WILLEMSTAD - A possible switch to the dollar instead of the Antillean guilder as the currency will not be a panacea for Curaçao. According to the International Monetary Fund (IMF), a dollarization is a big change that should not be taken lightly.
If Curaçao wants to implement the new currency, structural reforms will have to take place, according to the International Monetary Fund (IMF).
IMF wrote a report to the local authorities of the monetary union formed between Curaçao and Sint Maarten since 2010. The purpose of the report is to inform the authorities about the possible adoption of the dollar.
A study with the advantages and disadvantages of a new currency is also discussed in the National Package agreed with the Netherlands. The Netherlands is countering this with a number of reforms, just like the advice of the IMF. “Dollarizing without the supportive reforms will be a very risky strategy,” the fund emphasizes. "Dollarization alone will not be able to solve the long-standing structural economic problems."