Assets of Curaçao and Sint Maarten governments experience decline

July 4, 2023  –WILLEMSTAD – The combined assets of Curaçao and Sint Maarten have registered a decrease of 78.3 million guilders, as reported by the Central Bank of Curaçao and Sint Maarten (CBCS) based on recent figures. This decline can be attributed primarily to the payment of 18.2 million guilders in interest to the Netherlands. 

Furthermore, funds previously held by the CBCS have been transferred to the Pension Fund of Curaçao. Additionally, multiple payments have been made to commercial banks and other foreign entities. 

Meanwhile, the total amount of money in circulation has seen an increase of over 60 million guilders, with deposits alone rising by 13 million guilders. The mandatory reserve requirement of 19 percent, which commercial banks must maintain, remains unchanged. 

Although there has been an overall growth in foreign exchange reserves, largely due to increased dollar inflow received by CBCS, this positive trend was offset by a considerable influx of funds directed towards the commercial banks in Bonaire.