Caribbean guilder
| Caribbean guilder | |
|---|---|
| Caribische gulden (Dutch) | |
| ISO 4217 | |
| Code | CMG (proposed)[1] |
| Denominations | |
| Plural | guilders |
| Symbol | CMg,[2] CMƒ, CMf, ƒ, or f |
| Banknotes | |
| Freq. used | 10, 20, 50, 100, 200 guilder[2] |
| Coins |
1, 5, 10, 25, 50 cents; 1, 5 guilder[2] |
| Demographics | |
| User(s) |
proposed in  Curaçao  Sint Maarten |
| Issuance | |
| Central bank | Central Bank of Curaçao and Sint Maarten |
| Website |
www |
| Valuation | |
| Pegged with | U.S. dollar = ƒ1.79 |
The Caribbean guilder (Dutch: Caribische gulden) is the proposed currency of the Caribbean islands of Curaçao and Sint Maarten, which formed after the dissolution of the Netherlands Antilles in October 2010.
The Netherlands Antillean guilder will continue to circulate and plans to implement the Caribbean guilder will not be finalized until the islands' Central Bank situation is resolved.[3] The new currency will be abbreviated CMg (for Curacao, Sint Maarten guilder) and will be pegged to the United States dollar at the same exchange rate as the Netherlands Antillean guilder (1 USD = 1.79 NAg = 1.79 CMg).[1] As the BES islands (Bonaire, Sint Eustatius and Saba) adopted the U.S. dollar directly on 1 January 2011, the introduction of the CMg will mean the end of the circulation of the Netherlands Antillean guilder.
In April 2014, Curaçao and Sint Maarten agreed to look into the possibility for Curaçao to have its own central bank. As long as further negotiations were not ended the Caribbean guilder would not be introduced.[4] In July 2015, the Minister of Finance of Curaçao, José Jardim, stated that research on a monetary union between Curaçao and Sint Maarten was not a priority.[5]
Organization
The launch of the currency was delayed until the islands' Central Bank situation is resolved. The currency was supposed to be issued by the Central Bank of Curaçao and Sint Maarten (the successor of the Bank of the Netherlands Antilles) with a chairperson chosen by both islands' prime ministers. The two islands will also appoint six further members of the supervisory board of directors. The currency will be phased in over three months.[2] The 2.5 guilder coin and the 25 guilder notes present in the Netherlands Antillean guilder series will not be issued, but will be replaced by 20-based denominations.[2]
References
- 1 2 "Nieuwe Caribische gulden wordt CMg" (in Dutch). persbureaucuracao.com. 21 October 2010. Retrieved 22 October 2010.
- 1 2 3 4 5 "FAQ - Central Bank". Central Bank of Curaçao and Sint Maarten. Retrieved 24 February 2014.
- ↑ "Curacao wants its own Central Bank". Curacao Chronicle. Retrieved 2 April 2014.
- ↑ "Onderzoek naar eigen Centrale Bank voor Curacao" (in Dutch). BearingPoint Caribbean. 1 April 2014. Retrieved 31 December 2015.
- ↑ "Jardim: Research Monetary Union Is Not A Priority". Curaçao Chronicle. 15 July 2015. Retrieved 31 December 2015.