Central Bank of Belize defends Governor over ‘misleading’ ad campaign

By Aaron Humes: The Central Bank of Belize has strongly defended its Governor, Kareem Michael, in response to a series of ‘misleading’ advertisements aimed at undermining his credibility and the institution’s integrity. In an official release, the Bank’s Board of Directors expressed concern over the ongoing dissemination of false information that they claim is intended to erode public confidence in both the Governor and the Central Bank. The release highlighted the importance of the Central Bank’s role within a legal and governance framework established by Parliament, affirming that its primary mandate is to promote monetary and financial stability in Belize. The Board emphasized that the Governor, serving as the Chief Executive Officer, does not operate independently but rather executes policies determined collectively by the Board and its Executive Management Team. “…the suggestion that the Governor or any functionary of the Central Bank is solely or individually responsible for decisions taken by the Central Bank within its mandate, is misleading and is not reflective of the Central Bank’s decision-making process. The Central Bank’s actions are taken by its Executive Management Team within a structured framework of collective oversight and legal authority and should be understood on that basis,” stated the release. The Board underscored that all actions taken by the Central Bank are part of a structured framework of oversight and legal authority. The release also addressed the implications of the negative campaign, noting that such actions could have wider repercussions for trust in Belize’s financial system. “The ongoing dissemination of misleading information through paid advertisements and personal attacks on the Governor of the Central Bank is a vain attempt at addressing grievances with respect to the Central Bank’s regulatory actions and is unlikely to result in a successful resolution of such grievances. The said actions are intended to, and do, erode trust in Belize’s financial system and may have broader implications for financial stability,” the Board remarked. Furthermore, the Central Bank reassured the public that Belize’s legal system offers established avenues for redress. If any party feels aggrieved by the actions of the Central Bank, they are encouraged to pursue due process through the courts, abiding by the principles of natural justice. The Central Bank reaffirmed its commitment to safeguarding the integrity of the country’s financial systems and urged for constructive engagement through appropriate and lawful channels. The post Central Bank of Belize defends Governor over ‘misleading’ ad campaign appeared first on Belize News and Opinion on www.breakingbelizenews.com.