Central Bank of Aruba


The Central Bank of Aruba is the central bank in Aruba responsible for implementation of monetary policy of the Aruban florin.

History

The Centrale Bank van Aruba started its operations on January 1, 1986, when Aruba obtained its status as an autonomous country within the Kingdom of the Netherlands. Prior to this period, Aruba formed part of the Netherlands Antilles under jurisdiction of the Bank of the Netherlands Antilles.
The bank is a legal entity in itself with an autonomous position within Aruba's public sector. With the inception of the bank, the Aruban florin was brought into circulation at the same rate as the Netherlands Antillean guilder, pegged to the U.S. dollar at a rate of Afl. 1.79 = US$1.00. This exchange rate has remained unchanged since then.
The principle tasks of the bank are to maintain the internal and external value of the florin and to promote the soundness and integrity of the financial system.

Presidents

The Central Bank of Aruba is currently led by its president Mrs. Jeanette R Semeleer.

The principal tasks of the bank

The principal tasks of the bank, as stipulated in the Central Bank Ordinance, are to:
Conduct monetary policy;
Supervise the financial system;
Issue bank notes;
Issue coins on behalf of the government;
Act as the banker for the government;
Be the central foreign exchange bank and, as such, to regulate the flow of payments to and from other countries; and to advise the Minister of Finance on financial matters.

Activities

The bank performs these tasks through a variety of activities, which include:
Formulating and implementing monetary policy and related measures through, among other things, regulating bank credit and liquidity;
Monitoring economic and financial developments.