WILLEMSTAD - Curaçao and Sint Maarten have confirmed that they will introduce the Caribbean guilder as their new joint currency in the second half of 2024. This is stated in the 2022 annual report of the Central Bank, which was published before the end of 2023.
This decision follows an assessment by the International Monetary Fund (IMF) and the Central Bank of Curaçao and Sint Maarten (CBCS), which examined the pros and cons of a separate currency versus dollarization in a decision document.
As of last July (2023), an introduction was expected at the earliest in February 2025.
The introduction of the Caribbean guilder is a direct result of the constitutional reform of the Netherlands Antilles in 2010. The new currency will replace the Netherlands Antillean guilder, which was subject to limitations and could undermine confidence in the monetary system.
Security features
Key limitations include outdated security features and difficulties in the production and quality assurance of banknotes and coins. There is an urgent need for more modern coins and especially banknotes. The current guilder banknotes are almost 25 years old, and the authenticity features used are relatively easy to counterfeit nowadays. Also, there is often international confusion about the meaning of ANG, as it refers to a country that no longer exists.
The CBCS annual report explains that the transition to the Caribbean guilder will result in more innovative, modern, and secure banknotes and coins, strengthening the payment systems of the monetary union. The Caribbean guilder will have the ISO currency code XCG, and the currency symbol will change from NAf to "Cg".
In addition to technical details, such as a 1:1 exchange rate with the Netherlands Antillean guilder and maintaining the peg to the US dollar, the report also highlights practical aspects. There will be a co-circulation period of three months, after which the Netherlands Antillean guilder will no longer be legal tender. The exchange of old to new currency is possible up to thirty years after the introduction.