Minister of Finance Shigemoto discusses Central Bank transition regulation and dollarization with Cu


PHILIPSBURG, Sint Maarten – Minister of Finance Hiro Shigemoto says one of his top priorities is the signing of the Central Bank of Curacao & Sint Maarten (CBCS) transition regulation agreement, in order for the aforementioned national institution to be able to carry out its work for both countries.

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This point was discussed with his Curacao colleague the Honourable Minister of Finance J. Jamaloodin who he met with last week Friday in Willemstad, Curacao.

The legal affairs departments of both countries are reviewing the final drafts and as soon as they have been completed, both ministers will need to sign the transition regulations.

The CBCS needs to have a board in place in order to decide on important matters such as budgets, annual accounts, etc.

"I am fully aware of the urgency of the matter and hence my meeting with my colleague from Curacao to discuss this matter," Minister Shigemoto pointed out.

The issue of dollarization was also discussed with Curacao Minister of Finance J. Jamaloodin and the latter shared a document which was prepared by the Curacao Bankers Association on Dollarization with Minister Shigemoto.

"I explained the Honourable Minister J. Jamaloodin that Sint Maarten has not decided anything pertaining to dollarization as we are still in the process of gathering factual information, exchanging information, and most importantly, listening to stakeholders. This information gathering process will continue.

"Finally, the issue of a closer working relationship between the Ministers of Finance of Curacao and Sint Maarten was also discussed and mutually agreed upon," Minister Shigemoto concluded.