| Central Bank Says Banking Industry Stable |
| Fri, April 24, 2015 |
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On Wednesday, we reported that the Belize Bank would be losing its correspondent banking relationship with the Bank of America on April 30th. This makes it impossible for them to make international wire transfers and bank drafts. Today in a rare press release, the Central Bank of Belize confirmed that Belize Bank and Belize Bank International are losing their correspondent banking relationships. The Belize Bank International is a foreign currency banking service for non-Belizeans.
The press release confirms that Scotiabank, Atlantic Bank, First Caribbean Bank and Heritage Bank have not been affected. The release adds that the Belize Bank will continue to offer credit card services and is seeking ties with other foreign correspondent institutions.
CEO of the BCB Group Lyndon Guiseppi told us he expects the Belize Bank to establish a new correspondent banking relationship in three months.
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