Posted: Friday, August 21, 2020. 5:36 pm CST.
By Aaron Humes:Prime Minister Dean Barrow told us that while he may have missed bringing up with the Central Bank of Belize last week the issue of deferring payments on outstanding loans, he does make that call now with the basis that his Ministry of Finance does not dictate to the independent monetary authority.
He noted that the Bank has dug up old legislation that appears to give it the power to fix interest rates, but he considers that a “last resort” and the instinct of the Bank is to negotiate with the commercial banks.
In related news, Phase two of the Unemployment Relief Program will be set to distribute funds as soon as the portal for applications closes later today.
More details later.
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