{
  "title": "Belize: Selected Issues Paper",
  "publication": "IMF Staff Country Reports, November 16, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/11/16/belize-selected-issues-paper-46371",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2018/11/16/belize-selected-issues-paper-46371",
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  "summary": "This Selected Issues paper analyzes Belize’s correspondent banking relationships (CBR). All affected banks have found some replacements CBRs and alternative ways of processing cross border transactions.",
  "sections": [
    {
      "heading": "Correspondent Banking Relationships (CBR) — Main Findings",
      "content": "- The paper analyzes Belize’s correspondent banking relationships (CBR) using a dataset based on a bank-level survey and the IMF staff’s minimum scope framework.\n- All affected banks have found some replacement CBRs and alternative ways of processing cross border transactions.\n- Pressures from the loss of correspondent banking relationships appeared to be easing.\n- The US dollar continued to dominate CBR transactions, but its share has been declining.\n- CBR pressures appear to be easing but risks remain."
    },
    {
      "heading": "Risks and Vulnerabilities",
      "content": "- Identified risks:\n  - CBR counterparty credit risk.\n  - CBR withdrawal risk.\n  - Remaining supervisory gaps which could potentially add to CBR pressures.\n- The importance of CBR in supporting economic activity and financial stability is highlighted."
    },
    {
      "heading": "Implications for Credit and Economic Activity",
      "content": "- The results of the study are consistent with the view that the recovery in CBRs in Belize will support credit growth and economic activity."
    },
    {
      "heading": "Policy Recommendations and Institutional Measures",
      "content": "- Ensure the availability and timely access to beneficial ownership of legal persons and arrangements established in Belize to:\n  - Limit the opportunity for their misuse.\n  - Improve the transparency and the reputation of the sector.\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2018/11/16/belize-selected-issues-paper-46371/index.md)",
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    "Published: November 16, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484385470.002",
    "The paper analyzes Belize’s correspondent banking relationships (CBR) using a dataset based on a bank-level survey and the IMF staff’s minimum scope framework.",
    "All affected banks have found some replacement CBRs and alternative ways of processing cross border transactions.",
    "Pressures from the loss of correspondent banking relationships appeared to be easing.",
    "The US dollar continued to dominate CBR transactions, but its share has been declining.",
    "CBR pressures appear to be easing but risks remain.",
    "Identified risks:",
    "The importance of CBR in supporting economic activity and financial stability is highlighted.",
    "The results of the study are consistent with the view that the recovery in CBRs in Belize will support credit growth and economic activity.",
    "Ensure the availability and timely access to beneficial ownership of legal persons and arrangements established in Belize to:",
    "**Country Report**"
  ],
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