Published On: Mon, Aug 20th, 2012

No split Central Bank Curacao and Sint Maarten

WILLEMSTAD - The Central Bank of Curaçao and St. Maarten will not be split. That is the outcome of the consultation between the two Governments in Willemstad, last Saturday.

Both countries formed together, after the dismantling of the Netherlands Antilles, a monetary union, but from the beginning the relations between the Governments of Curaçao and St. Maarten were not very well.  St. Maarten has wanted for some time now to step out of the Union.

Netherlands has always said it wants to stick to the fixed appointments from 2006, which form the basis for a joint Central Bank and the Monetary Union. Both Governments now follow this opinion. The Prime Minister of St. Maarten finds it unwise to force a split in these troubled times and with a caretaker Cabinet in Willemstad. "Though it is a forced marriage, calmness in the tent must reign first; the bickering around the Central Bank harms the image of the bank and of both countries, "said Wescot-Williams.

According to the Prime Minister there was an escalation needed to secure the interests of St. Maarten. In accordance with the appointments from 2006, there is now a subsidiary of the Central Bank on St. Maarten, which set up its legal tasks and is now ready to start. "Should it come to a split in the future, then Sint Maarten may continue with this branch as its Central Bank." Both countries have also decided that, as soon as possible, a seventh member of the Board of Commissioners is appointed as successor of Robert Pieters, who has a temporary appointment had.

St. Maarten agrees with an operational audit for the functioning of the Central Bank, if all necessary pre-conditions is met to guarantee the independence, impartiality and integrity of the audit. That commitment was necessary, because according to St. Maarten the conditions, such as those formulated by the Government of Curaçao, were found to be very suggestive.

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