PricewaterhouseCoopers to conduct audit on Central Bank

POSTED: 04/11/13 3:03 PM

St. Maarten – PricewaterhouseCoopers has been awarded the government contract to conduct an operational audit of the Central Bank of Curacao and St. Maarten. The two countries agreed to conduct the audit before any decision is made on the dismantling of the joint monetary union, as has been suggested, Prime Minister Sarah Wescot-Williams told a Central Committee of Parliament at yesterday’s third 2013 Draft Budget sitting.

In her capacity of General Affairs Minister, the prime minister reiterated that the government is still evaluating the matter of the joint monetary union and no decision has been made yet. The government has received many proposals for the St. Maarten to do away with the Central Bank and establish a local financial regulatory body, the most recent being a report compiled by the Social Economic Council, the prime minister said.

On the issue of dollarization she said that an equal amount of proposals for or against dollarization have been received by the government but no decision has been made. She added that more attention was placed on resolving issues surrounding the Central Bank rather than on a new currency for St. Maarten. MP Gracita Arrindell requested that the documents be forwarded to Parliament for members to know the view of various agencies.

In the meantime, PricewaterhouseCoopers was given the terms of reference to begin its work at the Central Bank less than two weeks ago. The international firm that is ranked among the world’s top 4 accountancy firms beat out other competitors that were also being considered to conduct the audit of the bank.

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