Easing of the suspension of the granting of foreign exchange licenses for transfers abroad
Menu

Easing of the suspension of the granting of foreign exchange licenses for transfers abroad

CBCS Headquarters, Willemstad, Curacao. CBCS Headquarters, Willemstad, Curacao.

SINT MAARTEN/CURACAO - Considering the sound level and import coverage of the official reserves and the recent signs of recovery of the economies of Curaçao and Sint Maarten, the Centrale Bank van Curaçao en Sint Maarten (CBCS) decided to start with the gradual phasing-out of the suspension of the granting of foreign exchange licenses for transfers abroad taken in March 2020, in light of the large economic impact of the COVID-19 pandemic.

Effective October 1, 2021, the CBCS will resume granting foreign exchange licenses for transactions that result in an outflow of foreign exchange for amounts up to NAf. 300,000. All capital transactions with an amount of less than NAf. 150.000 can be executed without a license as usual.

In addition, special provisions will become effective for foreign investments by pension funds and insurance companies and the distribution of dividend and profit to nonresidents.

Details of the easing are provided in the following document: on the CBCS website: Easing of the suspension of the granting of foreign exchange licenses for transfers abroad1 . If the economic recovery continues and the official reserves and the import coverage remain adequate, a further easing will be implemented on January 1, 2022, while the restriction will be ended by April 1, 2022.

1

https://cdn.centralbank.cw/media/legislation_guidelines/20210929_easing_capital_restriction_october_1_2021.pdf

back to top

Soualiga Radio