CBCS building in Philipsburg.
PHILIPSBURG--Some 273 million Netherlands Antillean guilders (NAf.) in remittances flowed out of St. Maarten via money transfer agencies over the past six years from 2015 to 2020, while NAf. 51 million in inflow was recorded from 2015 to 2019, according to figures provided by Central Bank for Curaçao and St. Maarten (CBCS) President Richard Doornbosch.
The figures do not reflect international bank transfers. The figures show dips in the amount of remittances in the period after Hurricane Irma, as well as during 2020 as a result of the COVID-19 pandemic.
According to the figures, NAf. 59 million in remittances flowed out of St. Maarten in 2015; NAf. 74 million in 2016; NAf. 59 million in 2017; NAf. 22 million in 2018; NAf. 32 million in 2019; and NAf. 27 million flowed out of the country last year. The lowest outflow was recorded during the year after Hurricane Irma.
Doornbosch said that when looked at in the perspective of St. Maarten’s gross domestic product (GDP) the remittances represent approximately two per cent of GDP, which he said is a substantial amount of money.
In the meantime, figures show the inflow of remittances via money transfer companies stood at NAf. 14 million in 2015; 19 million in 2016; 13 million in 2017; one million in 2018; and 4 million in 2019.
Money transfer companies pay licence fees and annual supervision fees to the CBCS. The specific fees paid to government could not be ascertained.
