PHILIPSBURG–The Central Bank for Curaçao and St. Maarten (CBCS) presented its strategic plan to stakeholders in St. Maarten during a session held here recently.
Governor Eugene Holiday and representatives of government, the financial sector and advisory bodies were invited to attend the presentation.
CBCS’ new strategy has three focus areas: the monetary stability of Curaçao and St. Maarten, a stable and competitive financial sector, and the development of a customer-friendly and innovative organisation. These focus areas have been further developed in several strategic goals for the period 2018-2020.
In her presentation CBCS Acting President Leila Matroos-Lasten explained the strategic goals for the period up to 2020. She also indicated what has been accomplished for St. Maarten so far and the projects that are currently underway. For example, CBCS acted as consulting partner for the government of St. Maarten, the World Bank, the International Monetary Fund (IMF) and the Economic Commission for Latin America and the Caribbean (ECLAC), in the process of developing St. Maarten’s Recovery Plan.
Also, on the advice of CBCS, St. Maarten joined the Caribbean Catastrophic Risk Insurance Facility (CCRIF) on September 1. As member of CCRIF, the government is insured for damage resulting from earthquakes, tropical cyclones and excess rainfall. Through CCRIF, St. Maarten is protected from liquidity problems after a major natural disaster.
On a legislative level, the National Ordinance Actualisation and Harmonisation Supervision Ordinances CBCS came into force in St. Maarten. Furthermore, a payment system act is currently being drafted.
Those attending the presentation said they were “pleasantly surprised” by CBCS’ plans and that they share CBCS’ enthusiasm to achieve complete transformation, it was stated in a press release issued by CBCS on Tuesday.
“They welcome CBCS’ goal to be a professional and open organisation and an advisory business partner for the financial sectors and governments of both countries,” it was stated in the release.
“The people of St. Maarten and Curaçao will get to know a state-of-the-art Central Bank with a customer-friendly and innovative image,” Matroos-Lasten assured attendees.
This way, CBCS wants to better perform its core business of ensuring the monetary and financial stability and promoting the competitive position of the financial sector. In doing so, CBCS wants to contribute to the community’s confidence and the social economic development of Curaçao and St. Maarten, it was stated in the release.