International legal immunity of Bank and its property

(1) In the interest of greater certainty, and notwithstanding any law to the contrary, it is hereby declared that– (a) the Bank, by virtue of its status as an autonomous body corporate established with the public purpose objectives specified in subsection (3), is, subject only to express waiver by the Bank immune from the jurisdiction of the courts or other tribunals of any foreign State; (b) the activities of the Bank are to be regarded as being done by it in the exercise of sovereign authority by Belize; and (c) subject only to express waiver or statement to the contrary by the Bank, the property of the 6 [CAP. 262:01 Immunities) Bank, wherever situated, is to be treated as being held in use, or intended for use, for purposes connected with the exercise of sovereign authority by Belize, and not for commercial purposes or other purposes, and is thus immune from for attachment, arrest or execution being instituted, intervened in or otherwise acted upon in any foreign State. (2) This section applies without limiting the effect of any other existing basis under law for immunity of the Bank from proceedings in a foreign State. (3) The public purpose objectives referred to in subsection (1) are those of fostering monetary stability, especially as regards stability of the exchange rate, and promoting credit and exchange conditions conducive to the growth of the economy of Belize, while, within the context of the economic policy of the Government of Belize, providing economic advice to the Government, and as banker to the Government of Belize, supervising and regulating Belize’s financial system.