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Central bank of Belize defends decision to fix exchange rate

The Central Bank of Belize has defended its decision to fix the exchange rate of the local currency at two to one US dollar, even as it acknowledged that there has been some pushback from commercial banks.

The official fixed buying rate of the US dollar at two Belize dollars was effective May 2.

CBB Governor Kareem Michael says the focus has primarily been on cash instruments, specifically currency notes, which were subject to complaints and concerns from the public.

He says that by resetting the buying rate for authorized dealers, issues faced by individuals in their everyday transactions will be addressed.



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