WILLEMSTAD – The government of Curaçao is exploring the possibility of withdrawing from the monetary union with Sint Maarten and establishing its own central bank, according to a letter sent by Prime Minister Gilmar Pisas to Curaçao Parliament.
In the letter, the government asks Parliament to take a position on the future of the monetary cooperation, citing a prolonged governance deadlock within the Centrale Bank van Curaçao en Sint Maarten.
The impasse centers on ongoing disagreements between Curaçao and Sint Maarten over appointments to the Supervisory Board. In several instances, the president of the Joint Court of Justice has had to intervene to enforce appointments—an approach the government says deviates from the intended functioning of the arrangement and hampers the central bank’s operations.
Tensions have escalated further following a recent shareholders’ meeting, during which Sint Maarten reportedly demanded the chairmanship of the Supervisory Board. Curaçao rejected the request, pointing to its significantly larger economic share in the central bank—estimated at around 80 percent.
According to the government, the current governance structure creates a structural imbalance. Despite its smaller economic weight, Sint Maarten has equal representation in the Supervisory Board and a decisive role in appointing the chair. Curaçao argues that this has led to repeated and prolonged deadlocks that are no longer sustainable.
Parliament is now being asked to determine the preferred direction, including the potential organizational and financial implications of leaving the monetary union.
Only after Parliament takes a position will the government enter formal discussions with Sint Maarten on the future of the cooperation.
Curaçao Parliament has previously expressed criticism of the joint central bank, at one point describing it as an “unsuccessful example” of Kingdom-level cooperation.
The government emphasized that the current situation does not affect the stability of the Caribbean guilder or financial supervision. Monetary policy and oversight, it said, will remain safeguarded during any potential transition process.