Tromp updates ministers about Central Bank issues

February 16, 2012 8:53 AM

PHILIPSBURG--The social economic impact of dollarisation, dissolution of the monetary union, blueprint for the Central Bank of St. Maarten, supervision of the financial sector and the development bank of St. Maarten were among matters discussed when the Council of Ministers met with Central Bank of Curaçao and St. Maarten (CBCS) President Emsley Tromp on Thursday.

Government had requested several months ago that the Central Bank do research into areas of strategic economic importance to the country. "We are very pleased with the information received, as this will assist with decision-making," Finance Minister Hiro Shigemoto said on Tuesday in a government press release.

Tromp also made a presentation to the St. Maarten General Pension Fund and insurance agencies about investing and investment.

While in St. Maarten, Tromp also met with representatives of the Tax Reform Work Group led by Sissy Gonzalez-Fung. Tromp was briefed on progress by the group and his input will be incorporated in the reform exercise.

Tromp stressed the importance of tax policies that encourage greater diversification of the St. Maarten economy and provided insights into inter-island trade issues and how tax policy should be sensitised appropriately to prevent unhelpful distortions of trade among the islands.

He is said to have been very supportive of the reform exercise principles that aim to simplify the tax system and broaden the tax base for St. Maarten.

Follow-up meetings on this topic will be held in the near future.

(The Daily Herald)

15 February 2012