Willemstad / Philipsburg — The Centrale Bank van Curaçao en Sint Maarten (CBCS) today presents the results of the IMF’s Central Bank Transparency (CBT) Code Review. The CBT Review is an in-depth assessment designed to evaluate how openly and clearly the CBCS communicates and operates across its core responsibilities, including governance, policy development, daily operations, performance reporting, and engagement with government and stakeholders. The CBCS welcomes the recommendations received to further enhance its transparency and strengthen the CBCS’ disclosures and communication practices.
Last year the CBCS requested the CBT review, reflecting its longstanding commitment to strengthening transparency, accountability, and public trust. The review provided the CBCS with a valuable opportunity for institutional reflection. The process engaged a multidisciplinary team across several divisions of the CBCS and enabled a comprehensive assessment of the CBCS’
transparency practices, including how information is disclosed to the public. In addition, the IMF administered a digital survey and conducted in-person meetings in both Curaçao and Sint Maarten to complement the assessment with input from key stakeholders. Collectively, these elements supported the identification of areas for improvement and targeted enhancements to further strengthen transparency and accountability. As the IMF notes, transparency is an essential pillar for supporting an effective central bank and safeguarding institutional credibility.
The CBCS notes that the IMF recognizes the significant strides made in recent years to enhance openness, communication, and stakeholder engagement. In its review, the IMF highlighted substantial improvements in the CBCS’ communication practices, including more frequent publications, multilingual outreach, expanded use of digital channels, and clearer reporting on core functions. Stakeholders surveyed by the IMF also acknowledged notable progress, giving the CBCS favorable ratings for overall transparency and accessibility of information.
The IMF further commended the CBCS for its highly transparent monetary policy framework, including clear disclosure of objectives, instruments, and the rationale for the currency peg. The
review also praised the CBCS’ publication of comprehensive analyses such as the Financial Stability Report, its well–defined approach to reserve management, and its consistent communication of supervisory policies, consumer protection measures, and AML/CFT guidelines.
The CBCS reviewed all recommendations and has already identified concrete actions to further enhance transparency. All actions arising from the CBT Review have been integrated into the CBCS’ Strategic Plan 2026–2028, ensuring sustained commitment in the coming years.
“This exercise reflects our firm belief that transparency is essential to maintaining trust and ensuring that the public keeps us accountable,” stated CBCS President Richard Doornbosch. “We welcome the IMF’s constructive guidance and will continue to build on the progress already made.”
The CBCS thanks the IMF Mission Team for their professional and effective guidance during the mission. The Board also extends its sincere appreciation to CBCS staff for their dedicated support throughout the review process, as well as to external stakeholders for their constructive engagement and willingness to collaborate.
The detailed Central Bank Transparency Code Review Report is available on our website: https://www.centralbank.cw/about-the-bank/governance-risk-and-compliance
