Licence fee yields NAf. 2M monthly

PHILIPSBURG--Government is entitled to some NAf. 2 million monthly from the foreign exchange licence fee from the Central Bank of Cura�ao and St. Maarten. The one per cent licence fee is collected from bank users by commercial banks for withdrawing US dollars.

NAf. 25 million was placed on the country's 2011 budget as dividends from the Central Bank to cover the payments for the year.

Prime Minister Sarah Wescot-Williams told the press on Wednesday that the Central Bank had been making the licence fee payment directly to St. Maarten as of October 10, 2010, when country-within-the-Kingdom status had been attained. "The intention is now to have these payments made on a monthly basis."

The licence fee was referred to as the foreign exchange fee prior to 1996.

Source: http://www.thedailyherald.com/islands/1-islands-news/19566-licence-fee-yields-naf-2m-monthly-.html

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