Banking

Belize 125th of 190 countries Measured in World Bank Doing Business Report

2 November 2018 by Thebeliz

ease_of_doing_business — Belize dropped 4 places on the list compared to last year’s ranking, but there are positive developments.

Belmopan- 2018. On Wednesday, October 31, 2018, the World Bank released its annual Doing Business report, which ranks countries based on their regulations and other barriers to business activity. This year, Belize ranks 125th out of the 190 countries measured, which is a four-point decrease from the previous year’s ranking.

When compared to other CARICOM countries, Belize continues to rank in the middle, after the Bahamas and ahead of Barbados. Jamaica tops the region at 75 and Haiti is last at 182.

“While Belize’s rank has fluctuated over the past few years, this is not indicative of a lack of progress that is being made on the ground since policy reform and systemic improvements often require time to materialize,” said Mr. Ishmael Quiroz, Executive Director of the Economic Development Council (EDC).

The EDC is tasked with promoting dialogue, meaningful communication, and partnership between the government and the private-sector with the objective of addressing economic development challenges and opportunities affecting the ease of doing business in Belize.

Recent accomplishments in the areas covered by the Doing Business Report include advancing Belize’s eGoverment strategy for delivering public services via online platforms, amending the Belize Building Act to clarify the roles and responsibilities of the Central Building Authority (national regulator) and those of the Local Building Units (municipalities) thereby leading to greater efficiencies in applying for construction permits.

The Trade License regime has also been under revision with the objective of introducing standardized application and transparency thereby allowing predictability, better forecasting and planning as well as improvement in moving funds nationally due to the enactment of the National Payment System Act, for automatic cheque payment processing led by the Central Bank of Belize.

Reforms are critical
Reforms such as these are critical for a country to receive a higher rank in the Doing Business report, however, since many of Belize’s reforms are new or ongoing, it is not until subsequent cycles of the report that they will be reflected in improved country performance.

The report’s goal is to inspire regulation that is efficient, accessible, and implemented in simple ways to facilitate business activity.

The EDC commends the line ministries, departments and regulatory agencies that are serious about reform, and invites everyone to continue supporting the advancement of Belize’s business climate. Much work still needs to be done to increase Belize’s rankings in the Doing Business report and this can only be achieved through conscious and committed effort by all relevant institutions. Recent reforms, ongoing regulatory upgrades, and continued collaboration between the government and private-sector reveal a country that is eager to improve.

IDB Provides Technical Cooperation Grant for Belize’s Digitization Efforts

19 June 2018 by Thebeliz

The IDB says they are happy to support Belize’s efforts to create a better business environment and digital economy.

Washington DC- The Inter-American Development Bank (IDB) has approved a technical cooperation grant of 220.000 US Dollars that will employ digital technology to pilot on approach for re-engineering and digitizing the delivery of services, which are critical to improving the business climate in Belize. The Bank-executed project will be funded through the Compete Caribbean Partnership Facility and will be executed in partnership with Belize’s Economic Economic Development Council (EDC).

The project will finance a mobile-friendly, feasible technological solution to streamline business processes with current best-practices and improve data-sharing among government agencies. Improved intra-agency communication, according to IDB, will not only result in reduced transaction times, but will also support open data initiatives.

“We are happy to support the Government of Belize’s efforts to improve the business climate and facilitate a digital economy through this project, which advances the implementation of technological infrastructure and solutions”, said IDB Country Representative, Dr. Casandra Rogers.

The project was first presented by EDC in response to Compete Caribbean’s call for proposals on business climate and innovation reform projects across the Caribbean region. The project will build on past efforts by EDC and the Government of Belize’s to address reforms for improving business and investment climate in the country.

The efforts are geared among others to eliminating the need for lengthy travel in the country to submit papers to the various government agencies.

National Bank of Belize Charges Lowest Interest

3 April 2018 by Thebeliz

national-bank of Belize pic National Bank — The National Bank of Belize Belmopan Office. Photo: National Bank

Belize City- Government-owned National Bank of Belize (NBB) during the last quarter of 2017 charged the lowest average interest rates to its customers of all banks in Belize.

A recently published report from the Central Bank of Belize indicates that NBB’s average interest rate charged on its loans was 6.57%. The highest average interest rate during that period was charged by Belize Bank, namely 10.69%. Scotia Bank on average charged their customers 8.89%, Atlantic Bank 9.22% and Heritage Bank 8.35%.

NBB also scored best when it comes to the interest the bank pays its customers on deposits. NBB paid customers on average 2% on deposits, while Heritage Bank (0.45%) and Scotia Bank (0.79%) offered the lowest interest on deposits. Atlantic Bank paid its customers 1.89% and Belize Bank 1.40%.

National Bank of Belize Limited opened its doors for business on September 2, 2013 in the nation’s capital, Belmopan. The bank is fully owned by the Government of Belize and is still a relatively small player with only 2 branches, namely the main office in Belmopan and a branch office on Regent Street in Belize City. Despite the relatively low interest rate charged on loans, the bank still enjoys less brand recognition compared to the other (and bigger) commercial banks in the country.

The Governing Board of NBB is formed by Dr Carla Barnett as Chairman, Marion Palacio as Vice Chairman, Dylan Reneau as director and Barbara Hall, also director.