Central Bank makes it easier to buy B.T.L. shares
Viewers may recall that all week we here at News Five have been doing our best to take up government’s offer and purchase one hundred shares in Belize Telecommunications Limited. On Monday, we tried to pay for those shares in U.S. cash, as specified in the prospectus, but the Central Bank turned us down, saying they were afraid of counterfeit currency. On Tuesday, we spent the day canvassing various commercial banks on the procedure for changing our greenbacks into a U.S. bank draft, the instrument suggested by the Central Bank. Having discovered that Scotia Bank offered the best deal, today we set out once again to make our purchase. But guess what? When we reached the counter at Scotia we were informed that we could not buy the U.S. draft without a permit. A permit from whom? That’s right, the Central Bank. So once again we made the pilgrimage to the fortress by the sea… only to be told that all the relevant officers were in an all day meeting… and we would have to come back tomorrow.
Now, according to a press release just in, it actually seems that today’s meeting at Central Bank may have produced some positive results. Here’s the full text: “The Government of Belize is pleased to announce that in an effort to increase the participation of Belizeans in the purchase of shares in Belize Telecommunications Limited, it has been decided to vary the existing means of payment for subscription of the shares.
Payment for B.T.L. shares up to a maximum of five hundred shares can be made at the Central Bank either in U.S. cash or in Belize dollars. Payment for shares in excess of five hundred shares can be made either in U.S. cash or U.S. banker’s cheque. All other terms and conditions set out in the offering memorandum remain the same.
The Government hopes that this will facilitate the purchase of B.T.L. shares by Belizeans.”
That’s it in black and white. Belize dollars are now acceptable for five hundred shares or less, while bigger blocs may be purchased with U.S. cash or bank drafts. We urge all Belizeans to buy, even if only the minimum amount, and we also must express some relief that–at least in this instance–some measure of common sense has prevailed.
