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How Will US Inflation Measures Affect Belize?

Last week, we told you that the National Bank of Belize successfully secured correspondent banking with an Italy-based financial institution, Intesa Sanpaolo. The announcement was made by the Minister of State in the Ministry of Finance, Christopher Coye who confirmed that the bank had obtained a Swift Code. This latest achievement for the bank is in keeping with its vision to be a leader in the financial sector. Minister Coye explained today that while this is not the optimal situation, it is better than not having one. 

Christopher Coye, Minister of State, Ministry of Finance: “Belize’s currency is pegged to the US dollar. Our major trading partner is the United States so certainly it is preferred that we develop correspondent banking relationships directly with US banks. It certainly makes it easier for trade if you have a correspondent banking relationship in another currency then you have an exchange rate risk that arises but I understand that in connection with the Banca Intesa that that correspondent account will be able to have conversion into US dollars immediately. What is big is that National Bank now has it’s own SWIFT code and that is in effect a prelude to establishing US correspondent banking relationships. Now I think there is a developing interest in Belize by small or lower tiered US banks so to that extent then National Bank will be in a readied position to establish a US correspondent banking.”