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Amending the Central Bank Act to Generate Foreign Currency #548522
03/02/21 06:00 AM
03/02/21 06:00 AM
Joined: Oct 1999
Posts: 79,900
oregon, spr
Marty Offline OP

.
Marty  Offline OP
An amendment to the Central Bank Act is before the Senate that, when passed, will make available fifty million dollars to invest into the productive sector. Prime Minister John Briceño says the tourism industry is the primary target group because it will also help to generate foreign currency, which has been depleting since the start of the pandemic.

Prime Minister John Briceño


“It is pretty much what the Federal Reserve in Untied States did when the market crashed in 2008 that they could have access to all of this cash and then put it into the system and lend it to banks and to businesses so that they can continue to operate and keep alive until things are stabilized. Well we are doing the same thing; we have already amended the Central Bank Act – well we passed it in the House and now it is in the Senate. The Senate should have already passed it, but the last time when it was presented, a few senators were asking for more time because they wanted to study it and better understand what it is that we are attempting to do. We are going to use ten million dollars from central government and forty million dollars from central bank and that fifty million dollars is going to be made available through the lending agencies the national bank of Belize, the DFC or any other organization that would want to be able to have access to this money. But this money is going to be targeted, it is going to be targeted to industries and businesses that create jobs and create foreign currency. And so the tourism industry is going to be a priority of what we want to target.”

Channel 5

Re: Amending the Central Bank Act to Generate Foreign Currency [Re: Marty] #548700
03/10/21 05:22 AM
03/10/21 05:22 AM
Joined: Oct 1999
Posts: 79,900
oregon, spr
Marty Offline OP

.
Marty  Offline OP
Senate Debates Central Bank Amendment

This morning, the Senate had another short meeting in Belmopan, and the main parliamentary business of the session was the passage of the Central Bank of Belize Amendment Bill of 2021.

This amendment will empower the Central Bank to put together emergency programs and facilities for the business community, to assist during unusual and necessary economic circumstances. The ongoing pandemic and the economic crisis certainly fit those criteria, and so, the Briceno Administration is trying to get this bill into law. But, in the Senate today, the bill drew the same kind of heated debate that occurred when it was first tabled in the House. Here are a few excerpts:



Channel 7

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Amendment to the 2011 Central Bank Act is Passed in the Senate

The Amendment to the 2011 Central Bank Act passed in the Senate this morning after its second reading. Viewers will recall that last month, the Central Bank of Belize appointed a new chairman to head the board of directors, the returning former Governor Sydney Campbell. Just days later on March first, the amendment to the Central Bank Act went before the Senate for its first reading. According to Prime Minister John Briceño, the amendment will allow access to fifty million dollars for the productive sector, namely tourism as a key generator of foreign currency. Today the Senator for the United Democratic Party, Michael Peyrefitte criticized the bill for being short on the details he says are needed to explain the changing role of Central Bank.

Michael Peyrefitte, U.D.P. Senator


“And if they take an active role in the economy, exactly what is that role? And you are talking about different institutions, companies who are part of a program. How are you affected by the Central Bank if you choose not to be a part of that program for example? And what if I am a part of that program and the Central Bank facilitates one of the companies with foreign exchange that one of those outside of the program doesn’t have access to? Then how does that person who has been left out have any confidence that the Central Bank would not be showing any preferential treatment over one and another.”

Channel 5

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Senators met in Belmopan today for a special sitting. The debate focused on the Bill to amend the Central Bank of Belize Act. The amendment seeks to provide for emergency programs and facilities in unusual and exigent economic, financial or systemic circumstances. Lead Opposition Senator Michael Peyrifitte says the bill that the PUP government has created is
dangerous.


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