, five hundred dollars. This means that each person is contributing significantly more to the G.D.P. now than they were three years ago. This impressive growth is reflected in Belize’s G.D.P. growth rate, which the Central Bank says is the highest in Latin America and the Caribbean, and even surpasses the global growth rate.
Kareem Michael
Kareem Michael, Governor, Central Bank
“Today we can confidently say that since the onset of the pandemic and these conditional external shocks, our economy has fully recovered. Indeed, real GDP for a person in 2023 was above what would have been implied by a continuation of pre-pandemic levels. If we didn’t have the shock, the dotted line here shows that real GDP per capita would have been somewhere around thirteen thousand five hundred per citizen per person within the population. As it is, we are some two thousand dollars above that at fifteen thousand, five hundred. On an annual basis, the Central Bank projects that the economy will grow to about seven percent in 2024. This annual growth outpaced the IMF’s projected 2024 growth rates for several Central American and Caribbean countries and is well above the average of two point one percent expected overall.”
Despite the significant post-pandemic boost in the country’s G.D.P., Belize is still wrestling with inflation. However, there’s been a shift in what’s driving this inflation. Previously, Belize was importing inflation. Now, according to the Central Bank, over sixty percent of Belize’s inflation is influenced by domestic prices, particularly the cost of locally produced food.
Kareem Michael
Kareem Michael, Governor, Central Bank
“Inflation has retreated from its 2022 peak of six-point three percent. We are at the red dotted line, to three-point six percent. It is expected to dip further to around three percent below in 2025. This range may be the new normal, two to three percent. Inflation experience has not been unique to Belize, but all countries have grappled with higher inflation since 2021. We see that in 2021, and 2022 inflation was largely externally driven, imported through fuel and other imported food items. This accounted for sixty-five percent of inflation. This trend flipped in 2023. With increases in the prices of domestically produced food items alone contributing to forty-four-point two percent of inflation. Adding, in services and domestically generated inflation accounted for sixty-two percent of inflation in 2023. This will persist in 2024 with the domestic component largely reflecting local food cost, restaurant food cost, and to a lesser extent home rental costs contributing to sixty-three percent of total inflation.”
Now for some more good financial news: the Government of Belize has managed to slash its debt-to-GDP ratio from a whopping one hundred and three percent in 2020 to sixty-four percent in 2024. That’s a huge drop! Michael even called it incredible.
Kareem Michael
Kareem Michael, Governor, Central Bank
“For the past three years the government has kept primary spending below revenue receipts, generating primary surpluses averaging five percent of GDP. When coupled with a growing economy, the debt to GDP ratio, and this is incredibly, has steadily gone down, from a hundred and three percent of GDP at the end of 2020 to sixty-four percent of GDP at the end of September 2024. Over the coming years, the Central Bank expects a higher level of public investment given the urgent need to address challenges linked to the climate resilient infrastructure.”
Under current foreign currency laws, people traveling outside of Belize for business can only get two hundred and fifty dollars per day from an authorized dealer. Those seeking medical treatment or going on vacation can receive up to three thousand dollars. But today, the Central Bank of Belize announced a big change: they’re raising the limit to ten thousand dollars across the board. Here’s how Governor Michael explained it.
Kareem Michael
Kareem Michael, Governor, Central Bank
“While those amounts may have been sufficient in the past, the Central Bank has deemed it necessary to increase those limits. For ease of doing business for the travelling public, Central Bank will adjust those limits to be U.S. ten thousand dollars across the board, despite travel type. This will go into effect tin January 2025. This is not intended to be a free for all. You will have to provide the tellers with your supporting documentation and those are current and not expired. Also if you are travelling with cash in hand you have to declare this. Just remember that requests above ten K will require approval from the Exchange Control Department of Central Bank. I am hoping that both from the customer side and the bank side that if you are giving somebody ten thousand U.S. in cash you can also issue that person a credit card to do the very same thing.”
As part of its wave of changes, the Central Bank of Belize is gearing up to launch a credit reporting system. Central Bank Governor Kareem Michaels says this new system will open up access to finance, boost financial inclusion, and help maintain a stable financial system. With this credit reporting system, every Belizean will get a credit score, which will act as your reputational collateral when applying for loans and mortgages. The Central Bank has chosen the well-known global credit bureau operator C.R.I.F to spearhead this initiative. Governor Michaels shared more details with us.
Kareem Michael
Kareem Michael, Governor, Central Bank
“How will this work? Consumers will be able to build what is now known as reputational collateral through credit history. So shift your minds out of the traditional forms of collateral, we are talking about reputational collateral. The CRS will expand the credit to credit and lower cost for healthy bowers. Consumers will be able to proof of credit readiness with nontraditional data. It will also help to prevent over indebtedness with lenders better able to calculate a borrower’s capacity to service his or her own debt. For lenders it will reduce the symmetry of information so lenders will have a better understanding of a borrowers credit history. It also promotes transparency and fairness in the lending process. This is the ecosystem we are looking at for credit information history. What we want to point out is part of your credit score is actually how you have been paying your utility bill. When I mention and talk about nontraditional forms of assessing your credit history and repayment capacity. This is one of those things.”
We’ve been keeping you in the loop for months about the Central Bank’s new currency designs. Well, the wait is almost over! The designs will be unveiled in January 2025. And don’t worry, the change in design won’t affect the value of your money. The new currency is set to roll out in the third quarter of the year, but your old bills will still be good to use. Governor Michael reassured everyone about this today.
Kareem Michael
Kareem Michael, Governor, Central Bank
“I must stress that while our new bank notes will look different, the value will remain the same. Design does not equal value, a dollar is still a dollar. Our rate of exchange remains the same, which is two Belize dollars to one U.S dollar. And just again from our information, the removal of the monarch portrait is not novel. Belize will be joining a growing list of commonwealth countries that once featured Queen Elizabeth the Second on their money but no longer do today. The new currency designs will honor receipts of the order of National Hero, the Right Honorable George Cadle Price and the Honorable Phillip Goldson. With the passing of Queen Elizabeth the Second, the Central Bank, it was made very clear to our central Bank when in the ordering of our current family of notes there will be cut off point where we could keep ordering notes with Queen Elizabeth. There is a work around where we could backdate it. The other option was make sure you put the new head of the monarch on your notes. And, we were faced with that decision. That presented an opportunity for us to consider should we go that way. This is where that pivot began.”
Last night, we brought you part three of our deep dive into the operations at Caribi Bleu Casino in San Pedro. Tonight, we have breaking news: the Central Bank has confirmed they’re investigating the casino. As we’ve reported, the casino was caught running an unauthorized ATM that dispenses U.S. dollars. Our investigation has shown that while the Gaming Control Board oversees the casino industry and the Financial Intelligence Unit acts as the supervisory authority, the Central Bank regulates ATM operations and foreign currency exchange. Interestingly, the Central Bank has never approved ATMs inside casinos. This is the first time a casino in Belize has been found operating one, according to the Central Bank. There are still many questions about money laundering laws, but today we got to ask the Central Bank about their investigation into the casino’s activities. News Five’s Paul Lopez has the details.
Paul Lopez, Reporting
Planning a trip outside of Belize for business, medical reasons, or a vacation? The right way to get foreign currency is through a dealer authorized by the Central Bank. Central Bank Governor Kareem Michael explains how it works.
Kareem Michael
Kareem Michael, Governor, Central Bank
“This is fancy terminology for a domestic bank who has been given the authority to sell foreign currency within our system.”
And there is a limit to how much foreign currency any single individual can receive from an authorized dealer.
Kareem Michael
“As it stands now, you can get U.S two hundred and fifty dollars per day, while those travelling for medical and vacation purposes can get U.S three thousand each. This is for the entire trip.”
Customers have been saying the limit is too tight, so the Central Bank is bumping it up to ten thousand U.S. dollars across the board. Now, picture this: you find an unauthorized ATM inside a casino in Belize that spits out U.S. currency. You could skip the application process, dodge a trip to the bank, and fly under the Central Bank’s radar. After weeks of investigation, it turns out that Caribi Bleu Casino in San Pedro has been running an unauthorized ATM that dispenses U.S. currency. An undercover operation inside the casino caught the machine in action, spitting out U.S. bills with just a credit card swipe. Today, we had the chance to ask the Central Bank’s Governor, the head of the regulatory body, some pressing questions about this situation.
Paul Lopez
“What sort of investigation has the Central Bank launched into this as a part of your mandate to secure Belize’s financial sector?”
Kareem Michael
“I am sure you will appreciate that I can’t say much on that because it is a live investigation and one that began well before your media house started to run the story.”
Governor Michael confirmed that the Central Bank is looking into Caribi Bleu Casino’s use of the unauthorized ATM. News Five learned that although the ATM was reported to the Central Bank months ago, their busy schedule delayed the sting operation until a couple of weeks ago. Michael explained that these unauthorized transactions can upset the local foreign exchange market, as U.S. dollars can be sold at any price set by the dealer, creating a parallel market and a dual exchange rate.
Paul Lopez
“Is it a common practice to have atm machines in casinos under the National Payment System Act.”
Kareem Michael
“Absolutely not.”
In fact, it is unheard of in Belize. News Five has confirmed that this is the first such instance where a casino in the country has been operating an ATM, more so one that dispenses U.S. currency. So, how did Caribi Bleu Casino manage to pull this off? The short answer: with some seriously sophisticated tech skills.
Paul Lopez
“How is it that a casino can operate an atm undetected for a period of time?”
Kareem Michael
“I got a better question, how is it configured? So yeah.”
News Five has confirmed that the ATM machine inside Caribi Bleu Casino was connected to a tower in Miami. Through this technology, the machine was able to process a user’s banking information and dispense the amount requested from the U.S currency loaded into the machine. One of the pressing questions at this point is, where does U.S. currency loaded into the atm comes from and if these funds are linked to money laundering? Michael says F.I.U is the supervisory authority over casinos. So, they will have to establish these answers. Notably, the Central Bank is a member of the National Anti-Money Laundering Committee, as is the FIU.
Kareem Michael
“The Central Bank is a member of part of NAMLAC. The Central Bank has supervisory authority for the financial institutions I listed. Casinos and these non-financial entities fall under another member of NAMLAC, namely the FIU.”
But our calls and messages to the Director of FIU have gone unanswered for a couple of weeks. The Chairman of the Gaming Control Board, Bob Bounahra, also told us on Tuesday that the board does not have authority over financial regulations, but that if the Central Bank or the FIU raises and issue and brings it to the attention of the board, it will take the necessary measures. All this probing has brought to our attention a gap in cooperation between these entities, which Michaels confirmed.
Paul Lopez
“So how would you all receive information or become aware of this suspicious transaction, if not through the Gaming Control Board, the FIU?”
Kareem Michael
“Absolutely, because they again are the supervisory authority. Now there is an opportunity, I think this is what you are suggesting, if whether or not there can be greater cooperation between all entities like this because it is one anti-money laundering framework. Again there is a NAMLC committee where such things can be presented and tabled and everybody can be involved.”
News Five has confirmed that Caribi Bleu Casino will receive a cease-and-desist order by Friday as the Central Bank and the FIU continue their investigation. When the Central Bank establishes that Caribi Bleu Casino acted in contravention of the law, the director, general manager and secretary can be held liable, at least under the Exchange Control Act. We’ll keep following this story and push for answers from the FIU about its investigation into the source of the funds. Reporting for News Five, I am Paul Lopez.
David Almendarez is well-known for his outspoken criticism of the government and his zero-tolerance stance on corruption. As the face of FECTAB (the Federation of Cruise Tourism Association of Belize), he’s often been vocal about issues with current and past administrations. While some call him a firebrand, Almendarez says he plans to bring that same fiery energy to the next general elections and, if elected, to parliament. The U.D.P’s newest standard bearer is set to run in the Belize Rural Central Division on the Shyne Barrow ticket. Today, he sat down with News Five’s Marion Ali, who brings us this report.
David Almendarez
David Almendarez, U.D.P. Standard Bearer, Belize Rural Central
“Sometimes Belize need wa lee big mouth. We need to have somebody different. We need somebody to care for the people. You see me, I nuh born wid no golden spoon eena my mouth. And I nuh got no privileged law degree and I neva get educated by no privileged family. And I nuh related to no privileged family. I da wa regular person who run wa successful company with no criminal record. Me nuh got no baggage pahn me.”
Marion Ali, Reporting
David Almendarez, the fiery voice of FECTAB and a major government critic, is now the United Democratic Party’s standard bearer for Belize Rural Central under Shyne Barrow’s leadership. Almendarez shared with News Five that he was the one who reached out to Barrow some time ago, offering to run in the constituency. He even had to get Barrow’s cell number from someone in the media to make his move. Once he got the green light, he kicked off his campaign just a week ago.
David Almendarez
“I ask ah, you have Shyne phone number? Yes. And I get pon WhatsApp, and I WhatsApp Shyne, and I say, Shyne, I nuh know you, but da nuh often the devil tek all of your enemies and put them pon my stage. You understand how bless you? That stage where I say that everything I hate about politics, I hate everything that the 15 years of my government already, we vote the last election. If you’re serious about change, if you just want another little hula award, if you don’t need a little crump on your thing for going back to the States like King Jaffe, come holler at me, cause I’m going to join the fight.”
But that fight won’t follow a sophisticated path; Almendarez wants to help the common people.
David Almendarez
“I wa run wa grassroots campaign. I am here to listen, keep in touch with my people. I want to listen to you. Belize Rural Central should expect me personally fi come knock da yoh house and I nuh di come knock fi no fakeness. I di come knock fi listen. I deh ya fi come represent because I know we have poor representation in our area.”
What’s surprising about Almendarez’s run for political office is that he claims he doesn’t support any political party—not even the U.D.P., under which he’s running. Instead, he’s focused on pushing for a government that will actively work to implement and stick to the UN Convention against Corruption.
David Almendarez
“I that nuh a UDP. That not a PUP. You and me know I didn’t have this for change. And I told him this morning, if my thirty-one members not willing to sign UNCAC, the word that all politicians fraid fa, if we nuh fraid fi sign UNCAC on the very first day of being elected.”
Marion Ali
What was his response?
David Almendarez
“He said, yes.”
Marion Ali
“So, if you’re not PUP or UDP, why didn’t you run independent?”
David Almendarez
“Because Belize wa never vote for wa independent person. I believe this opportunity we have for the next general election because a lot of people think we can win next general election. A lot of people think we are a joke. It’s amazing because when I first launched my campaign on the media, mein if I da mi wa thin-skinned person I goh dig wa hole. A lot of people take we lightly, but Belize has not even begun to hear five percent of our message. The message hasn’t started yet, but the message will start with change.”
Almendarez mentioned that his campaign funding will come from both the U.D.P. and his own pocket. He gave us a tour of his business at Mile Nineteen on the George Price Highway, explaining that much of his investment in the tilapia fishery and farm began when COVID brought the tourism industry to a grinding halt. With his tour service shut down during the border closures, he turned his focus to farming. If elected, he says he wants to create a variety of job opportunities.
David Almendarez
“We could produce coconut oil. We could do it. With two or three man. We’re just one big machine, and we can produce drums a day, drums a day. And we have people that believe they can do it, but they don’t share the knowledge. So, that is just one. I could go on, you want to keep on going? We can also invest in a very good housing system for our people. Higher people don’t have jobs. Teach them how to build a house in one month, two months. Create a housing path. And make single mothers pay over 600 a month for house rent or something we never own.”
News Five reached out to Beverly Williams, the Belize Rural Central candidate for the U.D.P. under Tracy Taegar-Panton’s leadership. Williams sent a message to her constituents, saying, “Beverly Williams will remain your servant no matter what. High road always.” We also contacted the incumbent, the P.U.P.’s Dolores Balderamos-Garcia, for her reaction. She was heading into a NEMO meeting and replied via message, saying, quote, I will never take any opponent lightly. I still need to work very hard, end quote. Marion Ali for News Five.
A scuffle between two young athletes at the Hostel football field on Tuesday evening led to a woman being charged with common assault today. The incident started when a boy and a girl, both students at St. Ignatius Primary School, were playing football. A tackle turned into an altercation, and the girl’s aunt got involved. The woman reportedly came to the field looking for the nine-year-old boy. When she found out he was heading home, she followed him to his Gibnut Street address. There, she allegedly roughed him up, threatened him, and verbally assaulted his grandmother. Earlier today, we spoke with football coach Stanley Thomas, who witnessed the whole incident.
Stanley “Dubu” Thomas
Stanley “Dubu” Thomas, Football Coach
“They were playing so good. Dehn come from way deh and di whole evening dehn di play good and one chaos I saw there, the girl and di same bwai got di conflict were playing together. All weh ih sih, I sih di girl shub him first because dehn di try tek weh di ball. She shub he first, hard, he come back and shub di gial harder and di gial drop. And da soh dis chaos start with negative words, ah gwein go ker mi auntie and mi auntie wah do dis and mi auntie wah do that. And she went and call ih auntie and ih auntie come fi true, but ih auntie come with wahn temper, dig, and she just explode with ih negative mouth on the football field. And di lee bwai run and when ih run di whole escalation start and dehn start follow ahn like crazy. Yoh know how pickney like follow trouble and do soh ih start.”
Voice of: Mother of Student
Voice of: Mother of Student
“My nine-year-old son told me that when he was coming from the football field, because he usually goes to practice every day, it’s something that he is really passionate about and so he goes every day. And when he was coming home, he noticed a lady coming behind him, quickly coming behind him and he didn’t pay it any mind until when the lady came up to him and basically boarded him off, started cursing him out, pointing in his face. The lady grabbed his shirt, the back of his shirt, punched him a couple times in his back and told him not to mess with her niece. My son said he left it like that and continued walking home. When my mother-in-law came outside, the lady started saying a lot of insulting words and was really cursing up. All the neighbors heard and she even told my son that she will chop off his hand and that when she meets him on the street again that she will deal with him.”
The child’s mother has confirmed that charges will be brought against the woman, including common assault and using threatening words.
Voice of: Mother of Student
“The charge was common assault. The aunt has been charged with common assault since she was the one that followed my son and she was the one that hit him. I was made to understand that she’s claiming that she did not hit my son, but we do have witnesses that can prove that, yes, she did hit my son. We also are going to bring the charge of threatening words, all the explicit words that she used, all the insulting words. My mother-in-law, she’s a senior JP, I know the law was recently amended but that does include her, you know, they can charge her for what she told my mother-in-law. So we are proceeding with a charge of threatening words as well.”
