~Strong Growth and Solid Results~
WILLEMSTAD/PHILIPSBURG:---In a year marked by global challenges, the Centrale Bank van Curaçao en Sint Maarten (CBCS) made significant strides in strengthening financial sector supervision, modernizing the payment system, and securing an adequate solution for Ennia’s policyholders. In its recently published 2024 Annual Report, the CBCS reports a historically high profit of Cg 46.6 million. The report provides a comprehensive overview of the CBCS’s governance, strategy, operations, and financial position as of December 31, 2024. The strong financial performance is attributed to a significant increase of over Cg 33 million in net interest income and a rise of nearly Cg 18 million in investment returns. The higher interest income is partly due to an increase in invested assets. A portion of the gold reserves was sold and reinvested in long-term U.S. government bonds. However, due to the sharp rise in gold prices, by the end of 2024, the gold supply had rebounded to nearly the same level as before the sale. The enhanced investment returns also reflect the CBCS's proactive and targeted investment strategy. In addition to these financial results, the CBCS also achieved solid results regarding its core mandates. In recent years, significant progress has been made in strengthening the supervision of the financial sector in Curaçao and Sint Maarten. In June, the CBCS published the final report of the first phase of its Financial Sector Reform Program. Key milestones were achieved, including the introduction of an early warning monitoring system, the publication of annual financial stability reports, the establishment of a deposit guarantee scheme, the careful resolution of legacy issues related to Girobank and Ennia, the launch of a new risk-based supervisory approach, the strengthening of CBCS internal governance, and open, transparent communication with all stakeholders. By the end of 2024, there were 400 institutions under the supervision of the CBCS. In 2024, the CBCS also took important steps to strengthen financial stability further. Early in the year, it released the third edition of its Financial Stability Report, which was recognized at a regional seminar hosted by the Caribbean Regional Technical Assistance Centre (CARTAC) as a model for other central banks in the Caribbean region. The CBCS also actively shared its expertise with peer supervisory authorities in the region, such as in the areas of stress testing and financial sector resilience. Finally, the CBCS established the Innovation Office, intending to promote financial inclusion and innovation. The Caribbean guilder reached a significant milestone with the unveiling of the official designs and the launch of a national awareness campaign, while internally, the CBCS further strengthened its programs in the areas of cybersecurity, sustainability, and staff development. These results underscore the CBCS’s commitment to stability, resilience, and innovation. A recent stakeholder satisfaction survey indicates that these efforts have contributed to increased confidence in the CBCS’s performance. The survey results indicated a positive perception of the CBCS, with 91% of respondents expressing a (relatively) favorable view, and 86% reporting confidence in the organization. As we look ahead to 2025, the Bank will continue to focus on maintaining a stable exchange rate, fostering a sound and reliable financial sector, and ensuring a secure and accessible payment system that supports sustainable economic growth for the people of Curaçao and Sint Maarten. The complete text of the 2024 Annual Report is available on the CBCS website at: https://www.centralbank.cw/publications/annual-report/2024.
Willemstad, August 1, 2025
CENTRALE BANK VAN CURAÇAO EN SINT MAARTEN
