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WILLEMSTAD/PHILIPSBURG – The Centrale Bank van Curaçao en Sint Maarten (CBCS) decided to tighten its monetary policy stance further by raising the pledging rate by 75 basis points to 5.50%. The smaller increase compared to the hikes in 2022 is consistent with the projected rise of interest rates on the international financial markets, particularly the fed funds rate. Although still solid, gross official reserves and the import coverage dropped in 2022 and are expected to decline further, albeit at a slower pace, in 2023. Therefore, the Monetary Policy Committee (MPC) of the CBCS will continue to monitor the economic and monetary developments in the monetary union closely and adjust the monetary policy stance if necessary.