7NEWS has the evidence which shows how much Belize lost on the currency swap, that was kept secret until 7NEWS broke the story Last week.
A document obtained by 7NEWS shows that one June second, the government of Belize had paid US$5.5 million to Citibank Trinidad and Tobago, in 14 payments dating back to March 2nd, 2002. That $5.5 million is the amount of public money that government gambled in the swap. It won, $2.35 million, but because the Yen strengthened when we bet that it would weaken, government lost in U.S. dollars - $3,215,493.63.
The decision, which has largely been passed off as that of the board of the Central Bank, was sponsored and endorsed by then Finance Minister Ralph Fonseca reportedly with opposition from technocrats in the Ministry of Finance.
See Document at
. FreeBelize.org
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