Curacao and Sint Maarten banks hit with ‘credit freeze’ in 2012


The Central Bank of Curacao and Sint Maarten implemented a six-month "credit freeze" in 2012 in an attempt to contain private sector credit growth.

In its latest annual report, released this week, the central bank said it initially sought to restrain the "rapid expansion" of credit growth by raising its reserve requirement.

"However, given the magnitude of the excess liquidity, increasing the reserve requirement percentage alone was not effective in containing credit growth," the report said. As

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