WILLEMSTAD – The Centrale Bank van Curaçao en Sint Maarten (CBCS) has made significant progress in transparency in recent years, but important gaps remain, according to a newly published review by the International Monetary Fund (IMF).
The report highlights that the central bank has strengthened its communication, particularly in areas such as monetary policy, foreign exchange management, and financial stability. Stakeholders surveyed by the IMF noted improvements in both the quality and frequency of information provided by the bank.
One of the most cited successes was the introduction of the Caribbean guilder in 2025, where the CBCS conducted an extensive public communication campaign to inform residents about the transition.
However, despite these improvements, the IMF warns that transparency is still uneven. The report points out that the CBCS does not sufficiently disclose details about its internal governance, decision-making structures, and interactions with governments. In particular, there is limited publicly available information about how decisions are made within key committees and how responsibilities are distributed across the institution.
The IMF also notes that communication remains too complex for many stakeholders. While the central bank publishes a wide range of reports, these are often difficult to understand, even for informed audiences. This has led to gaps in public understanding, including confusion about the bank’s core objectives.
To address these issues, the IMF recommends that the CBCS publish clearer explanations of its mandate, simplify its communication, and improve accessibility—especially through its website.
The report concludes that while Curaçao’s central bank is moving in the right direction, strengthening transparency will be essential to rebuilding and maintaining public trust following past financial sector crises.