SM SAD CBB Write Up

The University of Belize
A Case Study Analysis of Central Bank of Belize
Faculty of Management and Social Sciences
Strategic Management - MGMT 4155
In partial fulfilment for a Bachelor’s Degree in Business Management
Prepared By:
Khalil Baizar
Edward Baptist
Sheree Baptist
Shantel Castillo
Steven Dixon
Submitted to: Mr. Kevin Geban
Submitted on: 26th November 2017
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Table of Contents
CHAPTER I: CURRENT SITUATION ................................................................................................... 4
EXECUTIVE SUMMARY ...................................................................................................................... 5
Current Vision Statement ...................................................................................................................... 6
Current Mission Statement.................................................................................................................... 6
Current Mission Statement Evaluation ................................................................................................. 6
Proposed Mission Statement ................................................................................................................. 7
Central Bank of Belize Core Values ..................................................................................................... 7
Central Bank of Belize Stakeholders .................................................................................................... 8
Central Bank of Belize Goals................................................................................................................ 8
Central Bank of Belize Objectives ........................................................................................................ 8
Central Bank of Belize Management .................................................................................................. 10
CENTRAL BANK OF BELIZE CURRENT SITUATION ................................................................... 11
CHAPTER II: EXTERNAL ENVIRONMENT ASSESSMENT ......................................................... 12
PESTEL Analysis ................................................................................................................................... 13
External Factor Evaluation Matrix (EFE) ............................................................................................... 16
CHAPTER III: INTERNAL ENVIRONMENT ASSESMENT ........................................................... 18
Internal Assessment Audit ...................................................................................................................... 19
Organisational Structure ..................................................................................................................... 19
Corporate Culture................................................................................................................................ 19
Company Management ....................................................................................................................... 19
Management Information Systems ..................................................................................................... 20
Finance ................................................................................................................................................ 20
Financial Analysis ............................................................................................................................... 22
Internal Factor Evaluation Matrix ....................................................................................................... 24
CHAPTER IV: ANALYSIS & EVALUATION OF STRATEGIC FACTORS .................................. 26
Situational Analysis ................................................................................................................................ 27
SWOT Analysis .................................................................................................................................. 27
Review of Mission and Objectives ..................................................................................................... 31
Strategic Alternatives .............................................................................................................................. 32
SWOT Matrix and Analysis................................................................................................................ 32
Quality Strategic Planning Matrix ...................................................................................................... 36
CHAPTER V: RECOMMENDATIONS ................................................................................................ 38
Recommendations ................................................................................................................................... 39
CHAPTER VI: IMPLEMENTATION PLAN AND TIMELINE ........................................................ 41
Strategy Implementation ......................................................................................................................... 42
CHAPTER VII: EVALUATION AND CONTROL PLAN .................................................................. 46
Strategy Evaluation ................................................................................................................................. 47
REFERENCES .......................................................................................................................................... 49
APPENDICES ........................................................................................................................................... 50
CHAPTER I: CURRENT SITUATION
Strategic Audit Document for Central Bank of Belize
EXECUTIVE SUMMARY
The Central Bank of Belize (CBB) is the successor of the Monetary Authority and was established
under the Central Bank of Belize Act No. 15 of 1982 on January 01st. They acquired Belize
Monetary Authority responsibilities which includes being Government of Belize fiscal agent,
providing advice on the economy and supervise the regulation of the financial system in Belize.
CBB is quasi and this means that 80% of its’ management is on its own and the Government of
Belize (GOB) have the additional 20%.
There are three core objectives of the Central Bank, first they promote monetary stability, second,
they regulate issues of money including international exchange and thirdly the bank regulates and
maintains the reputation and integrity of Belize’s financial system ensuring the ongoing
availability of money.
The Central Bank of Belize provides community outreach to various social groups as part of their
social corporate responsibilities. They have a summer program geared at giving students who are
pursuing their associates and tertiary level degree an opportunity to get some hands on training
about the workforce during the summer. The staff is encouraged to volunteer and or donate to the
Belize Cancer Society, Salvation Army and Belize Blood Bank Association just to name a few as
part of their social responsibilities.
They are committed to promote an environment of innovation, diversity, inclusiveness with
employees who are open, honest and who communicate within the workplace. They exchange
experiences so as to continue to develop knowledge by focusing on excellence and eventually
achieve their goals and objectives. The employees are handsomely compensated and receive a
wellness package along with a benefit package which encourages a stable career.
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Current Vision Statement

“An organization defined by a culture of excellence, leading financial transformation and enabling
national development.”
Current Mission Statement

“The Central Bank of Belize’s mission is to advance the wellbeing of Belize by facilitating
sustained economic growth, protecting the value of the Belize dollar, and assuring a safe, sound
and efficient financial system.”
Current Mission Statement Evaluation
Table 1.1: Mission Statement Evaluation
Components
Customers Not applicable
Products or Service ….Facilitating sustained economic growth…

Markets Not applicable
Technology Not applicable
Concerns for survival, growth and profitability Not applicable
Philosophy Not applicable
Self- concept …protecting the value of the Belize dollar…
Concerns for public image Not applicable
Concerns for employees Not applicable
After an evaluation of the Central Bank’s current mission statement it was evident as can
be seen in Table 1.1 that all components for an effective mission statement were not included. In
this regard, a proposed mission statement with the inclusion of the nine major components was
created.
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Proposed Mission Statement

“The mission of the Central Bank of Belize is to facilitate the development of the Belizean
economy, by formulating and implementing economic and monetary regulatory policies to
maintain the fixed exchange rate. The bank fosters the condition of producing precise economic
and monetary data from, innovative technological information systems from qualified and
motivated employees, who operate under the beliefs of professional excellence and a continuous
quest for knowledge. Providing a safe, efficient and progressive financial system, whilst achieving
our public obligations.”
Central Bank of Belize Core Values as stated on their website:
 Integrity
 Enthusiasm
 Accountability
 Teamwork
 Respect
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Central Bank of Belize Stakeholders
Board of
Directors
Government
Employees
of Belize
Other Public
Finacial
Sector
Institutions
Entities
Central Bank of Belize Goals as stated on their website:

1. Provide prompt and well-considered macroeconomic information and advice to the
Government of Belize, the business sector and the general public.
2. Provide efficient banking services to the commercial banks, the Government of Belize
and various public sector bodies and regional and international organizations that hold
accounts at the Bank.
3. Provide guidelines to the banking community on matters such as money supply, interest
rates, credit and exchange rates.
4. Set high standards of efficiency and organization so as to encourage levels of attainment
in the bank.
Central Bank of Belize Objectives as stated on the banks website

1. Promote monetary stability
2. Regulate the issue and availability of money and its international exchange
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3. Regulate and maintain the integrity and reputation of the financial system
CENTRAL BANK OF BELIZE CORPORATE STRATEGIES

• Improve time line of analysis • Enhance contribution to the • Build culture of exellence
and reports economic and social • Improve work quality
• Expand agenda for development of Belize and quantity
facilitating national
development • Improve efficiency of advice • Increase Profit & Value
provided to GOB • Reduce Cost
• Improve finacial services
regulations and • Improve research capability • Improve cross cultural
infrastructure • Improve public accountability collaborations
• Maintain a sound and • Redefine and build Central
accountable financial Bank brand
position
• Improve Communications &
Public relations
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Central Bank of Belize Management
The top management at CBB consist of the Board of Directors and the current members are: Mr.
John Mencias the Chairman, Mr. Nestor Vasquez the Vice Chairman, Mr. Nigel Ebanks a
Member, Ms. Vanessa Retreage a Member, Mr. Joseph Waight the Financial Secretary (Ex-
Officio Member), Ambassador Joy Grant who is the Governor at CBB and is an Ex-Officio
Member to the board and Mrs. Marilyn Gardiner-Usher a Deputy Governor at CBB and is an
Operations Alternate of the Board. These members of the Board are the policy making body
who ensures the fulfillment of the corporate governance of the bank. The Audit committee is a
sub-committee of the Board of Directors with responsibility to monitor the annual work program
within the Internal Audit Charter. As was mentioned above A Governor and two Deputy
Governors are appointed by the Board of Directors who are charged with leading the bank to
achieve strategic goals and objectives along with administering the daily operations to ensure
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that there is absolute compliance of the banks control systems with great efficiency and
effectiveness.
CENTRAL BANK OF BELIZE CURRENT SITUATION

Like any organizations CBB is facing many challenges, however the current and most pressing
situation CBB are faced with are the implementation of a program of monetary policy reform for
more effective policy transmission that the entire country can benefit from. They also want to
further develop Belize’s financial infrastructure by the implementation of a National Payments
System (NPS) to automate and enable safe and efficient financial transactions. A huge step in
that direction was the recent implementation of the Automated Payment Securities Settlement
System (APS3). Furthermore CBB is also strategizing on the development of Belize’s financial
infrastructure by implementing a Credit Reporting System (CRS) to share credit information,
reduce risks for financial institutions and increase access to credit.
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CHAPTER II: EXTERNAL ENVIRONMENT ASSESSMENT
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PESTEL Analysis
POLITICAL
LEGAL ECONOMICAL
ENVIRONMENTAL SOCIO-CULTURAL
TECHNOLOGICAL
The environment continuously changes, and businesses ought to regularly examine the
environment they operate in to ensure that their goals can be achieved with the strategy they are
currently utilizing. If strategies are no longer effective, through environmental scans organizations
will be able to adequately modify strategies to achieve existing goals. All organizations, regardless
of their nature, are greatly influenced by the factors of PESTEL. PESTEL analysis includes factors
that are beyond CBB’s control but which they can examine in order to formulate strategies to take
advantage of opportunities and minimize threats. PESTEL analysis consists of various factors that
affect the business environment and can affect every industry directly or indirectly related.
PESTEL Factors include:
1. Political
The Political environment is determined largely by the government. LDE responsible innovation
explains, “Government influences the way you put your product on the market.” But in the case of
CBB, they provide a service to government. By great means, government’s actions dictate what
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the CBB will be focusing on. Example, GOB has been mandated, more than once, by the courts to
make payments of millions of dollars, in U.S. currency, to individuals that GOB hostilely took
over their companies. CBB being the bank of the government has a duty to administer payments
on behalf of GOB to the ruling parties. However, these huge pay-outs put a strain on the country’s
foreign reserves. Shifting the banks focus towards rebuilding the foreign reserves.
Research shows political instability is a factor that affects the climate of working productively.
Max Weber, a successful sociologist, political instability is associated with the concept of a failed
state. Max Weber’s political theory solidify Belize is politically instable. The brazen acts of
corruption by government leaders, officials and public officers adds to the idea of a failed state.
2. Economic
Cost of labour has been stagnant for decades at a rate of $3.30 per hour. Caribbean Single Market
and Economy (CSME) allows for the free movement of labour which expands the work force and
pool of candidates. These economic factors lend a hand to CBB. However, the existence of low
literacy rate, inadequate education system and high cost of living impacts the quality and
performance of workers. CBB should be wary of the value of BZD in world markets because of
its participation in issuing and purchasing securities as means of earning income also because it is
responsible to make payments on behalf the government. A decrease in the value of the country’s
dollar would radically disrupt the institution’s and the country’s operations.
3. Social
In any given organization, the employees are considered the back bone to acquire excellence and
success. However, a society or culture that has a positive attitude towards work will produce
citizens with pleasant attitude and hardworking traits. On the hand, a society or culture that has
little or no motivation to work and a negative attitude towards work will produce lazy citizens.
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Eco- friendly traits have been trending and in keeping the spirit reducing the use of paper has
become popular.
4. Technological
Technology continuously advances, greatly increasing productivity and producing more accurate
outputs. Example, customs department new database, ASYCUDA, has potentially created
opportunities for institutions, including CBB, to operate more effectively. Another example being
CBB’s newly implemented APS3 that allows for ease of funds to be transferred to and from banks
accounts and processing checks the same day. This could have only been implemented due to the
huge investments of internet providers, who now provides good internet connectivity. Emerging
technologies will significantly impact business in the future; CBB must brace itself and be
prepared for updates. Technology greatly assists CBB operations; with the technological updates
on behalf of CBB and partnering institutions, Belize is trending towards a modern way of
conducting business.
5. Environmental
Belize being prone to hurricanes puts CBB at risks. Hurricane season, June to November, is a
cautious time of the year for all countries in the tropics. Natural disasters all together threaten
CBB. To reduce impacts of these conditions, CBB has hurricane preparedness plan that inform
employees of what to do and not to do if these treats arise.
6. Legal
Legislative changes take place from time to time which affects the business environment greatly.
Belize Labour Laws and unions sometimes forces institutions to modify the way human resources
are taken care of. Unionization helps employees improve their work environment and livelihood.
Unionization and labour laws are put in place to protect the interest of employees, however, this
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is sometimes used as a double sword since employees take the benefits of these laws and use it to
their personal advantage. Being entitled to sick days without the aid of a doctor paper is misused
when employees use these days for personal reasons without actually being ill. Safety and health
laws, discrimination laws and banking laws greatly affects the operation of how CBB must operate.
External Factor Evaluation Matrix (EFE)
External Key Factors Weights Rating Weighted

Score
Opportunities
 Changes in AML/CFT operations 0.12 3 0.36
 Increasing evolving financial agencies e.g. money 0.11 3 0.33
lenders and loan sharks
 Rapid economic changes globally 0.07 4 0.28
 Increasing group of college graduates yearly 0.05 4 0.20
 New foreign bonds, securities and other investment 0.12 4 0.48
opportunities
Threats
 Fluctuating foreign exchange rates 0.11 4 0.44
 Information system hackers 0.08 4 0.32
 Foreign banks imposing new regulations/laws 0.09 3 0.27
 Out-dated local banking laws 0.09 2 0.18
 Growth in virtual currencies and new payment 0.05 1 0.05
services (Bitcoins)
 Trading foreign currency on the black market 0.11 1 0.11
Total 1.00 3.02
The External Factor Evaluation Matrix (IFE) weighted score for Central Bank of Belize is 3.02.
CBB’s weighted score exceeds the average which is 2.50. This indicates CBB’s strategy allows
the institution to operate above standard. This EFE suggests “Strengthening the information in
AML/CFT database to combat irregularities” and “New foreign bonds and securities create
investment opportunities” are the most important factor for being successful as they both carry a
weight of 0.12. CBB was rated a 3 for “Strengthening the information in AML/CFT database to
combat irregularities” because it response to this opportunity is above average. On the other
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hand, its response to “New foreign bonds and securities create investment opportunities” has
been superior being that is a main source of income generated for the organization. Though the
total weighted score reflects the company’s strategy effectively allows it to “take advantage of
existing opportunities and minimize the potential adverse effects of external threats”, (David &
David, 2015, p. 244), it should continue to improve the factors that were not rated 4. There is
always room for improvement and ways to maximize efficiency.
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CHAPTER III: INTERNAL ENVIRONMENT ASSESMENT
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Internal Assessment Audit
Organisational Structure
The organizational structure at CBB consist of the Board of Directors, one Governor, two
Deputy Governors, Directors, Deputy Directors, and many Professional, Para Professional,
Managers and Auxiliary staff. The bank has nine departments managed by the Directors
working interdependently, along with the Office of the Governor and the Project Management
Office, to achieve the Bank’s strategic goals and objectives. Under the directors are deputy
directors and managers who are directly responsible for staff wellbeing and other day to activity
at CBB. Decision making at CBB are de-centralized where managers are able to make minor
decisions and major decisions are made by top management and Board.
Corporate Culture
CBB promotes an environment of open and honest communication, inclusiveness, innovation
and diversity to create working conditions that foster growth. CBB is committed to a workplace
of knowledge sharing, the exchange of experiences and expertise and continuous development.
The Bank offers a competitive compensation and benefits package, wellness programs and a
stable career. And most of above are achieve because CBB operate with a bureaucratic system
where employees are aware of the policy and procedures that govern them and they abide it.
Company Management
At CBB the company goals and objectives are measurable and clearly stated on posters and build
boards at the entrance of the building and in each department. CBB further breaks down these
goals and objectives for each and every department separately, therefore employees in the one
department goals and objectives may not be directly related to another department, however each
department goals ties back with the corporate ones. By posting these folders at the entrance of
the bank and the different departments is a clear way to communicate with employees about
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what is expected from them. CBB management appraise employees yearly and this is where
employees become more aware of what is expected from them yearly on their job description
that must be read and signed by them. The design of these job descriptions specify employees
duties and indicate how it all ties in to the overall goals and objectives at CBB. Most employee
morals are high at CBB and absenteeism and staff turnover are low. Whilst CBB admits to not
being the best paying job their overall, their benefit packages that include insurance, bonuses,
vacations, low rate loan policies (consumer, medical and mortgage) and scholarships makes up
for that. Overall the strategies from top management are channelled to managers who do their
utmost best in motivating staff to achieve them.
Management Information Systems

CBB has over 90% of data flowing in and out are in a Management Information System (MIS).
The Financial Supervision Sector Department (FSSD) and the Research Department are two
department that uses and MIS known as FEDM. Four other department in the operations section
at CBB use an Enterprise System known as Technology 1. The Human Resource Department
who uses it for payroll, Administration Department for purchasing, Banking and Currency
department for banking transactions and the Finance Department for accounting. Therefore Tech
1 links all these different departments together and this allows decisions to be made more
effective and efficient. The objectives of MIS are clear and in align with the banks strategic
objectives and the bank ensure that policies are known and in place as to the use of these
systems.
Finance
There are three major sources of income for the Central Bank of Belize
 Interest earned on funds deposited in other financial institutions abroad (Interest Income)
 Funds invested locally and internationally (Investment Income)
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 Income earned from operations including fees and charges (Operating Income),
About 40% of CBB foreign reserve is kept at the Federal Reserve Bank of New York and earns
interest in overnight deposits. The rest of the foreign reserves are invested in fixed deposits at
the Citibank Group, Crown Agents and the Bank of America and those also earned interest.
For the investment income, that is derived from investment in foreign bonds, United States
Treasury Securities and reserves at the International Monetary Fund (the reserve tranche).
Locally and the major source of revenue for the CBB is the huge portfolio of GOB Treasury
Bills and Treasury Notes and the interest earned on the overdraft facility held in the form of a
loan offered by CBB to GOB. CBB also invested locally in the Belize Telemedia Ltd. (BTL)
shares and that also provide some investment income when BTL pays out dividend.
Some Operating income examples includes: commission on sale or purchase of Foreign
Exchange (FX) currencies, annual banks (domestic and offshore) and credit union license fees
and some other miscellaneous sources.
On the liability section of the CBB balance sheet are all the domestic bank reserves as a demand
liability that earns zero interest, for example the CBB incurs no interest expense on these
deposits, which if it had too would run into the millions of dollars as an interest
expense. However this is akin to a free cash flow for the CBB and helps tremendously in
enabling us to earn interest income using these funds. CBB has no subventions and turns a profit
every year and after expense are deducted, they keeps 10% and hands over 90% to the GOB.
The audited CBB balance sheet or statement of financial position as it is called is not your
typical balance sheet for a business or corporation that consist of the list of current assets and
non-current assets, current liabilities and long term liabilities and Stockholders’ Equity. The
CBB balance sheet consist of, for the Assets, Approved External Assets and this includes: Bank
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balances and deposits with foreign banks, reserve tranche and balances with IMF, other foreign
credit instruments, accrued interest and cash in transit, and marketable securities issued or
guaranteed by foreign government and international financial institution. Other assets include
balances with local bankers, balances with local banks and cash on hand, Belize government
securities (Treasury Bills and Treasury Notes), government current account, which is currently
on overdraft, hence it appears on CBB assets, other assets, property and equipment, other assets
and intangible assets. The Liabilities are Demand Liabilities and this includes: Notes and coins
in circulation, deposits by licensed financial institution, deposits by Government and public
sector and by international agencies. Other Liabilities are balance due to Caricom central banks,
IMF SDR Allocation and other liabilities. The Capital and Reserve consist of capital account,
revaluation account, and general reserve. Although the Bank of International Settlement has a
ratio of 8.5% of capital that should be maintained by commercial banks, that same percentage
does not apply to a Central Banks because no capital requirements are required for them.
Financial Analysis
Debt Ratio
Central Bank of Belize Debt Ratio 2015 2016
Debt Ratio 96.9% 96.4%
The Debt Ratio for 2015 total liabilities was $1,134.9bn and total assets was $1,171.3bn giving
a debt ratio of 96.9%. In 2016 total liabilities was $1,143.4bn and total assets was $1,186.5bn
giving a debt ratio of 96.4%. In 2015 Central Bank of Belize uses 96.9% debts financing and
3.1% financing on its own to finance its assets. This had a slight decrease of 0.5% in 2016 to a
96.4% debt financing and 3.7% financing on its own. Although it may appears that CBB is
highly leverage and uses more debt financing to finance its assets, it is critical here to point out
the nature of how the CBB statement of financial positioned is organized. CBB manages the
financials for GOB and other public sector entities who deposits funds to CBB and this totalled
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$47.9bn in 2015 and $68.6bn in 2016. The licensed financial institutions also keeps a deposit
with CBB and that totalled $662.5bn in 2015 and $624.8bn in 2016. The largest demand
liabilities is the notes and coins in circulation and in 2015 that was $345.1bn and $369.5bn in
2016. Other foreign deposits from foreign banks like the IMF SDR allocation also has a deposit
of $49.6bn in 2015 and $48.1bn in 2016 with the CBB. These deposits and notes in circulation
accounted for 97.2% in 2015 and 97.4% of total liabilities at CBB. It is these same deposits that
CBB would take and do other investments on its own as a bank to make profits on behalf of the
organization. Therefore using debt financing may seems to be a bad thing, however as a central
bank debt financing (deposits) is what is used to invest to provide financing for the organisation
(see appendix 1).
Profit Margin Ratio

Central Bank of Belize Profit Margin 2015 2016
Profit Margin Ratio 0.32cents or 32.4% 0.34cents or 34.5%
Central Bank of Belize Profit Margin in 2015 net income was $8.8bn and total income was
$27.2bn giving a ratio of 32.4% or 0.32cents earned on every dollar income. In 2016 net income
was $10.9bn and total income was $31.6bn giving a ratio of 34.5% or 0.34cents earned on every
dollar total income. Although CBB experienced a minor growth in profits of 0.02cents in 2016,
they are doing an excellent job as it relates to their financing, considering they had to inject an
additional $9.8bn of its profit to its capital account in 2016. This indicates that CBB investments
are paying off for them and they are keeping their expenses at a minimum (see appendix 2).
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Internal Factor Evaluation Matrix

INTERNAL KEY FACTORS WEIGHT RATING WEIGHTED
SCORE
STRENGHTS
 Fixed Exchange rate Belize currency to United 0.11 4 0.44
States Dollars
 Implementing and maintaining the APS3 system 0.10 4 0.40
 Central Bank of Belize Website 0.03 3 0.09
 Provide Human Capital Incentives 0.11 4 0.44
 Adopting to artificial intelligence 0.10 4 0.40
 Financially Strong 0.12 4 0.48
WEAKNESSES
 Not implementing a system that allows 0.03 2 0.06
customers to apply for Foreign Exchange
permits and clear prepaid permits online
 Build another building/branch 0.10 1 0.10
 Not utilizing modern models to report financial
and economic information 0.04 2 0.08
 Credit risk 0.11 1 0.11
 Not certifying employees responsible to monitor
Anti-Money Laundering and Combatting the 0.12 1 0.12
Finance of Terrorism activities
 Not manufacturing Belize currency 0.03 2 0.06
TOTAL 1 2.78
The Internal Factor Evaluation Matrix (IFE) weighted score for Central Bank of Belize is 2.78.
This weighted score is 0.28 more than the average weighted score of 2.50 that organizations
should maintain. Therefore Central Bank of Belize exceeding that average weighted score
indicates that they are doing well internally. The Central Bank of Belize invests in their human
capital and being financially strong are two factors that are important to their current and future
success hence they received a high weight and a major rating on those factors. On the other hand
they need to ensure that a new infrastructure is built to address the rapid staff growth, certify the
employees to further monitor the AML and CFT activities and ensure that credit risk are being
minimize in order to improve their weaknesses, hence those factors were given a high weight and
a major rating. It is for those reason it is necessary for them to continue build on those strengths,
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whilst turning their weaknesses into strengths to continue further strengthen the Central Bank of
Belize brand from within.
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CHAPTER IV: ANALYSIS & EVALUATION OF STRATEGIC FACTORS
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Situational Analysis
SWOT Analysis
STRENGHTS WEAKNESSES
 Fixed Exchange rate Belize  Not implementing a system that allows
currency to United States Dollars customers to apply for Foreign
Exchange permits and clear prepaid
permits online
 Implementing the APS3 system  Build another building/branch
 Central Bank of Belize Website  Not utilizing modern models to report
financial and economic information
 Provide Human Capital Incentives  Credit risk
 Adopting to artificial intelligence  Not certifying employees responsible to
monitor Anti-Money Laundering
(AML) and Combatting (CFT) the
Finance of Terrorism activities
 Financially Strong  Not manufacturing Belize currency
OPPORTUNITIES THREATS
 Changes in AML/CFT operations  Fluctuating foreign exchange rates
 Increasing evolving financial  Information system hackers
agencies e.g. money lenders and
loan sharks
 Rapid economic changes globally  Foreign banks imposing new
regulations/laws
 Increasing group of college  Out-dated local banking laws
graduates yearly
 New foreign bonds, securities and Growth in virtual currencies and new
other investment opportunities payment services (Bitcoins)
 Trading foreign currency on the black
market
In the SWOT analysis the first strength speaks about Central Bank of Belize (CBB) by extension
the country that has been maintaining a fixed exchange rate between the United States dollar and
the Belize currency pegged USD2.00 to BZD1.00. Being a country that relies heavily on imports
this pegged rate is the most beneficial to importers when compared to a fluctuating rate, as CBB
are aware that most payments are settled in United States dollars. Therefore it is important that
CBB are maintaining that rate and need to continue maintaining that rate. The second strength
refers to the recently implemented Automated Payment and Securities Settlement Systems APS3
that allows the domestic banks to clear cheques in less than 24 hours and make direct payments
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to and from accounts. This strength was followed by the CBB website that is always up to date
with financial and economic information about Belize, this site provides 24 hours access to these
information. CBB strives on providing good human capital incentives such as trainings,
scholarships, low interest rate on loans, pension, gratuity, insurance, bonuses and so on for its
employees. CBB believe that is an important strength because the employees are vital to the
organizations success. Another strength is CBB is adopting to artificial intelligence by using
Information Systems (IS) to store & produce effective and efficient information for the country.
IS allows information to easily be retrievable and improve decision making, in these modern era
where time is money making quick decisions using accurate information is a strength. The last
strength but definitely not least is CBB is considered financially strong, they engage in excellent
investments practices that produces steady increase in profits yearly, that allows them to meet
one of its main obligation and that’s paying the Government of Belize their 90% of CBB profits.
Some of the weaknesses though are not allowing customers to apply for Foreign Exchange
permits and clearing of the prepaid permits online, currently customers have to come to the
office to get these services. With the use of the internet CBB can provide these services online
by implementing an online system where customers can conduct this service from their home or
office. Another weakness is that the economy is growing and that means the staff at CBB has to
grow accordingly to monitor financial and economic activities of the country. Currently the
existing structure cannot be expanded to accommodate more staff, therefore CBB must build
another building to accommodate this rapid staff growth. Not utilizing modern models to report
financial and economic information is another weakness that CBB must try to improve on.
Although most information are stored in information systems at CBB they are still using
outdated financial and economic models to report these information. The next weakness is the
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credit risk involve in the banking industry, for example if CBB often withdraw investments
before maturity date this will result in high credit risk and loss of credibility for CBB among
investment agencies or not being able to meet and have to renegotiate Super bond payments.
CBB is the regulator of the flows of local and international dollars thru the domestic banks and
other financial institution, as part of that mandate they should ensure that all employees who
directly monitors these flows are certified by Anti-Money Laundering (AML) and Combatting
the Finance of Terrorism (CFT) agencies. Being certified allows the employees who directly
monitors those activities with information about those individuals who are involve with money
laundering and terrorism, without this information how can they properly monitor, it is a
weakness not getting those employees certified. The last weakness refers to CBB not
manufacturing its’ own (Belize) currency, with the ease of access to modern technological
equipment and so on CBB should have been producing its own currency.
The opportunities available for CBB to take advantage of are as follows. As a regulator of the
flow of financial transaction locally and internationally it is of utmost importance that CBB is
equipped with up to date information on individuals trying to commit fraudulent financial
transactions. Although CBB are involve with AML/CFT when they are any type of changes in
those external agencies operations it creates an opportunity for CBB to access these information
to better combat financial irregularities. Also in Belize CBB see a new era of increasing
evolving financial agencies conducting financial transactions, external agencies outside of the
ones that falls whiting CBB portfolio and these include the increase in money lenders and loan
sharks. These external agencies come up with innovative ways of conduct how money will be
loan to the citizenry of Belize and at what interest rate. Therefore these external organization
creates the opportunities for CBB to change, mainly to improve the way they regulate these
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external agencies. CBB can also include them under their portfolio and charge them a fee like
what is being done for existing financial institutions, this change however will have to come
from GOB who will need to change the laws. The rapid economic changes globally by other
countries also allows CBB the opportunity to provide government with new and innovative
advise as to how they can better the Belize economy. The increase in thousands of students who
graduate tertiary level each year creates an opportunity for CBB to select from the elite group to
become a part of the CBB staff. And last but one of the most important opportunity is when
foreign banks issue new foreign bonds, securities and other investment opportunities.
A look at the threats include the fluctuating of foreign exchange rates that are set by international
markets who determine these rates, this threatens the rate of return on foreign investments by
CBB. Currently CBB has most of its information stored in information systems, whilst this is
good for business operations and improve decision making using more accurate information the
threat of these information system being exposed to computer crime and computer abuse by
hackers. Some of Belize’s domestic banks cannot send foreign payments to the United States
because their foreign banks cut ties with them due to new banking regulations and laws that were
impose on the foreign banks by their regulators (de-risking). Therefore when new laws and
regulations are implemented on how banking transactions should be conducted that becomes a
threat to CBB. Another threat is in Belize the local banking laws are out dated and domestic
banks are finding new ways to work around it to not adhere to them. A threat that will threaten
many countries including CBB is the growth in virtual currencies and new payment services
mainly the Bitcoins, this will definitely affect the way financial transactions will be conducted.
Lastly a lot of the citizens who collect foreign currency like the hotels, gas station and tour
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providers instead of depositing these foreign currency in the regulated financial institutions for
all to benefit they trade it on the black market therefore this is a threat to CBB.
Review of Mission and Objectives

CBB current mission and objectives after analyzing and reviewing it the conclusion drawn is that
most of it is applicable in view of the analysis and evaluation of the key strategic factors and issues.
CBB strategic objectives to promote monetary stability, regulate the issue and availability of
money and its international exchange and to regulate and maintain the integrity and reputation of
the financial system are all in align. However CBB mission statement require some changes
because it did not cover some of the nine components of a mission statement. The proposed change
of the mission statement will benefit CBB as the change includes its employees who is one of CBB
major stakeholder in CBB success.
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Strategic Alternatives
SWOT Matrix and Analysis
Key Internal Factors
Strengths Weaknesses
Fixed Exchange rate Belize Not allowing customers to apply for
currency to United States Foreign Exchange permits and clear
Dollars prepaid permits online
SWOT MATRIX Not implementing a system that
Implementing the APS3 allows customers to apply for Foreign
system Exchange permits and clear prepaid
permits online
Central Bank of Belize Not utilizing modern models to report
Website financial and economic information
Not certifying employees responsible
Provide Human Capital to monitor Anti-Money Laundering
Incentives and Combatting the Finance of
Terrorism activities
Adopting to artificial
Key External Factors Not manufacturing Belize currency
intelligence
Financially Strong Build another building/branch
Opportunities SO STRATEGIES WO STRATEGIES
Changes in AML/CFT operations creates Implementing up to date Certifying employees (W4, W2, O1,
opportunities for CBB to better combat system in each department. O3, O4)
financial irregularities (S2, S3, O1, 02)
Innovative ways of conducting financial Finical advisors to the
transactions create opportunities for CBB to Government
change/improve the way they regulate (S1, S4, S5, O1, O3,)
Rapid economic changes allow CBB to
provide government with new advice
Large pool of college graduates yearly creates
the opportunity for CBB to select some of the
brightest to become potential staff members
New foreign bonds and securities create
investment opportunities
Threats ST STRATEGIES WT STRATEGIES
Finically Strong (S6, S5, T1, Not utilizing modern models to report
Fluctuating foreign exchange rates T4) financial and economic information
(W3,W2,T5,)
Strong two to one Peg with
the US dollar (S1, S5, S6, T1,
Information system hackers
T3, T6)
Foreign banks imposing new regulations/laws
(de-risking)
Growth in virtual currencies and new payment
services (Bitcoins)
Out-dated local banking laws
Trading foreign currency on the black market
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A. SO Strategies: these are strategies that combine a company’s strengths and opportunities
to give them a competitive edge.
1. Implementing up to date system in each department. (S2, S3, O1, 02)
Due to the financial strength and position of the Central Bank of Belize they are able and can
afford to invest soft and hard ware so that the work they are doing can be done in a more
effective and efficient way. This will insure that work will be done in a timely and diligent
manner while keeping up to date with technology, which is very important in this day and
age. With the Bank being up to date with technology they will be able to process their
transaction both internal and external in a more fast and reliable way that will let them be the
best money regulator they can be and work will be done more fluently.
2. Financial advisor to the Government (S1, S4, S5, O1, O3,)
The Central Bank of Belize is the main financial advisor to the Government of the day. Their
jobs is to make sure that the Government don’t squander all it’s money and tell them where to
invest and keep them up to date with financial regulations that are happening both
internationally and domestically. In order to advice the Government they must have qualified
personals that understand the rules and regulations as well as systems n place so that the work
may be done effective and efficiently. Keeping our money value to where it is and making
sure CBB have enough money to run and develop the country is an very important task and
the Government need competent people to advise them I the right direction.
B. WO Strategies: Allows a company to capitalize on their opportunities to overcome the
weaknesses that the business may experience
1. Certifying employees (W4, W2, O1, O3, O4)

By certifying employees so that they know what they are supposed to doing and what
they should be looking for while working is very important. You may know your job but
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when you are certified it is recognized internationally and your co-workers, employers
and outside bodies will look at you in a different light. The bank has enough money to
invest in its employees so they can be certified and help them more so that they can
function and keep up with the international standards and make the Bank look credible in
what they are doing. We must keep in mind that this is the most important Bank in the
country and CBB need certified people to lead the way forward.
C. ST Strategies: strategies that focus on mitigating threats through the use of strengths
1. Finically Strong (S6, S5, T1, T4)
As seen in the financial section of this report the CBB is financially strong. The value of
the Belize to US ratio is stable. The Bank invest in bonds that has high returns and they
are great advisors to the Government of the day. With that said they can invest in hard and
software and also be able to invest in the company and its employees so that they may be
able to keep being financially strong and help build the Belizean economy with making
wise decisions and smart investments.
2. Strong two to one Peg with the US dollar (S1, S5, S6, T1, T3, T6)
One strong assets that Belizeans are benefiting from and that the bank work tired less to
insure is the peg that CBB have with the US dollars. This peg is very important so that
CBB may be able to do trade with the US and other parts of the world. It is one of the
best ratio in the world when it comes to the American dollars and the country is blessed to
have this peg so that CBB can do business and have good dollar value. Not many country
can say that they have a good exchange rate when it comes to the US dollars and the bank
must make sure that our money does not devalue.
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WT Strategies: Allows a company to minimize its weaknesses and avoid potential
threats.
1. Not utilizing modern models to report financial and economic information

(W3,W2,T5,)
In All business it is important to use modern technolgy and tools to get your work done in
an effective and efficent way. It will make the work more easier and quicker so that you
may be able to make dessions more quicker and be more effective in your work. Central
bank of Belize is the banking regulator for the country and they must be able to account
for what is going on in the economy in a timely and efficent mannner so that the advisors
can act accordingly.
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Quality Strategic Planning Matrix

Alternative #1: Alternative #2
Develop CBB Develop Human
Financial Capital–Provide
Key Internal Factors Infrastructure - Training,
Implement National Scholarships,
Payment Systems and Certificates
Credit Rating System
Strengths Weight AS TAS AS TAS
Fixed Exchange rate Belize currency to United States Dollars 0.10 - - - -
Central Bank of Belize Website 0.8 - - - -
Implementing the APS3 system 0.8 2 0.16 4 0.32
Provide Human Capital Incentives 0.7 1 0.7 4 0.28
Adopting to artificial intelligence 0.7 2 0.14 4 0.28
Financially Strong 0.10 1 0.10 2 0.20
Weaknesses
Not allowing customers to apply for Foreign Exchange 0.11 4 0.44 2 0.22
permits and clear prepaid permits online
Build another building/branch 0.9 - - - -
Not utilizing modern models to report financial and 0.9 2 0.18 2 0.18
economic information
Credit risk 0.07 - - - -
Not certifying employees responsible to monitor AML and 0.08 2 0.16 4 0.32
CFT activities
Not manufacturing Belize currency 0.7 - - - -
Opportunities 1
Changes in AML/CFT operations 0.11 2 0.22 3 0.33
Increasing evolving financial agencies e.g. money lenders 0.10 3 0.30 2 0.20
and loan sharks
Rapid economic changes allows CBB to provide government 0.10 - - - -
with new advice
Increasing group of college graduates yearly 0.08 - - - -
New foreign bonds and securities create investment 0.11 - - - -
opportunities
Threats
Fluctuating Foreign Exchange rates 0.12 1 0.12 2 0.24
Information system hackers 0.10 3 0.30 4 0.40
Foreign banks imposing new regulations/laws 0.11 - - - -
Growth in virtual currencies and new payment services 0.10 - - - -
(Bitcoins)
Trading foreign currency on the black market 0.9
Out to date Banking Laws 0.8 - - - -
Total 1 2.19 2.97
Qualitative Strategic Planning Matrix (QSPM) is a high-level strategic management approach for
evaluating possible strategies. This strategy is also known as the decision stage because it will help
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the organization to choose which strategic method the company should undertake in order to
improve its efficiency and effectiveness.
In the case of CBB we compared two strategies the first was to “develop CBB financial
infrastructure by implementing a National Payment Systems and Credit Rating System,” the NPS
will automate and enable a safe and efficient financial transactions and CRS will allow for the
share of credit information, reduce risks for financial institutions and increase access to credit.
The second strategy was to “develop its’ Human Capital by providing training, scholarships, and
certificates” relevant and necessary to enhance the human resources at CBB.
The result of the comparison of these two strategic alternatives shows that alternative number
two is the more positive option. This strategy has an overall score of 2.97 which scores over
average and is a promising strategy for CBB to implement. Whilst both strategies are key for the
bank to move forward, strategy number two is the best choice to go with at this point because
when employees are well trained, qualified and certified as it relates to their job, they feel
empowered. Empowered employees performance will increase positively and they will do
whatever it takes to get the job done as efficient and effective as possible.
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CHAPTER V: RECOMMENDATIONS
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Recommendations
From the QSMP the strategic alternative that CBB are proposing at the corporate level for CBB
is to “Develop its’ Human Capital”. This corporate strategic objective can be achieved at the
business levels by:
1. Provide training for employees to increase knowledge bout best practices and standards.
2. Provide scholarship opportunities for employees to go to school and be better qualified.
3. Provide employees with the necessary certificates that allows them to better regulate.
As long as those mentioned above can be achieved at the business level that will allow CBB to
“perform activities differently” and “perform different activities” in order to create value for all
its stakeholders. As an organization the services CBB provide will be considered different and
unique if or when compared to other organization.
Now that the strategy chosen has been identified at both the corporate and business level, to
further execute it, CBB needs to determine all the functional level that this strategy will affect.
Therefore in order to provide training, scholarships and certifying employees the following
functions at CBB will be affected:
1. Financing functional level because to provide any of the strategies will come at a cost to
CBB.
2. Human Resources functional level because providing those strategies (training,
scholarship and certificate) falls directly under HR mandate.
Human capital is one of the most important resource at any organization. No matter how much
financial or technological resource exist without human capital who or what are going to operate
them. Therefore CBB should ensure that they do their utmost best to invest in them, the more
equipped, knowledgeable, qualified or certified an employee the better they will perform,
therefore minimizing both long term and short term issues or problems. For example how can an
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employee regulate the activity of money laundering today or ten years from now if CBB does not
equipped them with the necessary certificate to deal with that. Not having the certificate cause
the employee to lack the know how of how to identify and combat those transactions.
Also by providing training constantly for job related activities and by allowing employees the
opportunity to go back to school will keep them up with best practices and up to date standards
currently being used. If CBB are using best practice and modern standards in their operation
from employees with qualification and knowledge will definitely aid with minimizing any
problem or issues that may arise today or years from now.
The main policy at CBB that should be revised are the training and development policy which
encompasses all three business level strategies (scholarship, training, and certificates).
Scholarships should be given more easily to staff but a clause must be put in place to bond
employees to CBB after degree are obtained and employees who directly monitor AML/CMF
activities should be sent to acquire their certificates to better combat those transactions.
Currently CBB core and distinct competencies are the way in which they operates with a culture
of excellence, however as the staff grows new employees are coming in and existing employees
are getting old. Therefore if this strategy is implemented no matter how many years of service at
the bank employees will be certified and possess the necessary knowledge, skills and degree to
continue improve on CBB customers’ relationship and public relations whilst achieving
operational excellence.
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CHAPTER VI: IMPLEMENTATION PLAN AND TIMELINE
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Strategy Implementation
The recommended strategy chosen to be implemented is to develop the Human Capital at CBB
in an effort to be better equipped with knowledge and so on necessary to improve its customers
and stakeholders relationship and satisfaction. They were three specific programs areas chosen
and listed below as to how the implementation will be carried out.
1. Provide training for employees to increase knowledge bout best practices and standards.
In carrying out the implementation of this program a committee will be formed with all the heads
of department (HOD) to chart out the way in which this program will be developed. The heads
of department will identify the necessary training that their departments require in the effort of
achieving the strategy objective.
The Human Resources department whose portfolio is to provide training will take the charged in
this strategy initiative. Once these trainings has been identified by the HOD, they will identify
where different department identify same training and group them, and where training where
identified but cannot be grouped. The training that were grouped across all department will be
the premier training that HRD will focus on because it encompasses the majority of the banks
staff. Since the HRD portfolio is to provide training once these trainings has been identified then
they will need to develop a budget to fund this program.
Developing the budget will include getting quotation on who will provide the training their cost
and so on, this information will be passed onto the Finance and Accounting function to allocate
the financial resources. The rate of return on investing in human capital is not easily identifiable,
it is difficult to put a dollar figure to it to find out how financially feasible was the investment.
However, the purpose of this strategy is to improve stakeholders mainly customers relationship
and satisfaction, so by them providing feedback whether positive or negative CBB can determine
its’ feasibility.
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The goal is to identify four training that will be conducted across each quarter for the year, each
quarter consist of three months, therefore the same training will be done once per month.
Because this will affect all employees at CBB, to not have all employees doing training at the
same time, each department are required to send 33.3% of their staff each month to participate.
Therefore at the end of the three months CBB will have over 90% of staff completed that
specific training and that will be approach for each quarter and the other trainings. As a result of
what has been previous mentioned, that should be an appropriate timetable given to accomplish
this top priority of providing training.
2. Provide scholarship opportunities for employees to go to school and be better qualified.
of department (HOD) in an effort to identify the staff members that will need to go back to
further their education. These will include the managers who do not possess a bachelor’s degree
and Directors and Deputy Directors who does not possess their Masters’ degree. This was
necessary because it can create a conflict when staff in supervisory position possess a degree less
than the people they are supervising, to eliminate that conflict this is necessary.
Each HOD will take the charged in this strategy initiative, once they have identified their staff,
with the assistance of the HRD who is responsible to provide the scholarships needed. To not
have the work flow interrupted the staff members identified will attend these institutions part-
time (after work) or Online to get their degree.
Developing the budget will include getting quotations from the three Universities in Belize,
University of Belize, Galen or Universities of West Indies on the total cost of accomplishing the
Bachelors’ and masters’ degree. This information will be passed onto the Finance and
Accounting function to allocate the financial resources. Because they are not sure about which
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university the different staff member will be attending, then the highest quotation must be used
when budgeting multiplied by the number of staff members identified. The rate of return on
investing in human capital is not easily identifiable, it is difficult to put a dollar figure to it to
find out how financially feasible was the investment. However, the purpose of this strategy is to
improve stakeholders mainly customers relationship and satisfaction, so by them providing
feedback whether positive or negative CBB can determine its’ feasibility. By accomplishing
100% of staff members identified accomplishing this task and getting their degrees is also
another factor of measuring the feasibility of this strategy.
For the staff members that will pursue their bachelors’ degree will be given four years to
complete and the ones pursuing their masters’ degree will be given two years to complete.
Therefore in four years’ time all staff members no matter the degree should have completed their
studies. As a result of what has been previous mentioned, that should be an appropriate
timetable given to accomplish this top priority of providing scholarship opportunities for staff to
attain their degrees’.
3. Provide employees with the necessary certificates that allows them to better regulate.
of department (HOD) in an effort to identify their staff members that will need be certified in
order to perform their duties. This include the Financial Supervision section and the Approvals
section who specific task is to regulate the financial institutions and monitor the inflows and
outflows of foreign exchange in Belize. To do that these staff members need to be equipped and
have the necessary AML and CFT certificates required by foreign agencies who provide the
necessary information and databases that will assist CBB in carrying out those processes
mentioned above.
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Each HOD will take the charged in this strategy initiative once they have identified their staff.
The trainings to become certified are all online, therefore work flow will not be interrupted and
the staff members identified can do the training after work to become certified.
Developing the budget will include getting quotations from the AML and CFT and this
information will be passed onto the Finance and Accounting function to allocate the financial
resources. The rate of return on investing in human capital is not easily identifiable, it is difficult
to put a dollar figure to it to find out how financially feasible was the investment. However, the
purpose of this strategy is to better regulate and improve stakeholders mainly customers
relationship and satisfaction, so by them providing feedback whether positive or negative CBB
can determine its’ feasibility. Also by accomplishing 100% of staff members identified
accomplishing this task and getting certified another factor of measuring the feasibility of this
strategy, whilst minimizing the threat of money laundering and terrorism financing.
For the staff members that will pursue this certificate they will be given six months to complete,
because that’s the length of time the training is held for. Because getting certified can be done
online all members can attend at the same time therefore one year is the timeline given to staff to
be certified. As a result of what has been previously mentioned, that should be an appropriate
timetable given to accomplish this top priority of getting certified to better regulate money
laundering and terrorism financing.
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CHAPTER VII: EVALUATION AND CONTROL PLAN
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Strategy Evaluation
After the development of human capital strategy is implemented the financing function, the
human resource function and the HOD will be the major players along with the staff members at
the CBB to determine how it will be evaluate and control. Based on the information gathered
from the implementation it should take four years the most to accomplish all three business
strategy, as that was the longest time period necessary when compared to the other two.
Therefore after one year the committee can meet to evaluate if their targets were met of ensuring
that over 90% of staff received training the four different trainings identified for that year. Also
after one year the committee can meet to evaluate if their targets were met of ensuring that all
staff members that require AML and CFT certificate did indeed accomplished that. Lastly the
HOD and HRD to control the strategy of providing scholarships to further education will need to
work together to ensure that the staff members who are going back to school present their grades
at the end of every semester before new scholarship funds are being disburse to them. This will
evaluate that yes they are still pursuing their degree and how they are progressing with that task.
At the end of the four years further evaluation can be done to identify if all managers possess
their bachelors’ degree or if all Directors and Deputy Directors possess their masters’ degree.
Employees who are required to deal with any of the necessary strategies, who find themselves in
any way becoming over burden with accomplishing their task, will be given the opportunity to
discuss it with their HOD and HRD during the process to determine the most feasible way
forward. Upon accomplishing whatever strategy that was identified for whichever staff member,
the staff member must report to HRD so that their education and certificate section are updated
in CBB Management Information system known as Technology1. Having these information in
their Management Information System the HRD can run reports to assist with evaluating which
staff members accomplished the strategies that was given to them. For the ones who have not
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completed since they were given the opportunity to discuss during the period what was hindering
them from doing do makes the standards that were set appropriate and the measures used are in
accordance to best practice standards.
Investing in human capital whilst it will benefit CBB by improving its relationship with its’
stakeholders mainly improving public relations and customers satisfaction, CBB believe the
biggest beneficiary of such an investment is the staff identified that will be directly impacted by
accomplishing this strategy. The staff will be receiving a great wealth of knowledge and skills
by attending these trainings and becoming certified by these AML and CFT agencies and getting
their degrees, especially since CBB will be the one financing them. For accomplishing a higher
degree CBB will reward each staff by giving one increment, however accomplishing a higher
degree with honours CBB will give two increments, becoming certified also receives one
increment. CBB appraise staff performance yearly and if there is an improvement on job
performance then a staff can get a financial rewarded in the form a merit.
The corrective actions that will need to be taken will be done by the HOD who will be
responsible to work with the necessary employees identified to accomplish the strategy. Hence
once the strategy is underway for whatever reason a staff member is experiencing any hiccups
that must be communicated to the person in-charge. During that process the person in charge
can evaluate the situation to identify the factors that is causing the issue and correct them the best
way they could. Whether it be extending the time to get it done, provide more financial resource
or releasing a staff member that were identified and just do not want to partake in accomplishing
the strategy. However correcting actions of releasing a staff member for whatever reason
requires the assistance of the HRD.
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REFERENCES
David, F. R., & David, F. R. (2015). Strategic Management Concepst and Cases (15 ed.).
Harlow, England: Pearson Education Limited.
Braun, K. W.,Tietz, W. M., & Harison, W. T. (2010). Managerial Accounting (2 ed.). New
Jersey U.S.A: Pearson Education Inc, Prentice Hall.
Central Bank of Belize. (n.d.). Central Bank of Belize. Retrieved November 12, 2017, from
http://www.centralbank.org.bz/home
What is the definition of "political instability"? (n.d.). What is the definition of "political
instability"? Retrieved November 21, 2017, from https://www.reference.com/government-
politics/definition-political-instability-da09becc7984e9a6#
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APPENDICES
Appendix 1
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Appendix 1 Cont’d
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Appendix 2
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SM SAD CBB Write Up

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The University of Belize

A Case Study Analysis of Central Bank of Belize

Faculty of Management and Social Sciences

Strategic Management - MGMT 4155

In partial fulfilment for a Bachelor’s Degree in Business Management

Submitted to: Mr. Kevin Geban

Submitted on: 26th November 2017

Belize (GOB) have the additional 20%.

part of their social responsibilities.

They are committed to promote an environment of innovation, diversity, inclusiveness with

experiences so as to continue to develop knowledge by focusing on excellence and eventually

Current Vision Statement

Current Mission Statement

and efficient financial system.”

Current Mission Statement Evaluation

Table 1.1: Mission Statement Evaluation

Products or Service ….Facilitating sustained economic growth…

Concerns for public image Not applicable

Concerns for employees Not applicable

Proposed Mission Statement

economy, by formulating and implementing economic and monetary regulatory policies to

our public obligations.”

Central Bank of Belize Core Values as stated on their website:

Central Bank of Belize Stakeholders

Central Bank of Belize Goals as stated on their website:

Government of Belize, the business sector and the general public.

accounts at the Bank.

rates, credit and exchange rates.

4. Set high standards of efficiency and organization so as to encourage levels of attainment

Central Bank of Belize Objectives as stated on the banks website

CENTRAL BANK OF BELIZE CORPORATE STRATEGIES

Central Bank of Belize Management

CENTRAL BANK OF BELIZE CURRENT SITUATION

further develop Belize’s financial infrastructure by the implementation of a National Payments

infrastructure by implementing a Credit Reporting System (CRS) to share credit information,

reduce risks for financial institutions and increase access to credit.

CHAPTER II: EXTERNAL ENVIRONMENT ASSESSMENT

PESTEL Factors include:

employees of what to do and not to do if these treats arise.

External Factor Evaluation Matrix (EFE)

External Key Factors Weights Rating Weighted

always room for improvement and ways to maximize efficiency.

CHAPTER III: INTERNAL ENVIRONMENT ASSESMENT

Internal Assessment Audit

utmost best in motivating staff to achieve them.

Management Information Systems

 Funds invested locally and internationally (Investment Income)

Some Operating income examples includes: commission on sale or purchase of Foreign

and some other miscellaneous sources.

in circulation, deposits by licensed financial institution, deposits by Government and public

(see appendix 1).

Profit Margin Ratio

Internal Factor Evaluation Matrix

Belize brand from within.

CHAPTER IV: ANALYSIS & EVALUATION OF STRATEGIC FACTORS

organizations success. Another strength is CBB is adopting to artificial intelligence by using

equipped with up to date information on individuals trying to commit fraudulent financial

Review of Mission and Objectives

major stakeholder in CBB success.

to give them a competitive edge.

1. Implementing up to date system in each department. (S2, S3, O1, 02)

2. Financial advisor to the Government (S1, S4, S5, O1, O3,)

B. WO Strategies: Allows a company to capitalize on their opportunities to overcome the