WILLEMSTAD/PHILIPSBURG--Effective June 13, Bob Traa has been named president of the Central Bank of Curaçao and St. Maarten (CBCS), anticipating his formal appointment. This function was temporarily held by Leila Matroos-Lasten since November 17, 2017.

On March 11, the board recommended to the Finance Ministers of Curaçao and St. Maarten in their capacity of CBCS shareholder representatives, to appoint Traa as president. In the meantime, three months have passed since that proposal.

Article 20, paragraph 5 of the Central Bank’s Statute prescribes that if the two countries in the monetary union fail to appoint a president or director within three months of such a nomination, the recommended person temporarily fills the position until the shareholders make the appointment. The board has therefore decided to appoint the selected candidate until it’s made official.

Traa has worked for the International Monetary Fund (IMF) for more than 34 years. His core qualities and experience are based developing sustainable fiscal policies, and macroeconomic analyses based on the balance of the public sector.

The new Central Bank president is also skilled in areas such as economic growth and competitive position, as well as the long-term economic climate, including demographic developments. He particularly pays attention to themes such as productivity, payment transactions and exchange rate policy.

“Traa has a strong vision about the development of sustainable economies. Small open economies such as Curaçao and St. Maarten are vulnerable and should therefore formulate a clear vision that is convincing and confidence inspiring,” stated a CBCS release.

“Through the IMF, Traa was closely involved in the file of correspondence banks. Because of this, he has built up a good network in Washington, which is important for the countries to continue dealing with this dossier in the short term.

“Because of his position, he has had to deal with central banks throughout the world and knows better than anyone the importance of a high degree of integrity for this setting. According to him, this deserves special and continuous attention.

“Traa acknowledges that CBCS is at the service of two countries and is aware of cultural diversity within and between countries. Because of his years of experience with IMF missions in different countries, he has the necessary administrative affinity which comes in handy when communicating and dealing with political leaders. He wishes to contribute to the strengthening of cooperation between the countries of the monetary union.

“For Traa, good and effective supervision of financial institutions by CBCS is essential. CBCS must have sufficient substantive expertise in this area to properly perform this task.

“Traa focuses strongly on expertise, knowledge, trust and excellence and sets high standards of quality and productivity. He stands for a Central Bank that is highly valued, a knowledge centre and ambitious,” the release stated.

With the appointment of Traa as CEO, the Supervisory Board expects a special strengthening of the Executive Board, with which the further professionalisation of CBCS can be continued.