WILLEMSTAD, PHILIPSBURG – With effect from 13 June 2019, Mr Bob Traa has been appointed by the Council of Supervisory Directors (SB) of the Central Bank of Curaçao and Sint Maarten (CBCS) as president of the CBCS, anticipating his official appointment. This position was temporarily filled by Mrs. Leila Matroos-Lasten since 17 November 2017.
On 11 March 2019, the Supervisory Board recommended to the Ministers of Finance of Curaçao and Sint Maarten Mr. Traa appoint as president of the CBCS.
In the meantime, three months have passed since the Supervisory Board’s recommendation. Article 20, paragraph 5 of the Central Bank’s Statute prescribes that if the countries fail to appoint a president or a director within three months of a recommendation by the SB, the recommended person temporarily fills the position until the countries make the appointment.
The Supervisory Board has therefore decided to temporarily appoint Mr. Traa as president of the CBCS with effect from 13 June 2019, until the moment that the countries Curaçao and Sint Maarten make it official.
Mr. Traa has worked for the International Monetary Fund (IMF) for over 34 years. His core qualities and experience are based developing sustainable fiscal policies and macroeconomic analyzes based on the balance of the public sector. He is also skilled in areas such as economic growth and competitive position and also long-term economic climate including demographic developments. He also pays particular attention to themes such as productivity, payment transactions and exchange rate policy.
Mr. Traa has a strong vision about the development of sustainable economies. Small open economies such as Curaçao and Sint Maarten are vulnerable and should thereby formulate a clear vision that is convincing and confidence inspiring.
Through the IMF, Mr. 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.
Mr. 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 Mr. Traa, good and effective supervision of financial institutions by the CBCS is essential. CBCS must have sufficient substantive expertise in this area to properly perform this task.
Mr. 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 center and ambitious.
With the appointment of Mr. Traa as CEO, the Supervisory Board expects a special strengthening of the Executive Board, with which the further professionalization of the CBCS can be continued.