St. Maarten Currency proposal to Council of Ministers soon

POSTED: 03/11/12 8:16 PM

St. Maarten – Finance Minister Hiro Shigemoto is expected to present his advice on the official currency for St. Maarten and the future role the Central Bank may play in the country’s development to the Council of Ministers soon. So says Prime Minister Sarah Wescot-Williams, who explained that based on the proposals made by the Finance Minister, the Council of Ministers will decide on the way forward.

“We have received the report by the Central Bank indicating some steps and decision points that the government has to take. The report will form part of the final advice and proposal that the minister gives. The minister should be ready to make the presentation within the next two weeks.”

The Prime Minister was at the time speaking at Wednesday’s weekly Council of Ministers press briefing.

She added, “It will be part of the decisions regarding aspects of the Central Bank, the potential separation of the Central bank between the two countries, the currency naturally, what kind of financial regulatory form would have to be put on St. Maarten. These are matters that decisions will have to be taken on. One ties into the other.”

Since the country assumed separate status on October 10, 2010 there has been much talk about whether the nation should continue using the Antillean guilder, dollarize the economy or create our very own currency. The Prime Minister emphasized that whatever currency is used will hinge largely on the functioning of the country’s main financial institution.

“No definite decision has been taken in terms of which currency St. Maarten will use.  But it will depend on if we decide to set-up our own Central Bank, which is our natural preference. Based on the developments within the last few months, we should have our own Central Bank,” the Prime Minister believes.


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