CBCS Viewed More Positively by its Stakeholders

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Willemstad/Philipsburg – Stakeholders who are in close interaction with the Centrale Bank van Curaçao en Sint Maarten (CBCS) have seen improvements in their interactions with the CBCS, have an improved image of the CBCS and have experienced a better performance of the CBCS compared to 2020. These are the results of a stakeholder survey commissioned by the CBCS, conducted by the independent research company RE-Quest. Despite the more favorable results compared to the 2020 survey, respondents once again cited the issues surrounding Ennia & Girobank and the CBCS’s response time as key areas for improvement.

A total of 171 stakeholders participated in the online survey conducted in November 2022.

The survey aimed to better understand the perceptions and experiences of different stakeholder groups, focusing on their experience interacting with the CBCS, the image of the CBCS, the CBCS’s perceived performance, the assessment of the Central Bank’s core tasks, and stakeholders’ suggestions for focus and improvement.

In 2022, stakeholders rated the CBCS more positively on almost all measured aspects compared to 2020. On a ten-point scale, Integrity (7.7), Expertise (7.3) and Reliability (7.2) were the highest scoring attributes, while Innovation and Transparency showed the greatest improvement in ratings. As in 2020, the supervised stakeholders held slightly more positive views than unsupervised stakeholders. Also noteworthy is the fact that, in the survey, the respondents themselves reported that they expected their own views on the CBCS and the tasks it performs to be more positive than those of the rest of the community.

A positive change can be seen in respondents’ answers to the question of how much confidence they have in the CBCS in the long term. In 2020, “somewhat confident” scored highest, followed by “very confident.” This was reversed in the current survey, with “very confident” scoring highest. Some of the reasons cited by respondents for the “very confident” rating are the CBCS’s evident investment in improving its services and communication and, as in 2020, its in-house knowledge and expertise. One respondent stated: “There has been a marked turnaround towards greater professionalism.” Another said: “Overall, the drive for real improvement is evident.”

In addition to the above-mentioned areas for improvement, respondents to the survey also see room for further improvement in the area of supervision and in communicating with the
community on matters such as the role of the CBCS, the introduction of the new currency
(Caribbean Guilder), and developments related to digital currencies.

These results provide the CBCS with leads on how to further improve its services and
communication with various stakeholder groups. “It is good to get feedback showing that our stakeholders do see and appreciate our increased investment in improving our interactions with them. Our aim is to continue this trend and extend it to include the general public: communicating the role, tasks and importance of the CBCS,” explained Richard Doornbosch, President of the CBCS.

CBCS plans to repeat the survey periodically to identify trends and determine to what extent the efforts to improve its services and communications are leading to further improvements in the perception and experience of its stakeholders.

The report is available available for download here