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#215674 - 01/18/02 06:15 PM Devaluation....?  
Joined: Dec 2001
Posts: 67
Mermaid Offline
Junior Member
Mermaid  Offline
The Mermaid is pretty worried about the economy of Belize.

I think a devaluation is in the making.

Does anyone have any input on who that will affect the average Belizean?

How does it affect people with loans? Is it a better or worse time to borrow? If you borrow now and there is a devaluation, do you still owe the same amount you borrowed or is it adjusted to suit the New economy?

In some ways, it seems a devaluation will force more Belizeans to buy Belizean, to cultivate and produce more or we will starve.

But these are all my ignorant assumptions. Anybody's 2 cents on this, especially good advice to the small man would be greatly appreciated.

#215675 - 01/18/02 08:16 PM Re: Devaluation....?  
Joined: Dec 2001
Posts: 24
Su_Amigo Offline
Junior Member
Su_Amigo  Offline
Mermaid, facing similar concerns, I closed a bank account and went back to US $'s. I would rather lose a little interest than lose on a devaluation. I wouldn't borrow, unless it's US for US, if I had dollars, I would hold them for a while and use only what I needed until I saw what was going to happen.


[This message has been edited by Su_Amigo (edited 01-18-2002).]

#215676 - 01/18/02 08:46 PM Re: Devaluation....?  

The country has a shortage of dollars. Belize imports more than it exports. The imports cost money and the sellers don't take the Belize dollar. That leaves the country to buy in US dollars. If the Belize dollar is devalued anything that is imported will go up in price to the end consumer. This allows the importer to sell at a price that will get him/her enough to exchange back into US to buy the next round of imports. The government needs to create industry inside the country.

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