By Micah George From Extra CW

WILLEMSTAD.- One goal in the strategic plan of the Central Bank of Curaçao and Sint Maarten is to begin preparations for the introduction of the new currency in this case the Caribbean florin for both countries. The countries agreed during the restructuring of 2010 when both Curaçao and Sint Maarten became autonomous nations in the Dutch Kingdom, that they would form a monetary union and introduce a new common currency. This is also established in the Statutes of the Central Bank of Curaçao and Sint Maarten (CBCS) and also in the common agreement regarding the monetary system of both countries.

Because this monetary union forms the basis for the new common currency, CBCS will assist the governments with the evaluation of the monetary union before and nce the countries have consensus on this, CBCS will establish the following steps for the introduction of the new currency.

The Central Bank informs that the tentative date mentioned for the introduction of the Caribbean florin would be January 2021, depending on the eventual decision of the countries for said introduction and a time period calculated for the production process of the currency.

The Caribbean florin (CMg) is the same as the Dutch Antillean guilder (Naf), legally connected to the US dollar against the parity of 1.79. If finally it is decided to continue with this monetary action and the Caribbean florin is introduced, the denomination Antillean guilder will be changed by Caribbean florin against a one-to-one percentage rate. In the same way, this percentage rate is legally established in the common arrangement of the money system of Curaçao and Sint Maarten.

For more on this story go to; https://extra.cw/introduction-of-caribbean-florin-depends-on-an-eventual-decision-of-the-countries/