Quarterly Review – June 2021

Correspondence and enquiries regarding the Review should be addressed to:

Manager, Research Department

Central Bank of Belize

P.O. Box 852

Belize City, Belize

Central America

Telephone: [phone]

Fax: [phone]

Email: [e-mail]

Website: www.centralbank.org.bz

ISSN 1025 1634 (PRINT)

ISSN 2304 6902 (ONLINE)

Typeset at the Central Bank of Belize

	List of Acronyms and Abbreviations
Acronyms:
BEL	Belize Electricity Limited
BGA	Banana Growers Association
BSI	Belize Sugar Industries Limited
BSSB	Belize Social Security Board
BTB	Belize Tourism Board
BTL	Belize Telemedia Limited
BWSL	Belize Water Services Limited
CARICOM	Caribbean Community
CBB	Central Bank of Belize
CDB	Caribbean Development Bank
CFZ	Commercial Free Zone
CGA	Citrus Growers Association
CIF	Cost, Insurance, and Freight
COVID-19	Coronavirus Disease 2019
CPBL	Citrus Products of Belize Limited
CPI	Consumer Price Index
DFC	Development Finance Corporation
DOD	Disbursed Outstanding Debt
EU	European Union
FOB	Free On Board
FY	Fiscal Year
GDP	Gross Domestic Product
MOF	Ministry of Finance
OPEC	Organization of Petroleum Exporting Countries
SIB	Statistical Institute of Belize
SITC	Standard International Trade Classi cation
T-bills	Treasury bills
T-notes	Treasury notes
UK	United Kingdom
US	United States
VPCA	Venezuelan Petrocaribe Agreement

Abbreviations and Conventions:

• Belize dollar unless otherwise stated

bn	billion
mn	million
ps	pound solids

Notes:

1.	Since May of 1976, the Belize dollar has been xed to the US dollar at the rate of US$1.00 =
	BZ$2.00.
2.	The 2021 gures in this report are provisional and the gures for 2020 have been revised.

1. Unless otherwise indicated, the Central Bank of Belize is the source of all tables and charts.
2. Ratios to GDP for 2021 are based on the Central Bank's forecast.

• CENTRAL BANK OF BELIZE

Table of Contents

Summary of Economic Indicators	v
1	Overview	1
	International Overview	1
	Domestic Overview	2
	Real Sector Developments	2
	Central Government Operations	3
	Balance of Payments	3
	Money and Credit	3
2	Money and Credit	4
	Money Supply	4
	Net Domestic Credit	4
	Net Foreign Assets	5
	Bank Liquidity	6
	Interest Rates	6
	Credit Union Lending	6
	Open Market Operations	7
3	Domestic Production and Prices	8
	Real Gross Domestic Product	8
	Sugarcane and Sugar	8
	Citrus	9
	Banana	9
	Petroleum	10
	Tourism	10
	Consumer Price Index	10
4	International Trade and Payments	12
	Merchandise Trade	12
	Services	13
	Primary and Secondary Income	14
	Capital and Financial Account	14
5	Government Operations and Public Debt	15
	Central Government Operations	15
	Total Public Sector Debt	17
	Domestic Debt	17
	Public Sector External Debt	17
Annex 1	19

QUARTERLY REVIEW - JUNE 2021 ii