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Press release 2022-022
In anticipation of a further hike in the federal funds rate
Centrale Bank van Curaçao en Sint Maarten increases pledging rate
Willemstad/Philipsburg – The Centrale Bank van Curaçao en Sint Maarten (CBCS) decided to change its current monetary policy stance by raising the pledging rate with one percentage point to 2.00%. Despite the current solid foreign exchange position and import coverage, the CBCS took this decision in anticipation of a further increase in the federal funds rate, a possible further decline in the liquidity of the commercial banks, and a projected drop in foreign exchange reserves. The Monetary Policy Committee (MPC) of the CBCS will continue to closely monitor the economic developments in the monetary union, in particular the key indicators for monetary policy, and if necessary, the CBCS will further tighten the monetary policy stance.