Direction No. 16 - Payment to Caribbean Countries with Bilateral Clearing Arrangements with Belize

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EXCHANGE CONTROL DIRECTION
NUMBER 16/2014
(Revised December 2014)
TO: AUTHORISED DEALERS AND AUTHORISED DEPOSITARIES Payment To Caribbean Countries Which Have Bilateral Clearing Arrangements With Belize

1. The Bilateral Arrangement is designed to eliminate the need to use United States
   dollars or other non-regional currencies for regional transactions. Settlement under the arrangement is done on a monthly basis between Central Banks based on the net amount outstanding.
2. The Bilateral arrangements are limited to payments made by cheque, telegraphic
   transfer, bank draft or certified cheque. No other forms of payments are affected, so that, for example, foreign currency travellers’ cheques and credit cards may continue to be used in the normal way.
3. Countries in the Caribbean which have Bilateral clearing arrangements with Belize
   are:
   Antigua and Barbuda
   Barbados
   Dominica
   Grenada
   Guyana
   St. Kitts/Nevis
   St. Lucia
   St. Vincent and the Grenadine
   Jamaica
   Trinidad and Tobago

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4. Payments from one country to the other are made via domestic banks only in the
currency of the country receiving the funds; so that, for example, a person can make payment to another person through a domestic bank using Belize dollars.
5. The domestic bank in Belize would then ask the Central Bank to request the Central
Bank of Barbados to pay the required amount of Barbados dollars to the commercial bank in Barbados. The domestic bank in Belize would pay an equivalent amount of Belize dollars to the Central Bank. _________________________ Controller of Foreign Exchange CENTRAL BANK OF BELIZE