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|CBCS continues monetary policy on money-market|
|Sunday, 24 March 2013 11:25|
WILLEMSTAD — The Central Bank of Curaçao and St. Maarten continued its monetary policy to reduce the space on the local money-market, according to its recent abridged balance.The percentage of the mandatory reserve, the most important instrument, was increased with 0.25 percent points to 15.25 percent. “This instrument aims to influence the liquidity of the banks and with that the growth of credits”, according to the explanation. The basic amount of money decreased with 21.5 million guilders in February 2013 owing to a decrease of the credits on current account of the commercial banks with 21.6 million guilders. The latter was due to the net purchase of foreign currency.
Furthermore, Usona transferred means from its accounts with the commercial banks to its account at the CBCS. This also largely explains the increase in the entry ‘deposits from other residents’ with 19.6 million guilders. The entry ‘other debts’ on the assets side of the balance increased with 12.8 million guilders by purchasing bonds issued by the St. Maarten Harbour Finance N.V., as the Amigoe reported yesterday, thus increasing the investment portfolio of the CBCS.
The entry ‘foreign currency’ on the assets side of the balance decreased in February with 18 million guilders, which is mainly due to the purchase of these bonds and the net purchase of foreign currency by the commercial banks. The entry ‘gold’ on the assets side of the balance decreased with 57.4 million guilders owing to a lower market value on the balance date, compared to late January 2013. The decrease in the entry ‘capital and reserves’ on the liabilities side of the balance is related to the decrease of the market price for gold.