St. Maarten government to take dollarization preference to Parliament



THURSDAY, 29 MARCH 2012

PHILIPSBURG--Government is staying steadfast to its preference for dollarization and will in the near future take this to Parliament, and address it in wider public debates.

Prime Minister Sarah Wescot-Williams told the press on Wednesday that use of the United States (US) dollar as the country's official currency would be the recommendation to Parliament. Government, she added, feels dollarization is "beneficial to St. Maarten."

The Council of Ministers has reviewed the report from the Central Bank on the option of dollarization and its pro and cons in relation to moving forward with a joint currency with Curaçao.

The two countries-within-the-Dutch Kingdom are still using the Netherlands Antilles guilder which they had planned to stop using as of January 1, to make way for its replacement by the Dutch Caribbean guilder, but this idea has been shelved for now.

"We are working on taking some of the initial steps based on the report," Wescot-Williams said, adding more information will become available soon.