Curaçao and Sint Maarten: New currency area

Started by Figleaf, November 28, 2008, 12:16:14 AM

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#45
Quote from: Pabitra on September 22, 2018, 08:47:02 PM
Seems to have got a new target date

See

https://www.thedailyherald.sx/islands/80844-central-bank-eyeing-new-currency-by-2021

2021?! Last time they postponed their plans they claimed there weren't enough blanks available..

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The governments of Curaçao and Sint Maarten have recently officially announced that they will issue the Caribbean Guilder in 2021.

Earlier the Bank mentioned that they are unhappy about the current coins as they discolour too quickly. They prefer coins to be made of bronze plated steel but apparently that has consequences for the production and companies are hesitant to use this alloy.

The introduction of new cash was also necessary because their banknote printer (Royal Johan Enschedé) has been closed. Other banknote printers do not want to produce banknotes with certain features that can be found on their current notes.

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It seems to have become uncertain that the new currency will be released any time soon now that the Netherlands is going to order an independent external party to investigate whether Curaçao and Sint Maarten should continue to have their own currency or whether it would be better for them to introduce the US dollar. Based on the results, the Dutch government wants to take measures. More on that here.

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From the Curaçao Chronicle, 17 August 2021:

Still a Caribbean guilder?

Ten years after the end of the Netherlands Antilles, Curaçao and Sint Maarten still use the Antillean Guilder as their official currency. There have been plans since 10-10-10 to introduce the Caribbean Guilder.

Debates on the pros and cons of dollarization are scheduled for September and October this year. Depending on the decisions taken by the governments of Curaçao and Sint Maarten, the CBCS is considering introducing the Caribbean Guilder as a currency.

Although technically the decision has already been made, it has never been implemented. The CBCS will roll out the new currency after the debates, if no other decision is taken. CBCS expects to have the currency on the market in 2023 or 2024. The Central Bank will provide an update on the launch of the new currency by then.

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The Caribbean Guilder must have replaced the Netherlands Antilles Guilder by the end of 2025. That is one of the 6 goals of the Strategic Plan 2025 of the Central Bank of Curaçao and Sint Maarten.

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Antillean guilder to become Caribbean guilder in 2024

MAIN | By Correspondent July 21, 2022

WILLEMSTAD - The Council of Ministers has approved the proposal to introduce the Caribbean guilder in Curaçao and Sint Maarten. The islands' finance ministers aim to adopt the new currency in January 2024. 

The Curaçao Minister of Finance Javier Silvania of the MFK party says that it is not advisable to use the Antillean guilder for much longer. The minister reported this on social media. After the dissolution of the Netherlands Antilles in 2010, Curaçao and Sint Maarten form a monetary union, but still no new currency has been introduced on the islands. This is partly due to the very high production costs for bills. 

Our economy has recovered sufficiently in the past six months, according to Silvania. That is why it would now be time for the introduction of the Caribbean guilder. According to the minister, the introduction of our own currency is important for our own identity and national pride.

Source: Curaçao Chronicle

<k>

So they announced the Caribbean guilder in January 2011 and they're going to do it in 2024? I'll believe that when I see it.  ::)
Visit the website of The Royal Mint Museum.

See: The Royal Mint Museum.

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Caribbean Guilder to be introduced in 2024

PHILIPSBURG--With the approval of the governments of Curaçao and St. Maarten, the Central Bank for Curaçao and St. Maarten (CBCS) is moving ahead with the project for the introduction of the Caribbean guilder.

The CBCS' aim is for the Caribbean guilder to be introduced in 2024. Preparatory work for the introduction of the new currency began in 2019, but was suspended in 2020, pending the assessment by the IMF of the pros and cons of introducing a currency for the monetary union as opposed to dollarisation.
To assist the Countries in deciding whether or not to introduce a new currency, the CBCS prepared a decision document, which was submitted to the Finance Ministers of both Countries. Both governments have now confirmed their agreement with the new currency's introduction.

Introducing a new currency has become necessary in view of the expected shortages in the stock of the different denominations of banknotes and coins of the Netherlands Antilles guilder.

Moreover, the outdated specifications of the current banknotes and coins, combined with modern technological developments, allow for the production of quality counterfeits. The risk of stock shortages and the inadequate security features represent a real threat to the public's confidence in the existing legal tender and thus in the security and efficiency of the payment system as a whole.

Caribbean-guilder coins will be issued in the following denominations: 5 guilders, 1 guilder, 50 cents, 25 cents, 10 cents, 5 cents and 1 cent. For banknotes, the denominations will be 200 guilders, 100 guilders, 50 guilders, 20 guilders and 10 guilders. The NAf. 250-guilder banknote will be replaced by the 200 Caribbean-guilder note and the NAf. 25-guilder banknote by the 20 Caribbean-guilder note. The new denominations are more in line with the general international payment-system practices, such as in the case of the euro and the dollar. Like the NAf., the Caribbean guilder will be legally pegged to the US dollar at an exchange rate of US$1 = 1.79.

The assessment was requested by the CBCS in response to questions from politicians and civil society, sparked by the COVID-19 pandemic, on the pros and cons of the union introducing its own currency versus dollarisation.
CBCS said in a press statement that it will keep all its stakeholders regularly informed about the project's progress. Banks as well as vendors using vending machines and point-of-sale devices, for example, have been involved from the very start, which is important so that adjustments to equipment and systems can happen in a timely manner. The public too will be kept informed of all relevant developments.

© The Daily Herald

<k>

So the 2½ gulden coin will disappear. Otherwise the coin denominations remain the same.

Rather strange that they will have a 25 cents coin but a 20 gulden banknote.

I just looked, and the USA has the same arrangement: a quarter coin but a $20 bill.
Visit the website of The Royal Mint Museum.

See: The Royal Mint Museum.

redlock

Quote from: <k> on September 06, 2022, 09:50:44 PMRather strange that they will have a 25 cents coin but a 20 gulden banknote.

I just looked, and the USA has the same arrangement: a quarter coin but a $20 bill.

Brasil has the same arrangement: A 25 Centavos coin and a 20 Real banknote.