Posted: Tuesday, April 7, 2020. 4:32 pm CST.
By BBN Staff: The Belize Bank announced today that upper-level management will be taking a 20 percent reduction in their remunerations as a means of battling the economic fallout brought on by the COVID-19 outbreak.
The Bank issued a statement today emphasizing that it is “strongly placed” to weather the COVID-19 storm but will still be adversely affected despite being well-capitalized and having strong systems and contingencies in place.
“Against this background, the Board of Directors of the Belize Bank recently volunteered to a reduction in director’s fees by 20 percent on a temporary basis. In addition, the leadership team of the bank, including all of the members of the banks executive management team have done the same- agreeing to a 20 percent reduction in their salaries until we get through this crisis,” the Belize Bank said.
The bank noted that the measures will be reviewed periodically, taking into account the success of the mitigation efforts to combat the spread of the virus. The Belize Bank also committed to making decisions that best serve the livelihood of all its stakeholders.
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