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“Foreign exchange reserves are stable,” says PM

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Posted: Thursday, July 30, 2020. 9:05 am CST.

By BBN Staff: Prime Minister Dean Barrow said today that country has seen some stability in terms of foreign exchange reserves at the Central Bank of Belize.

“Stable is the word. We know there have been constraints but it’s not as if the situation is approaching the point of rock bottom,” Barrow said.

Barrow stressed that the Central Bank has become cautious with the issuance of foreign exchange permits, to the point of rationing them out.

At his virtual press conference today, the PM and Financial Secretary Joseph Waight, said that some US $20.2 million out of the US $30 million treasury notes which were announced back in June, has been subscribed and that there are some other parties expressing interest in the remaining amount. He said that among those interested parties is the Government of the Republic of China (Taiwan), however, it remains to be seen whether or not the Taiwanese government will act on that expression of interest

At the announcement of the USD Treasury Notes, Barrow explained that the proceeds will be “рurроѕеd tо аugmеnt thе ѕtосk оf оffісіаl Сеntrаl Ваnk rеѕеrvеѕ whіlе thе mаturіtу іѕ tаіlоr-mаdе tо ѕраn thе сrіѕіѕ. Неnсе thе аffоrdаblе рrіnсіраl рауоff dаtеѕ, роѕіtіоnеd wеll bеуоnd whаt wе bеlіеvе tо bе thе tеmроrаrу есоnоmіс ѕlumр саuѕеd bу thе СОVІD-19 lосkdоwn.”

A full story on that announcement can be found here:

https://www.breakingbelizenews.com/2020/06/04/prime-minister-barrow-announces-first-ever-u-s-dollar-denominated-treasury-note/

 

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