WILLEMSTAD/PHILIPSBURG:--- The Supervisory Board (the Board) of the Central Bank of Curaçao and Sint Maarten (CBCS) has taken note that the contents of a letter dated July 8, 2025, from the Minister of Finance of Curaçao to the Board, concerning the departure of the former Financial and Economic Director of the CBCS, have been shared with the local media. The Supervisory Board wishes to emphasize that, despite the absence of provisions in the Central Bank Statute or other legal provisions to regulate such transfers, the necessary safeguards were applied in handling the director's resignation and transition to a supervised institution. First, the Supervisory Board wishes to emphasize its full endorsement of the concerns raised by the Minister in his letter. The Board has accordingly taken all these concerns into account in the handling of the Executive Director’s departure, while adhering to the legal framework within which it must act. Given the importance of trust in our financial sector, both nationally and internationally, as emphasized by the Minister in his letter, the Supervisory Board has since responded to the Minister, indicating its willingness to meet on this matter.
Furthermore, the Board wishes to stress that, unfortunately, the current Bank Statute does not include any provisions regulating transfers to or from another position outside the CBCS, either before, during, or after an appointment to an executive position at the CBCS, nor any standardized procedure for the dismissal decision under the Bank Statute. Any resignation from an executive position at the CBCS requires only formal ratification by the Ministers of Finance of both countries. The Board, despite the absence of provisions in the Bank Statute or other relevant laws and regulations, has made specific arrangements where necessary to ensure appropriate safeguards in the process of resignation and transition to a supervised institution. In this particular case, the appointment of a candidate policymaker also required the approval of De Nederlandsche Bank (DNB). DNB's assessment took place in parallel with, but entirely independently of, that of the CBCS. Finally, the Board also notes that the draft revision of the Bank Statute includes provisions for a cooling-off period applicable to CBCS executive board members. The draft Bank Statute is being prepared in close coordination with the International Monetary Fund (IMF) and is expected to be submitted to the governments of Curaçao and Sint Maarten later this year.
Willemstad, July 13, 2025 CENTRALE BANK VAN CURAÇAO EN SINT MAARTEN
