WILLEMSTAD – The government of Curaçao has raised concerns about what it describes as an imbalance in governance at the Central Bank of Curaçao and Sint Maarten (CBCS).
According to the Curaçao government, the current governance framework allows Sint Maarten, which holds about 20 percent of the economic stake in the joint central bank, to appoint half of the supervisory board members and to have a decisive role in the appointment of the chairman.
Curaçao, which represents roughly 80 percent of the economic interest in the institution, considers that arrangement problematic.
Officials in Willemstad say a situation in which Sint Maarten would also hold the chairmanship of the supervisory board would be unacceptable under the current circumstances.
The debate highlights long-standing tensions over the management of joint institutions created after the dissolution of the Netherlands Antilles.
The central bank serves both Curaçao and Sint Maarten and is responsible for monetary policy and supervision of the financial sector within the monetary union.