Curacao Economy
Economy
Due to its strategic location between
the Americas, and its safe natural harbours with deep waters, Curaçao
has always been a center of commerce and business. The 1914 discovery of oil in
Venezuela gave impetus for the island's choice as the location for one of the
largest oil refineries in the world with a production of over 225.000 barrels
of crude oil a day. After suffering a major shock in late 1985 when Shell
Curaçao (nowadays Isla) ceased operations because of the glut in the
international oil market, our refinery is once again a stable source of income
and employment.
Curaçao's economy is very diversified and based on four
export pillars; Tourism, International Financial Services, International Trade,
and Distribution & Industry. Besides oil refining and transshipment, the
offshore financial industry and tourism, Curaçao continues to seek
diversification of its economy into international trade and distribution, ship
repair and manufacturing. Inflation in Curaçao is low by regional
standards. The island's dependence on foreign imports, due to its limited
natural resources results in inflation rates in line with international rates,
mainly those of the US.
Money
Matters
Local currency is the Netherlands Antillean guilder
(also called the florin), abbreviated NAf or ANG. It is pegged to the US dollar
at a stable rate of US$ 1 = NAf 1.77 for cash, NAf 1.78 for traveller's checks.
Exchange rates may vary slightly at stores and hotels. There is no black
market. Exchange rates for other currencies are posted at banks and listed in
the daily papers. There are no restrictions on how much money you can bring
into the country.
Banks are open non-stop 8:00 am - 3:30 pm, Monday
through Friday. The airport bank is open 8:00 am - 8:00 pm, Monday through
Saturday, and 9:00 am - 4:00 pm on Sunday for money exchange. The airport has a
twenty-four hour automatic currency exchange machine. Selected bank branches
have cash dispensers that disburse US dollars.
The larger
denominations of guilder bills (100 and 250) are hard to cash for small
purchases. US dollars are accepted almost everywhere, traveller's checks less
so. Bills of US$ 50 and
US$ 100 can be hard to cash. International credit
cards are accepted at most major commercial establishments. There are several
cash dispensers on the island.