Board of Directors of Central Bank to be dismissed.

richardgibson12072017PHILIPSBURG:— Minister of Finance Richard Gibson Sr announced on Wednesday that he just recently returned from Curacao and managed to obtain the NAF8M that was owed to St. Maarten from the division of assets, this NAF8M he said came the Development Foundation.
Besides, that Minister Gibson said that he held meetings with the Minister of Finance and Prime Minister of Curacao on at least two important topics, he said a decision has been taken to dismiss the members of the supervisory board of the Central Bank. Minister Gibson explained members of the media that as Ministers they had to weigh if the board members were working in the interest of the countries Curacao and St. Maarten, the bank and to further develop the economy or if these board members are busy fighting over their personal matters. The issues at the Central Bank has been going for years and it shows that the board members were not working in the bank’s best interest. He said since the decision was taken letters were sent out.
He said that the members that St. Maarten proposed already submitted their resignations including the chairman that was appointed through the courts on behalf of Curacao also submitted his resignation. Minister Gibson said two members of the board are now being heard and when that process is completed they will proceed and dismiss the board members and appoint a new board consisting of seven members.
Minister Gibson said he also discussed the current state of the branch of the Central Bank on St. Maarten and the amount of money that is spent on operational cost. He said that the operational bank spending NAF60M which is spent in Curacao while almost nothing is spent on St. Maarten. He said when analyzing that he considered the imbalance to be immoral, unfair, and unjust and cannot continue.
Gibson said that he has reached an agreement with the Prime Minister of Curacao as well as with the Minister of Finance and it has been agreed upon that the Central Bank will finally upgrade the Central Bank on St. Maarten including the hiring of personnel. He said based on his calculation which is based on St. Maarten shares in the bank he said that at least 20% of the operational cost must be spent on St. Maarten. That 20% is equivalent to 12M which he believes will empower the country’s GDP. Minister Gibson said the agreement made will not be executed immediately since the 2018 budget is already prepared, but assured it’s a work in progress.
Asked by SMN News if the agreement made recently will bear fruit since it’s been years now that St. Maarten has been requesting that the St. Maarten branch of the Central Bank be upgraded. Minister Gibson said that they do not have only a verbal agreement but they also have the resolution giving the countries that have to ensure that it is done. He said each Minister will request the Governor of the countries to sign a resolution which will be given to the new board of directors who would have to execute the beefing up of the Central Bank on St. Maarten.

Source: St. Martin News Network
Board of Directors of Central Bank to be dismissed.