WILLEMSTAD – Curaçao’s international reserves continued to grow in September, according to the latest figures from the Central Bank of Curaçao and Sint Maarten. The total official reserves reached 5.05 billion guilders, a slight increase from 4.98 billion in August. This rise indicates a strengthening of foreign currency reserves, which are essential for the stability of the Curaçaoan economy.
Net official reserves, which deduct all foreign obligations from the total reserves, amounted to 4.63 billion guilders in September, also showing a small increase compared to August. The value of gold and other reserves grew to 1.83 billion guilders in September, while foreign currency reserves remained stable at around 3.22 billion.
This growth in reserves is crucial for safeguarding Curaçao’s financial position, particularly in times of economic uncertainty. Foreign reserves play a vital role in cushioning potential economic shocks and maintaining the stability of the local currency.
In September 2024, Curaçao’s import coverage also improved. Import coverage refers to the number of months a country’s international reserves can cover its imports. In September, Curaçao’s import coverage reached 6.7 months, up from 6.3 months in August. This increase indicates a stronger financial buffer for the island, which is especially important for an open economy like Curaçao’s.
The rise in both reserves and import coverage points to a positive development in Curaçao’s economic stability. Foreign reserves serve as a critical buffer for absorbing economic shocks and preserving the value of the local currency.
The Central Bank emphasized that this growth marks an important step toward ensuring the island’s financial stability.
