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Central Bank Governor says giving Ashcroft more US currency could crumble Belize’s economy

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Posted: Friday, July 29, 2016. 8:53 am CST.

Posted: Friday, July 29, 2016. 8:55 a.m. CST

Ashcroft

By BBN Staff: Attorneys for the government of Belize and the Ashcroft Alliance were back in court yesterday over a dispute cause by the first half of the payment toward the BTL nationalization settlement.

That payment was to be made by July 13 but attorney for the Ashcroft Alliance, Eamon Courtenay, says GOB did not make adequate payments in US currency as was agreed upon. Attorney for GOB, Denys Barrow, however, says the settlement outlined by the Arbitration Tribunal was very clear and that is what the government has followed.

The Ashcroft Alliance is asking for $70 million more in US currency but in a letter leaked to the media yesterday, Central Bank Governor Glenford Ysaguirre, writing to the Financial Secretary, says the Central Bank cannot facilitate that request. He says that to divert any more money from the Central Bank’s foreign reserves would be “destructive for the economy.”

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