B.C.C.I. Prez Says Businesses to Face Challenge Obtaining Foreign Exchange

Nikita Usher

Private sector businesses are about to face challenges accessing foreign exchange. According to the President of the Belize Chamber of Commerce and Industry, Nikita Usher, the news that Scotia Bank Limited is pulling out of Belize and the wider Caribbean and selling its accounts to another bank is cause for concern. According to Usher, the demand for US currency will increase by November and with the rumoured Scotiabank departure, foreign exchange will be hard to come by especially since Scotiabank is the one of two banks which remains with corresponding banking.

Nikita Usher, President, B.C.C.I.

“That is becoming not so much of a challenge as yet but we certainly know that the recent rumors of Scotia, which we don’t know that to be certain but that sparked off some issue for some businesses as we speak with now. But I think the crunch will come down as we move down to the October, November period.”

Reporter

“Why?”

Nikita Usher

“Because that is when commercial businesses increase their ordering for Christmas season. So the demand for U.S. currency is even more. So we are going to feel a crunch on that as we draw closer to the November, December period.”

Reporter

“What would be some of the concerns that would be had by business is Scotia pulls out because you would have another bank coming in, taking over?”

Nikita Usher

“Well one of the biggest concerns a business sector is going to have is whether or not who is taking over will have international banking. As a country we cannot afford a movement of a bank that does not have international access. Limiting it to what we have here with internationals will restrict the amount of transaction that we can do as businesses. So the focus has to be on who has access to international affiliated banks.”