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

Michael Peyrefitte

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.”