Our Economy
Central Bank of Belize
UNDERSTANDING OUR ECONOMY
Central Bank of Belize
© Central Bank of Belize, 1999 P.O. Box 852 Belize City, Belize Central America Telephone: 501-223-6194 Facsimile: 501-223-6222 Email: govcenbank@btl.net
ISBN: 976-8111-44-5
TABLE OF CONTENTS
Preface and Acknowledgements 1 The Role of the Central Bank 2 The Financial System in Belize 3 The Banking Sector 4 The Offshore Sector 5 Development Finance Corporation 6 Supervision of the Financial System 7 International Financial Institutions 8 Money Supply 9 Government’s Budget and the Economy 10 Taxation 11 Measures of Economic Performance 12 Balance of Payments and Foreign Reserves 13 The Real Economy: A Historical Perspective 14 The Sugar Industry 15 The Banana and Citrus Industries 16 The Fisheries Industry 17 Aquaculture in Belize 18 The Tourism Industry Index 2 3 9 13 15 16 19 22 27 30 36 40 44 58 51 54 58 61 66 70
2
Central Bank of Belize
PREFACE AND ACKNOWLEDGEMENTS
In 1995, the Central Bank of Belize sponsored a weekly radio programme series entitled "Understanding Our Economy". The programme formed part of the Bank's on-going effort to promote a greater understanding, by the general public, of economic and financial matters. The programme was aired on Tuesdays from 8:00-9:00 p.m. on Radio Belize Gold, during the period JuneDecember 1995. The topics raised in the programme formed the basis for the information contained in this publication. The Central Bank of Belize wishes to thank all those persons who contributed to the success of the radio programme. The following persons deserve a special mention: Mr. Dennis Jones for his role as moderator, Dr. Carla Barnett, the then Deputy Governor of the Bank, and Mrs. Yvette Alvarez, the then Senior Manager, at the Research Department of the Bank, for being regular panelists. Contributions by special guests on the programmes and the interest exhibited by the public were very much appreciated. They all helped to make the
UNDERSTANDING OUR ECONOMY
Central Bank of Belize
© Central Bank of Belize, 1999 P.O. Box 852 Belize City, Belize Central America Telephone: 501-223-6194 Facsimile: 501-223-6222 Email: govcenbank@btl.net
ISBN: 976-8111-44-5
TABLE OF CONTENTS
Preface and Acknowledgements 1 The Role of the Central Bank 2 The Financial System in Belize 3 The Banking Sector 4 The Offshore Sector 5 Development Finance Corporation 6 Supervision of the Financial System 7 International Financial Institutions 8 Money Supply 9 Government’s Budget and the Economy 10 Taxation 11 Measures of Economic Performance 12 Balance of Payments and Foreign Reserves 13 The Real Economy: A Historical Perspective 14 The Sugar Industry 15 The Banana and Citrus Industries 16 The Fisheries Industry 17 Aquaculture in Belize 18 The Tourism Industry Index 2 3 9 13 15 16 19 22 27 30 36 40 44 58 51 54 58 61 66 70
2
Central Bank of Belize
PREFACE AND ACKNOWLEDGEMENTS
In 1995, the Central Bank of Belize sponsored a weekly radio programme series entitled "Understanding Our Economy". The programme formed part of the Bank's on-going effort to promote a greater understanding, by the general public, of economic and financial matters. The programme was aired on Tuesdays from 8:00-9:00 p.m. on Radio Belize Gold, during the period JuneDecember 1995. The topics raised in the programme formed the basis for the information contained in this publication. The Central Bank of Belize wishes to thank all those persons who contributed to the success of the radio programme. The following persons deserve a special mention: Mr. Dennis Jones for his role as moderator, Dr. Carla Barnett, the then Deputy Governor of the Bank, and Mrs. Yvette Alvarez, the then Senior Manager, at the Research Department of the Bank, for being regular panelists. Contributions by special guests on the programmes and the interest exhibited by the public were very much appreciated. They all helped to make the