Central Bank: Guilder still solid

POSTED: 09/22/11 2:12 PM

WILLEMSTAD – The presentation of the report by the International Monetary Fund delegation on its Article IV consultation led to an email exchange between the Prime Minister Gerrit Schotte and the Central Bank of Curacao and St. Maarten on Monday. Schotte was particularly concerned about a press release from the Central Bank on the state of the Antillean guilder.
In his e-mail Schotte requests the Central Bank to provide clarity on whether the guilder was “in danger”. The Central Bank’s leadership replied immediately that the facts as presented by the government were not correct.
“The guilder is solid and we will have healthy foreign exchange holdings to cover roughly 3.8 months,” the Central Bank’s leadership said.

The Central Bank first put its position about the guilder to the Governments of St. Maarten and Curacao in a letter on August 23. In that document the Central Bank calls for the two countries to align their fiscal policy because of developments with foreign exchange reserves in the first seven months of the year and because of the short term forecasts for the economies in both countries. The bank has suggested that the measures in the common policy should include speeding up the reforms to the respective tax systems, taking practical steps for reducing red tape, consistently promoting good governance and working to expand the key export sectors of tourism and the international services sector
The letter to the governments has also been sent to the members of the Central Bank’s Supervisory Board.

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