A new currency, the Caribbean Guilder (XCG) has been officially launched in Sint Maarten and Curaçao today March 31.
The new Guilder is officially the legal currency of the monetary union of both islands.
In 2010 the two countries became autonomous within the Kingdom of the Netherlands, following the dissolution of the Netherlands Antilles and consequently formed a monetary union with a shared central bank and one currency – the Caribbean guilder.
The Caribbean Guilder replaces the Netherlands-Antillean guilder that was in circulation on the former islands of the Netherlands Antilles.
The new currency is legally pegged to the US dollar at a fixed exchange rate of US$1 = 1.79 Caribbean guilder while the exchange rate between the Netherlands Antillean guilder and the Caribbean guilder is 1:1 as both currencies are of equal value.
The design for the Caribbean guilder banknotes draws inspiration from the “World Under the Sea” with the front of the banknotes depicting the vibrant marine life native to Curaçao and Sint Maarten, while the reverse shows historical and cultural landmarks in both countries. Loop News
