Published On: Thu, Sep 20th, 2018

Central Bank looks at new currency by January 2021

Central Bank_frontWILLEMSTAD - The Interim Director of the Central Bank of Curacao and St. Maarten Leila Matroos-Lasten gave a lecture yesterday on the bank's strategic plan.

She did this during a busy lunch of Curaçao Business Association (VBC). One of the points mentioned by Matroos-Lasten was the decision to introduce a new currency for Curacao and Sint Maarten.

Since the Antilles was dismantled in 2010, there has been talks about a new currency for the Curaçao and Sint Maarten. An option that is explicitly looked at is a Caribbean guilder that is linked to a digital Caribbean currency. Last month the Central Bank signed a Memorandum of Understanding with Bitt Inc to conduct a feasibility study into a digital guilder.

Matroos-Lasten further indicated that there are 2 strategic goals for the First Focus Area “Monetary Stability of Curacao and Sint Maarten”. The first is to guarantee monetary stability by maintaining the value of the currency. “We will assess the effectiveness of our monetary policy mechanism, particularly our operational target of 3 months of import coverage and our main monetary policy tools. We also started with the preparations for an evaluation by the IMF of the monetary union and the effectiveness of our monetary policy.”

Secondly to promote sustainable socio-economic growth in a dynamic environment. “We conduct research and provide advice to the governments of Curaçao and Sint Maarten on a vast array of topics that are particularly relevant for our economies,” said Matroos-Lasten.

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