WILLEMSTAD - The Central Bank of Curaçao and Sint Maarten (CBCS) concluded 2023 with a modest profit of 148,474 guilders, according to the bank's recently published annual report. The report, which outlines the bank's governance, strategy, operations, and financial results, sheds light on the bank's performance in a challenging year.
In 2023, CBCS saw a significant increase in net interest income, rising by 29.8 million guilders, thanks to higher international interest rates. However, income from regulatory oversight fell by 1.1 million guilders, bringing the total revenue to 10.4 million guilders. Operating expenses increased slightly, in line with inflation trends.
A key decision in 2023 was the sale of 29.7% of the bank's gold reserves, a process completed in early 2024. The proceeds from this sale were converted into U.S. Treasury bonds, a strategic move expected to generate more long-term income for the bank.
"The sale of gold reserves is intended to optimize our reserves and strengthen the bank's financial position," stated CBCS. The bank anticipates that this investment in U.S. government bonds will make a significant contribution to its income starting in 2024.