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It has 64 magical pouches, will only 8 visible and the rest hidden.  Each pouch is a miniature bag of holding that can store up to 10 pounds.  Azril purchases this item for 3000 gp from a white-robed wizard in Windsail during Week 31 before the party departs for Tide's End.  He is able to use this belt to contain his spell components and gold, effectively lowering his encumbrance significantly.