Regulatory Alerts2014-12-19
Direction No. 7/2014 - The Importation and Exportation of Currency Notes
The Central Bank of Belize issued Direction No. 7/2014 to regulate the exportation of Belize dollar notes and dealings in foreign currency. Authorised Dealers are permitted to export local notes to non-resident correspondents for traveller needs, while other exports require Central Bank permission and specific documentation for amounts exceeding BZ$500. Additionally, residents must sell foreign currency notes received from visitors to authorised dealers and report their foreign currency positions to the Central Bank.
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EXCHANGE CONTROL DIRECTION Number 7/2014 (Revised December 2014) TO: AUTHORISED DEALERS AND AUTHORISED DEPOSITARIES The Importation and Exportation of Currency Notes
- Authorised Dealers are hereby permitted to export Belize dollar notes to non-resident banking correspondents against payments in foreign currency provided they are satisfied that the notes are required for the purpose of providing notes to travellers to Belize.
- Central Bank permission is required for all other exportation of Belize dollar notes except notes carried out by travellers to a value of BZ$500.
- Applicants requesting to export Belize dollar notes in excess of BZ$500, need apply in writing to the Central Bank providing the following information: (a) Name and address of applicant; (b) Purpose of request; (c) Quantity and denomination of Coins or Notes; (d) Copy of Identification; (e) Certificate of Business Registration/Employment Letter. Request of the exportation of Belize dollar notes in excess of BZ$20,000 will also require need to apply to the Financial Intelligence Unit of Belize for permission to do so. Dealings in Foreign Currency Notes
- Under the provisions of the Exchange Control Regulations Act 2003, residents of Belize are required to offer for sale to an Authorised Dealer any foreign currency notes received from non-resident visitors, for payment of goods supplied or services
2 rendered, etc. Persons and businesses in Belize should not retain in their possession foreign currency notes in excess of reasonable requirements for giving change to nonresident visitors who make payment with foreign currency notes. 5. Authorised Dealers may deal in foreign notes and coins with non-residents and for their own account at rates of exchange determined by themselves on a commercial basis when no rate is stipulated by the Central Bank. 6. As per Central Bank of Belize Act Chapter 262 Revised Edition 2003, Subsidiary Laws as at 31 October 31 2003. ‘The parity of the currency of Belize shall be at the rate of two dollars to one United States of America Dollar’. 7. Authorised Dealers must report their returns of foreign currency positions to the Central Bank of Belize.
Controller of Foreign Exchange CENTRAL BANK OF BELIZE