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.
