Belize: Selected Issues and Statistical Appendix

Author: International Monetary Fund

Volume/Issue: Volume 2004 Issue 101

Publication date: April 2004

ISBN: 9781451805468

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , financial system , market , central bank , private sector , trade competitiveness , foreign exchange intermediary , operating income , B , transaction volume , Bretton Woods exchange rate system , deficit narrowing , Public sector , Capital spending , Commercial banks , Credit , Caribbean , Central America , Europe

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Summary

An illegal parallel market for foreign exchange is prevalent in Belize. Its emergence and continued existence is attributed to the pervasive exchange controls, attempts to avoid banking fees, as well as the prevalence of cash transactions in the tourist sector. Overall, the financial system appears sound, the banking system is well capitalized, and the insurance sector has been able to pass most of the risks offshore through reinsurance. The supervisory and regulatory framework for commercial banks appears sound, but there is scope for improvement.