And while turkey sales are up in November, here in Belize tobacco sales are always up. And we're not talking about your Belizean market Benson and Independence. We're talking about brands you've never heard of like "Modern"and "Marshal"
Tobacco imports grew in October and up to September, 65.8 million dollars worth of tobacco products were imported into the Free Zone.
But where does it all go? The Statistical Institute of Belize says it has no record of exports. But, those smokes are surely exported. Yesterday, we asked the governor of the Central Bank of Belize where does the money from these robust cigarette trade go:
Jules Vasquez:
"How how does the bank treat with this? We know, successive administrations have held: this tobacco is legal in Belize. But we know also that it is exported, illicitly, to multiple countries in the region, Central America, Mexico. And thus the proceeds are not, they do not perhaps meet optimal standards for banking. The transactions, anecdotally, are in cash because of the nature of the trade. But it's a huge part of our exports and a huge part of our imports. How does it show up? How is it metered in the national statistics?"
Kareem Michael, Governor - Central Bank
"As far as the trade, if it's legal, we will see it. If it's official trade, we will see it in the numbers. If it's unofficial through these maybe less than formal ports, then obviously we won't see it. It is like somebody walking across the border with a head of cattle. You don't see that all the time. So similarly, if it crosses an official border point, we'll pick it up because it has to be recorded, I hope it is. And if it's not, then I really can't say anything else about it."
Jules Vasquez:
"Is it your opinion that the proceeds of these sales are banked?"
Kareem Michael, Governor - Central Bank
"I, like I said, I can't see we're not we're not seeing it in the numbers. And if they are, then we have to look, investigate more." |