St. Maarten finance minister meets three staffers during Central Bank tour

POSTED: 06/23/11 1:16 PM

Still no sign of joint Central Bank

St. Maarten – Finance Minister Hiro Shigemoto and several officials from the Ministry of Finance toured the Central Bank of Curacao and St Maarten (CBCS) facility on the Pondfill on Monday. The Minister and his delegation were briefed about the current state of affairs at the Philipsburg CBSC location and exactly what its current responsibilities entail.

Shigemoto wants a fully operational independent Central Bank in Philipsburg by January 1, 2012.  The Council of Ministers took a decision last month with respect to the aforementioned and would like to see the necessary resources in place to facilitate the optimum functioning of the national financial institution which will be able to address pertinent operational and financial matters related to the country.

Shigemoto sent a letter to President of the CBCS Emsley Tromp on May 31 that he would like management to work expeditiously in establishing a fully fledged independent institution that would be in place January 2012. The Minister also made mention that Government wants to be a part of the staff recruitment and development of the expertise locally.

“It’s been almost eight months since we achieved country status and the building on the Pondfill still does not have the name Central Bank of Curacao and St. Maarten and  there are only three employees working at the bank. The aforementioned is indicative of the low level priority that St. Maarten’s branch has gotten and apparently is still receiving, and this is unacceptable eight months after. There are plans, however to build up the bank and I would like to see these executed in order to be able to truly talk about a CBCS,” Shigemoto concluded.


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