Could a U.S. Dollar Shortage Threaten Belize’s Power Supply?

Could a shortage of U.S. dollars affect BEL’s ability to buy electricity from Mexico? The government says Belize’s fixed exchange rate is not under threat, but rising demand for foreign currency is putting pressure on the system. Today, Foreign Affairs Minister Francis Fonseca explained what support BEL is receiving to meet its payments and maintain the country’s power supply.

 

Francis Fonseca, Ministry of Foreign Affairs

“I think they’ve been working with the central bank and with our, with the local banks as well. Obviously that is a critical priority. So the central bank is providing all the support that BEL needs to ensure that they do have the foreign exchange that they need to meet their obligations.”

 

Britney Gordon

“Are we seeing a shortage of foreign exchange in Belize, or it’s just the circumstances for BEL?”

 

Francis Fonseca

“Yeah, I think there, there’s been a dip because, of a downturn globally in tourism. So there’s been a dip in the availability of foreign exchange. But it’s really a challenge in terms of BEL because of  the volume of US dollars that they need on a monthly basis. So that, that’s a particular and specific challenge.”

 

Minister of Economic Transformation, Dr. Osmond Martinez, previously stated Belize is facing increased pressure on its foreign exchange supply, largely due to higher fuel costs that require more U.S. dollars for imports.

 

Attention readers: This online newscast is a direct transcript of our evening television broadcast. When speakers use Kriol, we have carefully rendered their words using a standard spelling system.

 

Watch the full newscast here: