The Centrale Bank van Curaçao en Sint Maarten (CBCS) today presents the results of the IMF’s Central Bank Transparency (CBT) Code Review. The CBT Review is an in-depth assessment designed to evaluate how openly and clearly the CBCS communicates and operates across its core responsibilities, including governance, policy development, daily operations, performance reporting, and engagement with government and stakeholders. The CBCS welcomes the recommendations received to further enhance its
transparency and strengthen the CBCS’ disclosures and communication practices.
Last year the CBCS requested the CBT review, reflecting its longstanding commitment to
strengthening transparency, accountability, and public trust. The review provided the CBCS with a
valuable opportunity for institutional reflection. The process engaged a multidisciplinary team
across several divisions of the CBCS and enabled a comprehensive assessment of the CBCS’
transparency practices, including how information is disclosed to the public. In addition, the IMF
administered a digital survey and conducted in-person meetings in both Curaçao and Sint Maarten
to complement the assessment with input from key stakeholders. Collectively, these elements
supported the identification of areas for improvement and targeted enhancements to further
strengthen transparency and accountability. As the IMF notes, transparency is an essential pillar for
supporting an effective central bank and safeguarding institutional credibility.
The CBCS notes that the IMF recognizes the significant strides made in recent years to enhance
openness, communication, and stakeholder engagement. In its review, the IMF highlighted
substantial improvements in the CBCS’ communication practices, including more frequent
publications, multilingual outreach, expanded use of digital channels, and clearer reporting on
core functions. Stakeholders surveyed by the IMF also acknowledged notable progress, giving the
CBCS favorable ratings for overall transparency and accessibility of information.
The IMF further commended the CBCS for its highly transparent monetary policy framework,
including clear disclosure of objectives, instruments, and the rationale for the currency peg. The
review also praised the CBCS’ publication of comprehensive analyses such as the Financial Stability
Report, its well-defined approach to reserve management, and its consistent communication of
supervisory policies, consumer protection measures, and AML/CFT guidelines.
The CBCS reviewed all recommendations and has already identified concrete actions to further
enhance transparency. All actions arising from the CBT Review have been integrated into the
CBCS’ Strategic Plan 2026–2028, ensuring sustained commitment in the coming years.
“This exercise reflects our firm belief that transparency is essential to maintaining trust and
ensuring that the public keeps us accountable,” stated CBCS President Richard Doornbosch. “We
welcome the IMF’s constructive guidance and will continue to build on the progress already
made.”
The CBCS thanks the IMF Mission Team for their professional and effective guidance during the
mission. The Board also extends its sincere appreciation to CBCS staff for their dedicated support
throughout the review process, as well as to external stakeholders for their constructive
engagement and willingness to collaborate.