Bank van de Nederlandse Antillen (Bank of the Netherlands Antilles)

By: EconomyWatch   Date: 8 September 2010

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The Bank van de Nederlandse Antillen was established on 6 February 1928. The most important objective of the bank is to maintain the external stability of the Netherlands Antillean guilder and to foster the efficient functioning of the financial system in Netherlands Antilles.

Besides, the bank is also responsible for carrying out the following activities:

  • To issue and circulate paper money and coins in the Netherlands Antilles
  • Supervising the activities of the banking and credit institutions
  • Ensuring the soundness of the country’s financial sector
  • Managing the foreign exchange reserves of the Netherlands Antilles
  • Acting as the government’s treasurer

Controlling the volume of liquid assets in circulation and acting as the supervisory body for credit and banking institutions operating in the Netherlands Antilles are the two fundamental functions of the Bank of Netherlands Antilles. Also, the bank is one of the government’s principal advisors on financial and economic issues.

The monetary policy of the bank has been geared towards promoting a stable value of the Naf with respect to the US dollar. However to maintain this standard, the bank must ensure ample supply of foreign exchange.

The supervision of the banking sector and the credit institutions is aimed at controlling the soundness of the financial system in the Netherlands Antilles and at safeguarding the deposits of creditors at commercial banks.

To reinforce the Bank van de Nederlandse Antillen’s independent position vis-à-vis the government, the Bank Charter restricts the monetary financing of budget deficits to 10 percent of the central government’s revenues during the previous year.

The Address and Contact details of the bank is as follows:

Bank van de Nederlandse Antillen

Address:
Breedestraat 1 (P) Willemstad/Curacao
NETHERLANDS ANTILLES
Phone No.: ++599-9-61 36 00
Fax: ++599-9-61 50 04

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