Saint-Martin and Sint Maarten are launching a new monetary initiative: the “Caribol”, a contraction of “Caribbean” and “dollar”, will be used as an experimental local currency, this April 1st, to facilitate tourist exchanges and support the island economy.
This currency, which will only be legal tender on the island , will coexist with the euro on the French side, the Caribbean guilder and the US dollar on the Dutch side. To simplify conversions, the authorities have set a “psychological” parity: 1 Caribol = 1 US dollar ≈ 0.87 euro ≈ 1.80 guilder .
This project is part of an experimental pilot phase : on the French side, it was made possible by a specific decree authorizing the creation of a local currency for limited use, while on the Dutch side, an exceptional exemption from the local central bank was obtained to test the system. The authorities emphasize that this is not a sovereign currency, but a tool for economic and tourism development . In terms of design, the Caribol aims to be both distinctive and practical: the coins, colorful and lightly scented with coconut, evoke local flora and fauna, while the banknotes depict iconic beaches and scenes of island life, printed on a material resistant to humidity, sand, and sea spray. As part of this 24-hour trial, partner merchants and some airlines will offer vouchers or discounts to visitors using the Caribol , thus encouraging local shopping and zero-luggage tourism. Strangely, the April Fool with its cod fritter scent was not selected to appear on the 100 Caribol notes.
Source: Faxinfo https://faxinfo.fr/en/economie-le-caribol-une-monnaie-locale-experimentale-pour-les-visiteurs/
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