Belize: Selected Issues and Statistical Appendix
Volume/Issue:
Volume 2004
Issue 101
Publication date: April 2004
ISBN: 9781451805468
$20.00
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Topics covered in this book
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Business and Economics , Banks and Banking , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , financial system , market , central bank , private sector , trade competitiveness , foreign exchange intermediary , operating income , B , transaction volume , Bretton Woods exchange rate system , deficit narrowing , Public sector , Capital spending , Commercial banks , Credit , Caribbean , Central America , Europe
Summary
An illegal parallel market for foreign exchange is prevalent in Belize. Its emergence and continued existence is attributed to the pervasive exchange controls, attempts to avoid banking fees, as well as the prevalence of cash transactions in the tourist sector. Overall, the financial system appears sound, the banking system is well capitalized, and the insurance sector has been able to pass most of the risks offshore through reinsurance. The supervisory and regulatory framework for commercial banks appears sound, but there is scope for improvement.
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