Central Bank sets formal exchange rate for U.S. dollar

By Aaron Humes: After first being accepted as legal tender in Belize in 1853, the U.S. dollar became the international peg of the Belize dollar in 1978 at a rate of two Belize dollars to one U.S. dollar.

In practice, however, banks charged slightly less, about $1.9825, to buy “greenbacks” even where stores conducted purchases with U.S. dollars at the primary rate – until now.

As of Tuesday, the Bank will sell U.S. dollars at $2.0063 Belize dollars and buy at exactly BZ$2, while at authorized dealers such as banks, the selling rate is BZ$2.0175.

The Bank notes that the buying rate for all other U.S. dollar-denominated monetary instruments – Treasury Bills, bonds, and so on – is unchanged.

The Central Bank of Belize encourages individuals and firms to transact their holdings of United States currency with an authorized dealer, subject to regulations under the Money Laundering and Terrorism (Prevention) Act, 2020.

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