Belize Dollar

Overview

The Belize Dollar is the official currency of Belize. The symbol used for the Dollar is $. To distinguish it from other Dollar currencies, the Belize Dollar symbol is BZ$. It is divided into smaller denominations; 1 BZ$ = 100 cents. Since 1978, the Belize Dollar has been pegged to the US Dollar at 1 USD = 2 BZ$.

Economy

• Logging plays an important part in the Belize economy - timber is the main export product.
• Top industries for Belize are tourism, garment production, construction, and food processing. Belize also allows offshore investments.
• The unemployment rate is estimated at 9.4%.
• Agriculture accounts for 21% of the total GDP.
• Export products are wood, molasses, citrus, clothing, bananas, sugar, and crude oil.
• Import products are food, tobacco, chemicals, fuels, and manufactured goods.
• Tourism in Belize amounts to 251, 655 people.
• Belize is working towards an economic plan and the country’s focus is tourism and agriculture.
• An estimated growth of 4% was indicated in the year 1999.

History

• Belize was originally part of British Honduras and the Spanish Dollar was in circulation.
• In 1894, the government issued banknotes in denominations of 100, 50, 10, 5, 2 and 1 Dollar.
• After 1928, no more 50 and 100 Dollar banknotes were produced.
• In 1973, British Honduras was renamed Belize.
• The first 100 Dollar banknote was introduced in 1974.
• In 1976, the printing of banknotes were taken over by the Monetary Authority of Belize.
• The Central Bank of Belize was established in 1982. It produced banknotes in 1983.