Belize Bank credit Card limits lowered

The Belize Bank has issued an advisory to its credit card customers informing them that their limit has been lowered to one thousand US dollars. According to the bank, this adjustment is being made due to the shortage of US currency in the country. It added that as soon as the supply of US currency normalizes then credit card limits will be re-adjusted. Meanwhile the Central Bank of Belize continues its issuance of Treasury Bills in an effort to increase its foreign reserves. In an advisory from the Central Bank dated July 13, tenders are being invited for the issuance of Treasury Bills in the sum of just under sixty four point four million dollars. The notice indicates that the Bills will be issued in electronic form only evidenced by an electronic book entry in the Central Securities Depository of the Central Bank of Belize in multiples of $200 and will be repayable at par 91 days after issue. The Bills will be issued on Tuesday, 28 July 2020 and will be redeemed on Tuesday, 27 October 2020. According to the Bank, the auction on the Central Securities Depository System (CSD) will be opened from 10:00 am to 12:00 pm on Tuesday, 28 July 2020.

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As the COVID-19 pandemic continues to wreck havoc on the economy and budget cuts are been imposed in most sectors, the foreign exchange crunch is not improving. Businesses are being advised that new limits are being imposed beginning this Wednesday. A cap had already been imposed earlier in the pandemic, and the new measure calls for credit limits on international credit accounts to be reduced to one thousand U.S. dollars. According to an advisory to businesses, where the outstanding balance is greater than one thousand dollars, the limit will be rounded upwards of the nearest one hundred U.S. dollars. The advisory states that the pandemic continues to seriously impact the inflows of foreign exchange currencies, in particular the U.S. dollar. Local banks are required to take measures to reserve the sale of U.S. dollars to facilitate payment for the importation of essential goods and services. All be told, the situation in respect of foreign exchange has not been normalized.

Channel 5