Published On: Mon, Feb 15th, 2016

Banknotes and coins should soon be replaced

MoneyWILLEMSTAD – The Central Bank of Curaçao and Sint Maarten (CBCS) is currently confronted with some developments and conditions that require the bank to replace all banknotes and coins in a relatively short time.

Action is needed to continue to guarantee the quality of the money in circulation and robustness against counterfeiting. The developments faced by the CBCS are the availability of the banknote papers, the aging of the security features and the hard to find unprocessed coin blanks. The budget of the CBCS included the introduction of a new currency or an upgrade of the existing series of banknotes and coins in circulation. It involves a total of 10.9 million guilders reserved for this purpose.

The production cost of banknotes represents nearly one million on the budget.

After the dismantling of the Netherlands Antilles on 10-10-'10, Curaçao and Sint Maarten formed a monetary union, the current Dutch-Antillean guilder would be replaced by a Caribbean guilder. The introduction of the new currency had already suffered a delay from the beginning. The Caribbean guilders did not make it for the start of the new countries. The new date was set for January 1, 2012. That was not achieved, presumably because both countries were not satisfied with the continuation of the common currency and the central bank.

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