The Central Bank of Aruba ( nl, Centrale Bank van Aruba) is the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a centra ...

Aruba Aruba ( , , ), officially the Country of Aruba ( nl, Land Aruba; pap, Pais Aruba) is a constituent country of the Kingdom of the Netherlands physically located in the mid-south of the Caribbean Sea, about north of the Venezuela peninsula of P ...

responsible for implementation of monetary policy of the

Aruban florin The florin (; sign: Afl.; code: AWG) or Aruban guilder is the currency of Aruba. It is subdivided into 100 cents. The florin was introduced in 1986, replacing the Netherlands Antillean guilder at par. The Aruban florin is pegged to the United St ...

History

The Centrale Bank van Aruba (the Bank) started its operations on January 1, 1986, when Aruba obtained its status as an autonomous country within the

Kingdom of the Netherlands , national_anthem = ) , image_map = Kingdom of the Netherlands (orthographic projection).svg , map_width = 250px , image_map2 = File:KonDerNed-10-10-10.png , map_caption2 = Map of the four constituent countries shown to scale , capital = ...

. Prior to this period, Aruba formed part of the

Netherlands Antilles nl, In vrijheid verenigd"Unified by freedom" , national_anthem = , common_languages = Dutch English Papiamento , demonym = Netherlands Antillean , capital = Willemstad , year_start = 1954 , year_end = 2010 , date_start = 15 December , ...

under jurisdiction of the

Bank of the Netherlands Antilles A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

. The bank is a legal entity in itself (''sui generis'') 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 (= 1 NAf.) = 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. * Don Mansur, 1986-19?? * Emile den Dunnen, 1988-1991 * Arthur Irausquin, 1991-1995 *

Hans du Marchie Sarvaas Hans may refer to: __NOTOC__ People * Hans (name), a masculine given name * Hans Raj Hans, Indian singer and politician ** Navraj Hans, Indian singer, actor, entrepreneur, cricket player and performer, son of Hans Raj Hans ** Yuvraj Hans, Punjabi a ...

, 1995-1999 * Anthony Karam, 1999-2003 *

Robert Henriquez The name Robert is an ancient Germanic given name, from Proto-Germanic "fame" and "bright" (''Hrōþiberhtaz''). Compare Old Dutch ''Robrecht'' and Old High German ''Hrodebert'' (a compound of '' Hruod'' ( non, Hróðr) "fame, glory, honou ...

, 2003-2007 *

Hassanali Mehran Hassanali is a Muslim name combining Hassan and Ali. As a surname, it can refer to: * Khalid Hassanali, Trinidad and Tobago engineer and businessman * Mustafa Hassanali (born 1980),Tanzanian fashion designer and doctor * Noor Hassanali Noor ...

, Iranian, 2007-2008 *

Jeanette R Semeleer Jeanette Semeleer is an Aruban economist who has been the president of the Central Bank of Aruba since 2008. As president of the bank, Semeleer oversaw a seven-year enterprise to redesign the Aruban florin banknotes in partnership with Crane Curr ...

, 2008-

Main functions and activities

The principal tasks of the bank

The principal tasks of the bank, as stipulated in the Central Bank Ordinance (A.B. 1991 No. GT 32), 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; * Supervising the activities of the commercial banks and other financial institutions by, inter alia, monitoring their liquidity and solvency to protect the interests of depositors and policyholders, and to maintain monetary and financial stability and integrity in Aruba; * Managing Aruba's official gold and foreign exchange reserves; * Regulating international payments according to the State Ordinance on foreign exchange transactions (A.B. 1990 No. GT 6); * Bringing bank notes into circulation to meet the needs of businesses and the general public; * Issuing treasury bills and government bonds as an agent for the government; and Monitoring economic and financial developments.

References

External links

Centrale Bank van Aruba
{{Authority control

Economy of Aruba 1986 establishments in Aruba Banks established in 1986