System is expected to curb the market in foreign currency and to bring the
informal trade into the official system. Currently 12 traders have applied to
the Central Bank of Belize for a license to operate a Cambio. Persons interested
in obtaining a license may apply to the Central Bank using the prescribed form
accompanied with a non-refundable application fee of US$500. Should an
application be approved an annual fee of US$5000 is also payable.
The Central Bank will scrutinize each applicant ensuring
that the operator has a clean record and should have an appropriate net worth
with an unencumbered equity of at least BZ$150,000.
Cambio must operate under the official exchange rate of BZ$2.00 to US$1.00.
While selling the foreign currency, the Cambio operator may add a service charge
with a ceiling prescribed by the Central Bank. In the case of any other
currency, the Central Bank will prescribe the exchange
It is an offense to conduct foreign exchange
transactions with persons other than an authorized dealer or licensed Cambio
operator. The offense is punishable on summary conviction with a fine of up to
BZ$10,000 or imprisonment of up to 12 months, or both.
following traders have applied for Cambio licenses with the Central Bank of
Milo's Money Exchange Company Limited - Corner Boca del Rio Drive & Dolphin Street, San Pedro Town; Forex Ltd. - 2 Corner Barrier Reef Drive &
Buccaneer Street, San Pedro Town; Apex Ltd. -
c/o 21B Royal Palm Villas, San Pedro Town; Shanti Finance
Corporation Ltd. - 10 Belize/Corozal Road, Orange Walk Town;
GC Company Ltd. - 21 Main Street, Punta Gorda
Town; Sal-Baba International Company Ltd. -
Corner Park Street & Queen Victoria Avenue, Orange Walk Town; Contreras Company Ltd. - 74 George Street, Benque
Viejo Town; Rhadha Swami Company Ltd. - 16
Albert Street, Belize City; M & D Company Ltd. - 2nd Street North,
Corozal Town; Southern Exchange Ltd. - 1 Mile
Stann Creek Valley Road, Dangriga; Belize Exchange Services Ltd.
- 4 Regent Street West, Belize City; Mona
Lisa - 4 Regent Street, Belize City.
In related news, on April
6th, 2002, a Belize
Association of Casa de Cambios was formed with thirteen members representing all
districts of Belize. The association members aided the negotiations with the
Minister of Budget Management regarding the Casa de Cambios' rules of operation
and taxes to be paid by the association.
members have elected a Board of Directors for the year 2002-2003 which
comprises: President James Janmohamed, Vice President Ciriaco Contreras,
Secretary Jose A. Paz Jr., Treasurer Peter Cod, and Directors Kishore Makhijani
and Vinod Punjabi Ratwani.