Rabey Cruz

General Manager, Administration

Wendy Gillett

Manager, Accounts and Budget

Raul Avila

Manager, Administration

Michelle Estell

Manager, Banking, Investment, and Currency

Carolyn Morris

Manager, Compliance

Giselle Waight

Manager, Exchange Control

Marcos Marin

Manager, Information Technology

Benedict Terry

Chief Internal Auditor

Emory Ford

Chief Economist, Economic Programming and Exchange Control Division

Francis Thomas

Chief of Security

Sheree Smiling Craig

Senior Project Manager, Digital Financial Services

Diane Gongora

Manager, Supervision


Each department of the Central Bank plays a crucial role in fulfilling the Bank's mandate to ensure the stability of Belize's monetary and financial systems. Learn more about these diverse departments, which work interdependently, along with the Office of the Governor. 

Accounts and Budget

The Accounts and Budget Department ensures the integrity of the Central Bank’s financial information by preparing and presenting the Central Bank’s financial statements in accordance with the International Financial Reporting Standards, Central Bank of Belize Act, and other relevant legislation.

In addition, the Department performs these core functions:

  • Prepares the Central Bank's budget while monitoring and controlling financial activities
  • Advises stakeholders of the Central Bank's financial health
  • Manages and maintains the Central Bank's accounting records
  • Performs procurement and payment agent functions on behalf of the Central Bank
    Banking, Investment, and Currency

    The Banking, Investment, and Currency Department (BICD) aims to protect the integrity of the nation’s payment system by ensuring it is safe, efficient, and reliable to facilitate the delivery of superior banking and financial services and to maintain public confidence.

    BICD provides banking and financial services to the Government of Belize, domestic and foreign financial institutions, statutory bodies, and members of the public.

    BICD performs these core functions:

    • Manages and issues banknotes and coins
    • Manages the Bank’s foreign reserves
    • Operates the national Automated Payment and Securities Settlement System (APSSS)
    • Provides banking services to the Central Government, financial institutions, and other public sector entities
    • Facilitates the trading of Government’s securities
    General Services

    The General Services Department provides administrative, corporate, facilities, and records management services to support the work of the staff, management, and Board of Directors of the  Central Bank. The General Services Department provides a safe and comfortable environment that supports services at a high standard to enable departments and units to achieve their goals and objectives.

    The General Services Department performs these core functions:

    • Maintains the Central Bank’s facilities, plant, and equipment
    • Maintains the Central Bank’s Records Management System
    • Provides reprographic services to the Central Bank
    • Maintains the Central Bank’s collectible coins
    • Procures and manages supplies in inventory 
    • Manages the Central Bank’s fixed assets 
    • Provides logistics for meetings, trainings, and conferences

    The  Compliance  Department  ensures  that  regulated  institutions  (banks,  credit  unions,  moneylenders including pawnbrokers, payment service providers including remittance service providers and e -wallets, and payment  system  operators)  maintain  an effective  programme for  anti-money laundering, combatting the financing of terrorism, and counter proliferation financing (AML/CFT/CPF)  in accordance with the Money Laundering and Terrorism (Prevention) Act and accompanying guidelines and guidance notes. The Compliance  Department  also  ensures  the  Central  Bank  of  Belize’s  Board-approved  internal AML/CFT/CPF Compliance Program is aligned to international standards.

    The Compliance Department performs these core functions:

    • Examines, supervises,  regulates,  and oversees  regulated institutions  as the AML/CFT/CPF Supervisory Authority 
    • Issues  instructions, guidelines,  and  recommendations  to  assist  regulated institutions  to implement an effective AML/CFT/CPF compliance programme
    • Identifies  ML/TF/PF  risks within  the financial system  and develops  strategies to protect the system from ML/TF/PF risks
    • Performs the Compliance Officer function for the Central Bank of Belize’s internal AML/CFT/CPF compliance function
    • Facilitates  AML/CFT/CPF  training to  the  Board of Directors, management,  and staff  of the Central Bank of Belize and all regulated institutions
    • Collaborates  and  cooperates  with  the  other  AML/CFT/CPF  supervisory  authorities  to  effectively combat ML/TF/PF as part of the national strategy

    Exchange Control

    The Exchange Control Department provides administrative controls for maintaining the fixed exchange rate regime with the United States dollar at BZ$2.00 to US$1.00, under the legal framework of the Exchange Control Regulations (2003). All transactions between residents and non-residents require permission when dealing in gold and foreign currency involving loans, payments, land, securities, imports, exports, or miscellaneous transactions. The objective is to ensure that an adequate supply of foreign exchange reserves is maintained for balance of payments purposes and to sustain external financial pressures.  

    The Exchange Control Department performs these core functions:

    • Participates in the management of the country’s foreign exchange resources
    • Processes and monitors current foreign exchange transactions in accordance with the Exchange Control Regulations
    • Approves applications for justifiable foreign-denominated investments
    • Provides confirmation of notices for transactions involved securities and property transfers

    Human Resources

    The Human Resources Department promotes efficiency, productivity, employee and organisational development, and satisfaction within the Central Bank by fostering a performance culture and positive work environment that advances the successful attainment of the Central Bank's strategic objectives.

    The Department supports employees in achieving professional and personal growth through the following core functions:

    • Recruitment, Selection, and Placement
    • Compensation and Benefits Administration
    • Policy Development, Review, and Maintenance
    • HR Analysis, Planning, and Reporting
    • Learning and Development
    • Succession Planning
    • Industrial Relations
    • Management and Leadership
    • Performance Management
    • Organisational Development
    Information Technology

    The Information Technology Department is responsible for the governance of the Central Bank’s information systems and the strategic use of information, communication and network technology. The Information Technology Department ensures that the efficiency and effectiveness of the Central Bank’s functions and operations are enhanced through the strategic use of information technology.

    The Information Technology Department performs these core functions:

    • Introduces and maintains computerized information systems to process data efficiently to produce useful and timely information 
    • Provides the appropriate hardware, software, networking and communications infrastructure for automation
    • Provides the highest level of data security, confidentiality and integrity
    • Ensures a safe and reliable computing environment
    • Provides a high degree of availability and recovery of its systems
    Internal Audit

    The Internal Audit Department provides independent, objective assurance and consulting services designed to add value and to improve the Bank's operations.

    The Internal Audit Department enhances and protects organizational value by providing risk-based and objective assurance, advice and insight. The Department assists the Bank in accomplishing its objectives by bringing a systematic and disciplined approach to evaluate and improve the effectiveness of risk management, control and the governance processes. In delivering its mandate, Internal Audit reports functionally to the Board through the Audit Committee.

    The Internal Audit Department performs these core functions:

    • Provides focused reviews, evaluations and audits of processes, procedures and activities
    • Verifies compliance with legal requirements, Bank and Governance policies, applicable accounting and computer control standards, risk management standards and Anti-Money Laundering/Counter Financing of Terrorism Standards
    • Prepares reports on the Bank's activities for submission to Management and Audit Committee
    Research and Economic Analysis

    The Research and Economic Analysis Department acts as the monetary policy and intelligence arm of the Central Bank of Belize, which produces critical macroeconomic statistics and analyses of economic developments in Belize for internal and external stakeholders.

    The Research and Economic Analysis Department performs these core functions:

    • Organises and participates in Monetary Policy Committee meetings
    • Monitors economic trends in Belize and other countries, including movements in money supply, real output, government operations and debt, and external transactions
    • Compiles, processes, and disseminates statistics on the financial system, financial soundness indicators, government operations and debt, international trade, balance of payments, and other macroeconomic variables
    • Produces and publishes weekly, monthly, quarterly, annual, and other ad hoc economic reports
    • Conducts focused research on the Belizean economy, particularly on issues pertaining to its development and structure
    • Participates in various committees to support national development
    • Manages the Department’s library collection

      The Security Department protects the Central Bank’s staff, property, and members of the public who come to do business at the Central Bank.  

      The main responsibilities of the Security Department are to analyze potential threats to the Central Bank’s security and devise strategies for avoiding or mitigating all such risks.

      The Security Department performs these core functions:

      • Protects the Bank’s staff, property and members of the public
      • Communicates with private and national security forces
      • Gathers security intelligence
      • Investigates security-related incidents
        Strategy Management

        The Office of Strategy Management coordinates, supports, and oversees the effective communication and execution of the Central Bank’s approved strategy. The Office of Strategy Management employs best practices and methodologies related to communication, content, project, and strategy management. It leverages knowledge bases and guides in the delivery of strategic objectives.

        The Office of Strategy Management performs these core functions:

        • Strategy Management: Assists with planning, implementing, and tracking the Central Bank’s strategy
        • Project Management: Applies project management principles to oversee, monitor, and achieve the Central Bank’s strategic initiatives and major operational undertakings
        • Content Management: Publishes information on the financial system and economy of Belize, while educating the public and promoting the stature of the Central Bank
        • Communications: Ensures that all internal and external Central Bank communications are consistent and of high standard, increasing brand recognition and confidence among stakeholders

          The Supervision Department contributes to the Central Bank of Belize's mandate of fostering financial and monetary system stability by implementing efficient supervisory and regulatory mechanisms for banks, credit unions, other financial institutions, moneylenders and payment service providers and operators in Belize. These mechanisms ensure that financial services and products are provided in a safe and sound manner, public confidence in the financial sector is maintained, and the interests of depositors are protected.
          In pursuit of these objectives, the Supervision Department maintains a robust and comprehensive view of the financial sector, ensuring that all financial institutions and payment service providers in Belize are licensed and regulated. The regulatory framework supporting the exercise of the Supervision Department’s mandate includes the Domestic Banks and Financial Institutions Act, the International Banking Act, the Credit Unions Act, Moneylenders Act and National Payment System Act.

          The Supervision Department performs these core functions:

          • Processes license applications for financial institutions, credit unions, moneylenders and financial service providers
          • Examines, supervises and regulates domestic and international banks as well as financial institutions and credit unions
          • Ensures a safe and sound financial system, thereby attracting investments and facilitating an expansion of the financial system
          • Oversees the National Payment and Securities Settlement System