By Belize Live News Staff: The Central Bank of Belize (CBB), in collaboration with the Office of the Supervisor of Insurance and Private Pensions (OSIPP) and the Financial Services Commission (FSC), has signed a Memorandum of Understanding (MOU) aimed at strengthening Belize’s financial system stability. The agreement focuses on improving macroprudential surveillance, mitigating systemic risks, and enhancing information sharing for consolidated supervision.
The MOU establishes the Financial Stability Committee, tasked with aligning policies and regulatory approaches to ensure a cohesive framework supporting the country’s financial stability. The committee will also address cross-sector risks, particularly in banking, insurance, and pensions.
Governor Michael, Chair of the Financial Stability Committee, emphasized the importance of stakeholder collaboration, stating, “It is of the utmost importance that we strengthen stakeholder collaboration to achieve the benefits of coordinated and proactive supervision.”
Alma Gomez, Supervisor of Insurance and Pensions, underscored the need for a risk-based supervisory framework, noting, “Collaboration and cooperation are essential for maintaining a healthy financial system, and we welcome the increased collaboration among the agencies.”
Claude Haylock, Director General of the Financial Services Commission, highlighted the proactive approach to supervision that the MOU promotes, adding that it ensures the health of the entire financial system.
The CBB, OSIPP, and FSC reaffirmed their commitment to safeguarding Belize’s financial system, aiming to reduce the risk of financial instability and to foster a stable and resilient economic environment.
