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Banks of Aruba

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Banks of Aruba Banks of Aruba The Central Bank of Aruba is a legal entity of a special kind (sui generis), holding an independent position in the public sector of Aruba. The Central Bank began operations on January 1, 1986, and the same time, in turn was introduced by the Aruban florin (Af), pegged to the dollar at a rate of Af 1,79 to US $ 1,00. This ratio remains unchanged since then. The Central Bank is responsible for maintaining internal and external stability, florins, and the stability and integrity of the financial system. The banking sector consists of commercial banks, offshore banks, mortgage banks, credit unions and other financial institutions such as finance companies and other investment companies are life insurance and pension funds. Currently in Aruba recorded two offshore banks. These banks are allowed to conduct transactions only with non-residents. The Bank has a strict policy with regard to offshore banks. The most important requirement is that the parent bank must be broad and full control in the country of registration, and that he should have an excellent financial position and solid reputation. Foreign currency transactions The Central Bank carries out exchange operations with the Law on transactions in foreign currencies. Payment of imported goods can be carried out freely, and exports of goods and services does not require licensing. Revenues from exports have generally converted into local currency within 8 working days or credited to an account at the local or foreign bank, what should be reported to the Central Bank. In 1997, all restrictions on foreign exchange for payments by non-residents were removed, such as the requirement for a special license for such operations. From 1 July 1998 does not require licenses for other capital transactions that is provided by local entities on the equivalent of, at most, 500,000 florins of Aruba in a calendar year. Tax on foreign exchange amounting to 1,3% is levied on payments made by residents to 1 / 2 Banks of Aruba non-residents, excluding payments in the Netherlands Antilles guilders. Investment Bank Aruba Investment Bank of Aruba NV (AIB) was established in October 1987 as a private company. The main objectives of AIB is to support medium and long-term investment in Aruba and promoting economic development through expansion of the private sector. In addition, AIB has also developed international contacts in the Caribbean. Financial Institutions: Aruba Bank NV (Aruba Bank NV) Karibian Mercantile Bank NV (Caribbean Mercantile Bank NV) RBBT Bank Aruba NV (RBTT Bank Aruba NV) Citibank Aruba NV (Citibank Aruba NV) OCHRE Haypotekbank NV (OHRA Hypotheekbank NV) Fundasion Cass na Comunidad Arubano (Fundacion Cas pa Comunidad Arubano) AIB Bank NV (AIB Bank NV) Banco di Caribe NV, branch office in Aruba (Banco di Caribe NV, Aruba Branch) Citibank NA, a subsidiary in Aruba (Citibank NA, Aruba Branch) 2 / 2.
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