WILLEMSTAD/PHILIPSBURG--The 2017 financial statements of the Central Bank of Curaçao and St. Maarten (CBCS) were adopted recently by the meeting of entitled asset-holders. The increase of the total balance of 2017 compared to the total balance of 2016 is especially related to the increase of the market price of gold.
The increase of the net result of 2017 compared to the net result of 2016 is attributable to, among other things, the increase of the interest rate on the international market (which contributed to the increase of the interest income) and the relative increase of the supervision fees (relative because it relates to a correction of the supervision fees in 2016 for supervision fees that the Bank probably will not be able to collect, which correction has decreased the supervision fees of 2016).
The increase of the income has partially been absorbed by the increase of the depreciation expenses (amongst other things, issuance cost of banknotes, software applications that have been installed, licences for software applications that have been acquired and extra depreciation on bank premises to align the value thereof with the appreciated value) and increase of the general operating expenses (especially related to personnel cost charged to special attention institutions, which has decreased the expenses of 2016).
A condensed version of these financial statements has been published on the CBCS website.
