St. Maarten Government wants Antillean Guilder for one more year

POSTED: 09/14/11 11:33 AM

GREAT BAY, St. Maarten – The Government of St. Maarten plans to request that Netherlands Antilles guilder (ANG) remain the joint currency for Curacao and St. Maarten for the year 2012. The government will then use that year to conduct a “careful analysis of the available choices of currency” and to allow a fully fledged branch of the Central Bank of Curacao and St. Maarten “take root.”
The request is based on the fact that the Central Bank of Curacao and St. Maarten has experienced “serious setbacks” and because the full-fledged Central Bank branch on St. Maarten that was envisaged during the process of constitutional change has not materialized. There is also consideration for the fact that, to date, there has been no further action on a joint currency.
“Given the rocky start of this joint institution, the government of St. Maarten is of the belief that a separate monetary agency for St. Maarten must be given serious consideration. The scope and form of this agency (Central Bank) will be dependent on the ultimate choice by St. Maarten for its currency. In the meantime, arrangements will be made with Curacao for the continued use of the Netherlands Antillean currency, pegged to the US dollar as is presently the case,” Governor drs Eugene Holiday announced in parliament on Tuesday.

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