Published On: Thu, Nov 7th, 2013

Central Bank: ‘Foreign exchange reserve surpasses 2 billion guilders’

Central Bank CuracaoWILLEMSTAD – The official foreign exchange reserve of Curacao and Sint Maarten is up again and surpasses the 2 billion guilder mark. This is after these reserves were on the decline for almost a year where we currently see a rising tendency again.

At the beginning of the new country (October 10, 2010), these reserves were set at almost 2.3 billion guilders however saw a decline throughout these three years. The lowest point after October 10th was 1.89 billion guilders, which was measured in August 2013.

At the start of the new country, the reserves were at exactly 2.260 billion guilders. The following year there was a slight increase of 50 million guilders. 2011 Closed with a reserve of 2.308 billion guilders. This was the only moment in which an increase was recorded. In December 2012 the reserves were 2.031 billion guilders which is a decrease of 277 million.

The Central Bank continued to inform the public on a monthly base the level of the foreign exchange reserve. In January 2013 there was a decrease of 20 million guilders (Forex reserve 2.010 billion). In February 2013 the reserves were at 1.992 billion; in March it was 1.974 billion; April 1.950 billion; May showed a slight increase of 24 million which brought the reserve at 1.974 billion; In June it was 1.988; In July it went down to 1.960 billion; In August it reached the lowest point at 1.894 billion; September it was registered at 1.930 million; and until last month October, the reserves were on the rise again with a margin of two billion guilders.

According to the Central Bank, 2.033 billion is the official amount. From this number the countries obligation to non-residents must be deducted, which will then result in the official net foreign exchange reserve. If the net foreign exchange reserve from 2010 (1.593 billion) is compared to 2013 (1.496 billion) a decrease of almost 100 million guilders can be noted.

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