Published On: Sat, Jun 15th, 2019

Bob Traa appointed Central Bank president

CBCS Central Bank Head Offce in St. Maarten
WILLEMSTAD/PHILIPSBURG — Effective June 13, 2019, Bob Traa has been temporarily appointed by the Supervisory Board (SB) of the Central Bank of Curaçao and St. Maarten (CBCS) as President of the CBCS in anticipation of the finalization of his definite appointment.

The position of president was temporarily filled by Leila Matroos-Lasten since November 17, 2017.

On March 11, 2019, the Supervisory Board made a recommendation to the Minister of Finance of Curaçao and the Minister of Finance of St. Maarten to appoint Bob Traa 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 Statute for Curaçao and St. Maarten prescribes that if the countries fail to appoint a president or director within three months of a recommendation by the Supervisory Board, the board will temporarily appoint a president or director based on the recommendation made until the countries make a decision on the appointment.

The Supervisory Board has therefore decided to temporarily appoint Traa as President of the CBCS effective June 13, 2019, until the countries of Curaçao and St. Maarten countries make a decision regarding the appointment of the president.

Bob Traa - New CBCS President Director

Bob Traa – New CBCS President-Director

Traa has worked for more than 34 years at the International Monetary Fund (IMF). His core qualities and experience are developing a sustainable fiscal policy and making macroeconomic analyses based on the public sector balance sheet. He is also skilled in areas such as economic growth and competitiveness 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.

Traa has a strong vision about the development of sustainable economies. Small open economies such as Curaçao and St. Maarten are vulnerable and must therefore formulate a clear vision that is convincing and confidence-inspiring.

Through the IMF, Traa was closely involved in the dossier on correspondence banks. As a result, he has built up a solid network in Washington, which is important for the countries to be able to continue handling this doosier in the short term. Because of his position, he has had to deal with central banks around the world and knows better than anyone the importance of a high degree of integrity for this institution. 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 these countries. Through his years of experience with IMF missions in different countries, he has developed the necessary administrative affinity that is useful in communication and dealing with political leaders. He wishes to contribute to the strengthening of cooperation between the countries of the monetary union of Curacao and St. Maarten.

For 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 of the Bank.

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 Traa as CEO, the Supervisory Board expects an exceptional strengthening of the Executive Board, with which the further professionalization of the CBCS can be continued.

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Photo caption: The Central Bank of Curacao & St. Maarten (CBCS) headquarters in St. Maarten. Photo by Julie Alcin.