Appointment CBCS president Bob Traa

Willemstad / Philipsburg – With effect from 13 June 2019, Mr Bob Traa has been appointed by the Supervisory Board (SB) of the Central Bank of Curaçao and Sint Maarten (CBCS) as president of the CBCS, anticipating his final appointment. This position was temporarily filled by Mrs Leila MatroosLasten since November 17, 2017.

On 11 March 2019, the Supervisory Board made a recommendation to the Minister of Finance of Curaçao and the Minister of Finance of Sint Maarten to appoint Mr Traa as president of the CBCS.

In the meantime, three months have passed since the Supervisory Board’s recommendation. Article 20, paragraph 5, of the Central Bank Statute for Curaçao and Sint Maarten prescribes that if the countries fail to appoint a president or director within three months of a recommendation by the Supervisory Board, that council will temporarily appoint a president from that recommendation respectively director until the countries make the appointment.

The Supervisory Board has therefore decided to temporarily appoint Mr Traa as president of the CBCS with effect from 13 June 2019, until the Curaçao and Sint Maarten countries provide for the appointment of president.

Mr. Traa has worked for more than 34 years at the International Monetary Fund (IMF). His core qualities and experience are developing a sustainable fiscal policy and making macroeconomic analyzes based on the public sector balance sheet. He is also skilled in areas such as economic growth and competitiveness and also long-term economic climate including demographic developments. He also pays particular attention to themes such as productivity, payment transactions and exchange rate policy.

Mr. Traa has a strong vision about the development of sustainable economies. Small open economies such as Curaçao and Sint Maarten are vulnerable and must therefore formulate a clear vision that is convincing and confidence-inspiring.

Through the IMF, Mr. Traa was closely involved in the file of correspondence banks. As a result, he has built up a good network in Washington, which is important for the countries to be able to continue handling this case in the short term. Because of his position, he has had to deal with central banks around the world and knows better than anyone the importance of a high degree of integrity for this institution. According to him, this deserves special and continuous attention.

Mr. Traa acknowledges that CBCS is at the service of two countries and is aware of cultural diversity within and between countries. Through his years of experience with IMF missions in different countries, he has developed the necessary administrative affinity that is useful in communication and dealing with political leaders. He wishes to contribute to the strengthening of cooperation between the countries of our monetary union.

For Mr Traa, good and effective supervision of financial institutions by the CBCS is essential. CBCS must have sufficient substantive expertise in this area to properly perform this task of the Bank.

Mr. Traa focuses strongly on expertise, knowledge, trust and excellence and sets high standards of quality and productivity. He stands for a Central Bank that is highly valued, a knowledge center and ambitious.

With the appointment of Mr. Traa as CEO, the Supervisory Board expects a special strengthening of the Executive Board, with which the further professionalization of the CBCS can be continued.