The Supervisory Board of the Central Bank of Curaçao and Sint Maarten (CBCS) issued a statement following media coverage of a 8 July 2025 letter from Curaçao’s Minister of Finance about the departure of the bank’s former Financial and Economic Director. It said it applied safeguards in handling the resignation and the individual’s transition to a supervised institution, expressed support for the Minister’s concerns, and offered to meet with the Minister. According to the statement, the current Central Bank Statute has no explicit provisions governing transfers to positions outside the bank and does not prescribe a standardized dismissal procedure, with resignations requiring only ratification by both Ministers of Finance. The Supervisory Board also cited specific measures taken in this case, including requiring approval from De Nederlandsche Bank for the appointment of a candidate policymaker, and indicated that an International Monetary Fund-supported revision of the statute will introduce a cooling-off period for executive board members. The revised statute is expected to be submitted to the governments later this year.
Central Bank of Sint Maarten & Curacao 2025-07-13
Central Bank of Curaçao and Sint Maarten Supervisory Board defends safeguards in former executive director resignation and confirms statute revision will add cooling off period
The Supervisory Board of the Central Bank of Curaçao and Sint Maarten addressed concerns over its former Financial and Economic Director's departure, emphasizing safeguards and supporting the Minister of Finance's concerns. The current statute lacks provisions for external transfers and standardized dismissal procedures, but revisions supported by the International Monetary Fund will introduce a cooling-off period for executive board members. The revised statute is expected to be submitted to the governments later this year.