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.