Posted By: Loansum-Al K

BANK SAFETY - 08/05/06 11:52 PM

I posted this question on a previous but did not receive an answer. With the Belize government's present debt situation, what is the general feeling about the soundness of the Belize banks? eek
Posted By: GBZ39

Re: BANK SAFETY - 08/06/06 01:54 AM

Banks should be OK.
Worry about a devaluation.
However most property, etc. is quoted in US$.
Posted By: wonderwoman

Re: BANK SAFETY - 08/06/06 02:28 AM

Hi Al, banks and the country have been talking for about 20 years on devaluation. No happen yet. Don't see any problem with all my friends who happen to have money!
Posted By: Amanda Syme

Re: BANK SAFETY - 08/06/06 01:49 PM

None of the banks are calling around to "reassure" anybody - so everything is status quo - at least on the surface.
Posted By: GBZ39

Re: BANK SAFETY - 08/06/06 02:55 PM

Having been thru a few devaluations....personal and business wise....the REALLY smart money has ALREADY left Belize or is in the process of leaving.

It makes sense to hedge one's bets...even if there is NOT a devaluation.
Posted By: Richard Chambers

Re: BANK SAFETY - 08/06/06 05:13 PM

There is no FDIC in Belize. wink
Posted By: Catatonic Motivator

Re: BANK SAFETY - 08/09/06 12:27 AM

Correct. I think we're about to see the financial meltdown that's been so apparent for the past several years actually occur.

It'll be interesting to see who sticks around for it and who cuts and runs.
Posted By: Diane Campbell

Re: BANK SAFETY - 08/09/06 12:10 PM

The most significant debts currently at issue are foreign ones, and must be paid in USD.
Devaluation of the Belize dollar would increase the difficulty of paying the debts.
Posted By: Ernie B

Re: BANK SAFETY - 08/09/06 12:30 PM

I recently discussed this with someone who is in the money business and lives in SP. The only bank that has had any problems is Provident. Some questions about their off shore accounts ie; illegal funds from gambling and/or drug money. Belize banks are required to have greater reserves than even US banks and their ratios are higher. I agree with Diane in that a devalution would increase the diffuculty in paying the debts owed by GOB. Im sticking around.
Posted By: GBZ39

Re: BANK SAFETY - 08/10/06 12:46 AM

Traditionally a devaluation is used to foster exports and hinder imports. This should improve the balance of payments problem.

It is a mess for the local economy while they sort out what they should be doing and it doesn't happen overnight.
Posted By: reaper

Re: BANK SAFETY - 08/10/06 12:48 AM

I just figure it will be $50usd to depart Goldson next time...
Posted By: tacogirl

Re: BANK SAFETY - 08/12/06 09:50 PM

Which banks to people perfer to deal with and why? Belize bank or Atlantic. Looking to start an account.
Posted By: San Pedro Daily

Re: BANK SAFETY - 08/12/06 09:54 PM

Belize Bank has TV for the people in queue for tellers.
Posted By: wonderwoman

Re: BANK SAFETY - 08/13/06 03:05 AM

This has to be the 5th time I've heard of the devaluation of the dollar...I'm still waiting....and waiting...and my hair is getting a lot whiter....
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