Central Bank President praises IMF analysis tool

April 17, 2023   –WILLEMSTAD – The Central Bank of Curaçao and Sint Maarten has recently been utilizing an analysis tool developed in collaboration with the International Monetary Fund (IMF) to enhance their analytical capacity. The president of the bank, Richard Doornbosch, praised the tool, saying that it has enabled the bank to perform a more comprehensive analysis of economic conditions and trends. 

The two Caribbean island nations served by the central bank, Curaçao and Sint Maarten, are former Dutch colonies with small populations. However, they have managed to escape the negative effects of inflation thanks to their fixed exchange rate, according to Doornbosch. 

In addition to discussing the bank’s analytical tool, Doornbosch also spoke about central bank digital currency (CBDC) and cautioned the two island nations to take a cautious approach. While acknowledging the potential benefits of CBDC, he stressed the need to thoroughly assess the risks involved before making any decisions. 

The Central Bank of Curaçao and Sint Maarten has been proactive in adopting new technologies and implementing innovative solutions in recent years. The bank has also been working to modernize their payment systems and increase financial inclusion, particularly among low-income households. 

Overall, the bank’s efforts to enhance its analytical capacity and adopt new technologies demonstrate its commitment to staying up-to-date with the latest developments in the financial industry. As Curaçao and Sint Maarten continue to navigate economic challenges and pursue sustainable growth, the central bank will undoubtedly play a crucial role in supporting their efforts.