The central bank will continue to promote exchange-rate stability in relation to the US dollar, its primary mandate. In the short term, the CBCS will seek to build up gross official reserves, which have declined from the equivalent of more than five months of import cover in 2017 to four months in January 2020. To achieve this, the CBCS will hold tenders of certificates of deposits (CDs) to local banks every two weeks (since beginning in August 2019), which will also help to absorb excess liquidity in the banking system. The pledging rate (the main policy rate) has remained at 2.5% (only mildly positive in real terms) since the start of 2019. However, monetary transmission mechanisms are weak and interest-rate decisions by the central bank have only a limited effect on economic performance.

Addressing reputational concerns stemming from high levels of fraud, tax evasion and money-laundering will remain CBCS priorities. However, leadership instability will undermine its efforts and hinder long-term planning for monetary union.

The central bank is currently without a head following the resignation of the previous president, Bob Traa, who stepped down having served only six months in the role in late 2019. The CBCS had previously been without a permanent president since October 2017, when the then incumbent, Mr Tromp, was dismissed over alleged tax evasion. Mr Traa's departure is likely to slow implementation of IMF recommendations to strengthen financial supervision and transparency, as well as to share tax information (Curaçao and Sint Maarten are important regional financial centres). Reform of the currency union and the splitting up of the islands' shared central bank will remain medium- to long-term goals, but will largely be on hold in the short term.