Business & Economy
SIB Reports Consumer Confidence Index Up by 5.2%
The Statistical Institute of Belize (SIB) reported a significant increase in the Consumer Confidence Index (CCI) for January 2025, which rose by 5.2% compared to December 2024. This improvement brought the CCI to 50.5%, indicating a shift in optimism about the economy and personal financial prospects for the first time since the SIB began tracking this indicator.
Business & Economy
USAID’s shutdown will impact Belize
The recent termination of operations by the United States Agency for International Development (USAID) has raised concerns about the future of various development projects in Belize. This shutdown announced recently, is expected to have far-reaching implications for healthcare, infrastructure, and social programs in Belize that have relied on U.S. funding.
Business & Economy
Castillo’s Hardware celebrates 25 years of service to the San Pedro community
San Pedro’s well-known business, Castillo’s Do It Best Hardware Ltd, celebrated its 25th anniversary on Wednesday, February 19th. To commemorate this milestone, the management hosted an appreciation event, which included a raffle where 25 lucky customers could win $1,000 each, alongside other tokens of appreciation.
Business & Economy
Island Woman Remanded on Theft Charges Totaling $516,962.55
34-year-old Bethsa Ramirez was arraigned at the San Pedro Magistrate Court on Monday, February 17, on a charge of Theft. Ramirez is accused of embezzling over half a million dollars while employed by the development company El Diamante Ltd and Diamante Beachfront Suites. Due to the significant amount of missing funds, Ramirez has been denied bail and is remanded to the Kolbe Foundation at the Belize Central Prison until April 23, 2025.
Business & Economy
SIB reports that the consumer price increased by 2.6% in December 2024
Belize has experienced a significant increase in consumer prices, with a rise of 2.6% reported in the final quarter of 2024. This information comes from the latest report released by the Statistical Institute of Belize (SIB) on January 30, 2025. Rising costs in essential categories such as food and housing primarily drove the increase in the inflation rate.
Business & Economy
Government of Belize seeks to increase the hotel tax to 12.5%
The Government of Belize (GOB) is considering a significant increase in the hotel tax, proposing to raise it from the current rate of 9% to 12.5%. This proposal follows a period of unprecedented growth in the country's tourism sector. The planned tax increase is part of a broader strategy to enhance tourism infrastructure and support national development. This decision aligns with the government's goal of taking advantage of the thriving tourism industry by generating additional revenue through higher taxes.
Business & Economy
Prestige Awards recognizes Caye International Bank and President Luigi Wewege
The dedicated team at Caye International Bank (CIB) celebrates being recognized by the Central America Prestige Awards 2024/2025 as the Offshore Bank of the Year. The bank's President, Luigi Wewege, was also awarded Offshore Bank Executive of the Year.
Business & Economy
Corona Beer officially available in Belize
Belize has officially welcomed Corona Extra beer into the country. This development follows the government's approval to import 1,500 cases, marking a significant moment for beer enthusiasts in the country.