Minister Shigemoto wants fully operational Central Bank by January 1, 2012

POSTED: 06/1/11 12:12 PM

“Do not make investments without my permission”
Minister Shigemoto wants fully operational Central Bank by January 1, 2012

GREAT BAY – Finance Minister Hiro Shigemoto has sent his Curacaolenoan counterpart George “Jorge” Jamloodin a letter with St. Maarten’s nominee for the Chairman of the Supervisory Board of Directors of the Central Bank of Curacao and St. Maarten. No name was given in a statement the Minister issued Monday in which Shigemoto also states his desire for “a fully operational independent Central Bank in Philipsburg by January 1, 2012.”
“The Council of Ministers has taken such a decision and would like to see the necessary tools in place so the national financial institution can function at an optimal level and be able to address pertinent operational matters. Once a Supervisory Board of the Central Bank of Curacao and Sint Maarten (CBCS) is in place, St. Maarten would like the board to work on this as soon as possible,” Shigemoto wrote in his statement.
He added, “We would gladly appreciate Tromp’s co-ordination using all the resources available to implement the necessary measures for this initiative. St. Maarten also wants to be a part of the staff recruitment and development of the expertise locally.” Hon. Minister of Finance Hiro Shigemoto stated on Tuesday.
The letter about the fully functioning Central Bank operation and recruitment here was sent to the bank’s President Emsley Tromp. It is dated May 31.
In a second letter dated May 30 Shigemoto has also instructed Tromp that the Central Bank should not make any investments without his input. That is an official position of the Government of St. Maarten.
The letter makes reference to current developments surrounding the Central Bank of Curacao and St. Maarten, and that no decisions are to be taken involving shares that country St. Maarten is entitled to that amount to 26 per cent of the gold reserves and 26 per cent of the bank’s assets.
“We have a new ball game where country St. Maarten has a certain percentage of shares in the CBCS. Before that, the financial institution fell under the Netherlands Antilles. We have to look out and protect our interest. The position taken by the Council of Ministers of St. Maarten is basically in line with the letter that has been sent to Mr. Tromp with reference to that,” Shigemoto stated.

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