WILLEMSTAD – The International Monetary Fund (IMF) is urging stronger accountability and oversight of the Centrale Bank van Curaçao en Sint Maarten (CBCS), warning that current arrangements limit public scrutiny of the institution.
According to the IMF review, the central bank has only limited direct engagement with the Curaçao Parliament, with interactions taking place on an ad hoc basis rather than through a structured system of accountability.
This lack of formal engagement means that elected representatives have little direct oversight of the central bank’s activities. Instead, accountability is largely indirect, with the Ministers of Finance of Curaçao and Sint Maarten acting as intermediaries between the bank and their respective parliaments.
The IMF suggests that this structure may create confusion about the roles and responsibilities of the central bank and the government. It also risks weakening public trust, particularly in a context where past failures of financial institutions have already affected the bank’s reputation.
The report recommends that the CBCS present its annual reports directly to both parliaments and establish more regular dialogue with lawmakers. Such steps, the IMF argues, would strengthen transparency and reinforce democratic oversight.
In addition, the IMF calls for greater openness about the central bank’s relationships with government entities. Currently, there is very little public information about cooperation agreements, decision-making processes, or policy coordination between the CBCS and public sector institutions.
The findings come at a time when Curaçao continues to navigate complex economic and financial challenges, highlighting the importance of strong, transparent institutions in maintaining stability and public confidence.