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International Monetary Fund

The government’s plans to reform the tax system and administration are well founded. The Central Bank of Aruba is to be commended for its prudent management of monetary policy, as demonstrated by the continued credibility and strength of the peg to the U.S. dollar, buttressed by a robust foreign reserve position. There has been significant progress in expanding and strengthening the supervisory and regulatory framework of financial activities. Renewed initiatives on structural reforms will improve efficiency in the use of resources and attract strategic investment.

International Monetary Fund

Aruba has an open economy with a history of stability-oriented macroeconomic policies. Adverse external shocks have led to a decline in tourism and disruption of oil refinery operations. Serious fiscal challenges need to be addressed and a fiscal adjustment program is needed to safeguard the sustainability of the public finances. Expenditure cuts and the central bank’s switch from a credit ceiling to an unremunerated reserves requirement as key policy tool is commended. The new monetary policy framework will likely increase the challenges to prudential regulation and supervision.

International Monetary Fund
The government’s plans to reform the tax system and administration are well founded. The Central Bank of Aruba is to be commended for its prudent management of monetary policy, as demonstrated by the continued credibility and strength of the peg to the U.S. dollar, buttressed by a robust foreign reserve position. There has been significant progress in expanding and strengthening the supervisory and regulatory framework of financial activities. Renewed initiatives on structural reforms will improve efficiency in the use of resources and attract strategic investment.
International Monetary Fund
This detailed assessment of the observance of standards and codes in the financial sector of the Kingdom of the Netherlands—Netherlands Antilles reviews implementation of the Basel Core Principles for effective banking. Legal provisions are in place entrusting the Bank of the Netherlands Antilles (BNA) to regulate the insurance sector and designate it as the licensing authority. The BNA considered that asset quality issues were relevant primarily for domestic institutions and less for international banks in the Netherlands Antilles.
International Monetary Fund
This paper discusses detailed assessment of compliance with the Basel Core Principles for effective banking supervision for the Kingdom of the Netherlands—Aruba. Aruba’s offshore banking sector is small by international standards, with only two institutions registered. The mission also recommends that the Central Bank of Aruba (CBA) meet with management to better understand their plans for their Aruban operations and their financial results. Aruba remains open to foreign investment and migrant workers, who make up 40 percent of the population and have been key contributors to economic growth.
International Monetary Fund. External Relations Dept.

99/75: Simple Monetary Policy Rules Under Model Uncertainty, Peter Isard, Douglas Laxton, and Ann-Charlotte Eliasson

International Monetary Fund. External Relations Dept.

Macroeconomic Issues and Policies in the Middle East and Africa, edited by Zubair Iqbal ($28.00)

International Monetary Fund

Aruba has an open economy with a history of stability-oriented macroeconomic policies. Adverse external shocks have led to a decline in tourism and disruption of oil refinery operations. Serious fiscal challenges need to be addressed and a fiscal adjustment program is needed to safeguard the sustainability of the public finances. Expenditure cuts and the central bank’s switch from a credit ceiling to an unremunerated reserves requirement as key policy tool is commended. The new monetary policy framework will likely increase the challenges to prudential regulation and supervision.