Comments on Official Currencies of the Islands of the Caribbean Plus

Started by Galapagos, October 05, 2009, 04:09:47 PM

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<k>

More on the Caribbean guilder.

http://www.thedailyherald.com/islands/1-islands-news/17347-request-for-delay-caribbean-guilder.html

Curaçao Finance Minister George "Jorge" Jamaloodin (MFK) will soon approach Parliament with an official request to postpone the introduction of the joint Caribbean guilder of Curaçao and St. Maarten. The minister said there are several reasons for the delay. The switch from the current Antillean guilder (of the no-longer-existent Netherlands Antilles) to the Caribbean guilder is expected to cost 20 million guilders.

The new currency was supposed to go into effect on January 1, 2012, but it's already clear this target date can't be made. The fact that St. Maarten is toying with the idea of dollarization also plays a role. Considering that, there is no big hurry, said Jamaloodin, who emphasised that the Schotte cabinet has not taken any decision on possibly switching to the US dollar. He expects to present his proposal to the legislature within the next two weeks.



This news is from June 1st 2011, but I have found no later news regarding Mr Jamaloodin's request for a postponement.
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chrisild

Oh, you did. That article for example is from 2011. ;)

As for possibly introducing the US dollar in Sint Maarten, well, a few weeks ago there was an interview with a member of the Dutch parliament who had just been to Bonaire. (That is one of those "BES" islands that became more or less regular Dutch instead of having an autonomous status.) Apart from a couple of legal issues, she also mentions the economy, and says that prices have dramatically increased due to the dollarization ... (Article in Dutch)

Christian

<k>

Quote from: chrisild on August 22, 2011, 01:55:20 PM
she also mentions the economy, and says that prices have dramatically increased due to the dollarization ...

Christian


Now why would that happen? Who sets the exchange rate?
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Figleaf

If our parliamentarians were smarter, they would have better paying jobs.

What she may have meant to say was something like: "most stuff we buy abroad comes from the US, but we still import things from the euro zone. Our salaries are tied to USD, but prices of stuff imported from the euro zone are going up as the euro rises against USD. I am not smart enough to figure out that if salaries (or prices) were tied to the euro, US tourists would choose another holiday destination and I would also complain, but about unemployment, not inflation."

::)

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

chrisild

What I found strange when I read that interview: Before the introduction of the US dollar, the "BES" islands used the Netherlands Antilles Guilder - which was basically the US dollar "in disguise" (fixed exchange rate). But yes, prices did go up: http://www.cbs.nl/en-GB/menu/themas/dossiers/nederland-regionaal/publicaties/artikelen/archief/2011/2011-08-05-bes-tk16.htm (article in English).

Christian

Figleaf

Inflation is not coming from the USD zone, but from the EUR zone.

Looking at the stats, you see that hotels, restaurants and transportation are much involved. This wil not hit the average island dweller, but the tourist. One way this could have been caused is wage inflation: the tourist industry pulling ahead of the economy at large. If so, those working in the tourist industry will have no problem with the higher prices for food, shoes and clothes. There may even be a hedonistic inflation effect: people buy better quality food, shoes and clothes. However, that would mean that the rest of the population and especially the unemployed and the retired are hit by stagnant income as well as increasing prices.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

chrisild

Just noticed that you can now buy this year's Curaçao and Sint Maarten coin set ... except that all these 2011 coins say "Nederlandse Antillen". :) http://www.knm.nl/Cura-ao-en-Sint-Maarten-BU-Set-2011/nl/product/1894/

Christian

<k>

Quote from: chrisild on October 25, 2011, 03:35:22 PM
Just noticed that you can now buy this year's Curaçao and Sint Maarten coin set ... except that all these 2011 coins say "Nederlandse Antillen". :) http://www.knm.nl/Cura-ao-en-Sint-Maarten-BU-Set-2011/nl/product/1894/

Christian

So will the "Caribbean guilder" ever be born now, do you think?
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chrisild

Good question. :)  The KNM is somewhat careful in its blurb: "Voor 2012 is nog niet bekend hoe de muntset wordt uitgevoerd. Dit kan de laatste Antilliaanse gulden-muntset zijn!" That is, we do not know what next year's set will be like, so this may be the last Antillean guilder set. RSMint, a dealer in the US, says "probably" instead of maybe: "On Curaçao and St. Maarten, the Netherlands Antillean guilder will be replaced by the newly created Caribbean guilder no earlier than 2013. Because of this, this set is probably the last coin set with Antillean Guilder that will ever be issued." If you ask me, I find it odd to even have a Netherlands Antilles set this year ...

Christian

<k>

With reference to andyg's comment: "Cuba, 25 Centavos 1988, in Aluminium, struck for visitors from Socialist countries", which can be found here, could he point me to any online sources for this? I was always under the impression that the parallel coinage was struck for all foreign tourists. This would mean that not just one but two parallel coinages have existed in Cuba: one for Western visitors, and one for visitors from Communist countries.
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chrisild

That is correct. The coins for tourists from socialist countries (four denominations only) were made in Kremnica, then CSSR, and are all dated 1988. The pieces for other visitors (six denominations) were minted between 1988 and 1993. In 1994 new Convertible Peso coins were issued, now with seven denominations.

Gerhard Schö---errm, Christian

<k>

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andyg

Quote from: chrisild on March 20, 2012, 02:30:04 AM
That is correct. The coins for tourists from socialist countries (four denominations only) were made in Kremnica, then CSSR, and are all dated 1988. The pieces for other visitors (six denominations) were minted between 1988 and 1993. In 1994 new Convertible Peso coins were issued, now with seven denominations.

Gerhard Schö---errm, Christian

Close  Gerh... erm Christian, the tourist coinage started in 1981.  I presume that all tourists used that coinage until 1988 when the socialist coins were minted?  North Korea did something very similar with their stars - 1 star for Communist visitors and two stars for visitors from a hard currency area.
always willing to trade modern UK coins for modern coins from elsewhere....

<k>

As of 1st January 2014, the website for the Central Bank Curaçao and Sint Maarten changed from www.centralbank.an  to  www.centralbank.cw 

The .an presumably stood for Antilles. What does the w in .cw stand for?
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Figleaf

An unidentified coin is a piece of metal. An identified coin is a piece of history.