In a year marked by global challenges, the Centrale Bank van Curaçao en Sint Maarten (CBCS) made significant strides in strengthening financial sector supervision, modernizing the payment system, and securing an adequate solution for Ennia’s policyholders. In its recently published 2024 Annual Report, the CBCS reports a historically high profit of Cg 46.6 million. The report provides a comprehensive overview of the CBCS’s governance, strategy, operations, and financial position as of December 31, 2024.
The strong financial performance is attributed to a significant increase of over Cg 33 million in
net interest income and a rise of nearly Cg 18 million in investment returns. The higher interest
income is partly due to an increase in invested assets. A portion of the gold reserves was sold
and reinvested in long-term U.S. government bonds. However, due to the sharp rise in gold
prices, by the end of 2024 the gold supply had rebounded to nearly the same level as before the
sale. The enhanced investment returns also reflect the CBCS’s proactive and targeted investment
strategy.
In addition to these financial results, the CBCS also achieved solid results regarding its core
mandates. In recent years, significant progress has been made in strengthening the supervision
of the financial sector in Curaçao and Sint Maarten. In June, the CBCS published the final report
of the first phase of its Financial Sector Reform Program. Key milestones were achieved,
including the introduction of an early warning monitoring system, the publication of annual
financial stability reports, the establishment of a deposit guarantee scheme, the careful
resolution of legacy issues related to Girobank and Ennia, the launch of a new risk-based
supervisory approach, the strengthening of CBCS internal governance, and open, transparent
communication with all stakeholders. By the end of 2024, there were 400 institutions under the
supervision of the CBCS.
In 2024, the CBCS also took important steps to further strengthen financial stability. Early in the
year, it released the third edition of its Financial Stability Report, which was recognized at a
regional seminar hosted by the Caribbean Regional Technical Assistance Centre (CARTAC) as a
model for other central banks in the Caribbean region. The CBCS also actively shared its
expertise with peer supervisory authorities in the region, such as in the areas of stress testing and
financial sector resilience.
Finally, the CBCS established the Innovation Office with the objective of promoting financial
inclusion and innovation. The Caribbean guilder reached a significant milestone with the
unveiling of the official designs and the launch of a national awareness campaign, while
internally, the CBCS further strengthened its programs in the areas of cybersecurity,
sustainability, and staff development.
