IMF Calls for stronger transparency measures at CBCS, while noting progress in key areas

GREAT BAY--The International Monetary Fund has recommended a broad set of steps to strengthen transparency at the Centrale Bank van Curaçao en Sint Maarten, including clearer disclosure of its legal structure, stronger governance reporting, more direct engagement with the Parliaments of Curaçao and St. Maarten, a published communication strategy, and fuller disclosure on foreign exchange policy, confidentiality rules, macroprudential policy, and AML/CFT oversight. The recommendations are set out in the IMF’s Central Bank Transparency Code Review of the CBCS, published in March 2026.

Among the IMF’s main recommendations are calls for the CBCS to clarify the hierarchy of its legal objectives and powers, publish a fuller organizational structure and committee information, strengthen disclosure of financial and non-financial risks, and present key reports such as its Annual Report directly to both parliaments. The IMF also recommended that the CBCS improve public access to information by formalizing and publishing its communication strategy, improving the usability of its website, clarifying how confidential information is classified, and providing more transparency around monetary policy decisions, foreign exchange management, macroprudential tools, and AML/CFT supervision.

The review states that the CBCS already demonstrates an advanced level of transparency in several important areas. The IMF noted relatively strong disclosure in monetary policy, foreign exchange reserve management, and lender of last resort functions. It also found that external stakeholders, particularly in the private sector, have seen significant improvement in the quality and quantity of CBCS communication in recent years. The bank’s communication campaign for the rollout of the Caribbean guilder in 2025 was cited as a well-designed public information effort that reached the wider population.

At the same time, the IMF concluded that the CBCS’s institutional communication framework could be made more proactive and more accessible across the two-country monetary union. It found that formal interaction with public sector bodies is not disclosed in sufficient detail, and said more regular engagement with the parliaments of Curaçao and St. Maarten could improve accountability and public understanding of the bank’s role. The review also said more transparency is needed regarding governance arrangements, the legal basis for some functions, foreign exchange policy decisions, and the CBCS’s internal AML/CFT control framework.

The IMF review was carried out after a request from the CBCS and was based on work done during a mission to Curaçao and St. Maarten in October and November 2025. According to the report, the review was intended to assess the bank’s transparency practices across governance, policies, operations, outcomes, and official relations, and to identify both strengths and areas for improvement.

In its response included in the report, the CBCS said it broadly agrees with the IMF’s findings and recommendations and reaffirmed that transparency is fundamental to institutional credibility, policy effectiveness, and public trust. The bank said it will publish a legal framework overview on its website, expand governance disclosures, improve its organizational chart, disclose more information about key committees, update and publish its communication strategy, review website usability, and consider stronger annual reporting on risk management and oversight.

The CBCS also stated that it will evaluate which cooperation arrangements with public sector bodies are suitable for publication, and may release summaries of high-level meetings with government entities where relevant and appropriate. It further said it remains committed to improving transparency and awareness regarding AML/CFT guidelines, and that the remaining recommendations will be considered as part of its Strategic Plan 2026 to 2028.

The IMF report is titled Kingdom of the Netherlands, Curaçao and Sint Maarten: Central Bank Transparency Code Review

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