Domestic Credit Surged: Summary of the Monthly Bulletin of September 2021

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Monetary developments
Compared to August 2021, money supply increased by Afl. 17.8 million to Afl. 5,154.7 million in September 2021, resulting from a growth in the net domestic assets (+Afl. 34.6 million) and a decrease in the net foreign[1] assets (-Afl. 16.9 million).

The expansion in the domestic component of money supply was caused by a surge in the domestic credit (+Afl. 54.2 million) and a decrease in the non-credit related balance sheet items (-Afl. 19.6 million). The rise in domestic credit resulted from increases in both the net claims of the banking sector on the public sector (+Afl. 30.4 million) and the claims of the banking sector on the private sector (+Afl. 23.8 million). The growth in the net claims of the banking sector on the public sector was the result of a dip in government deposits (-Afl. 33.3 million). The upswing in the claims of the banking sector on the private sector was caused by upturns in loans to enterprises (+Afl. 19.6 million) and housing mortgages (+Afl. 6.8 million), while consumer credit declined (-Afl. 2.6 million).

In September 2021, net foreign assets of the banking sector decreased, due to net sales of foreign exchange of Afl. 405.4 million to the public, mainly associated with primary income and payments for goods imports. These were largely offset by net purchases of foreign exchange of Afl. 388.5 million from the public, mostly related to other investment and foreign exchange revenue from tourism exports.

The consumer price index (CPI) for September 2021 noted a 2.2 percent rise year-over-year (YOY) compared to a 1.4 percent increase (YOY) for August 2021. The main contributors to this increase were the “Transport” and “Household Operation” components. The 12-month average inflation rate was -0.7 percent in September 2021, compared to -1.1 percent in August 2021.

Total government revenue amounted to Afl. 88.8 million in September 2021, Afl. 27.7 million more than the same month of the previous year. The growth in government revenue resulted from increases in both tax revenue (+Afl. 19.4 million) and nontax revenue (+Afl. 8.2 million).

The expansion in tax revenue was mainly driven by increases in income from turnover tax (B.B.O./B.A.V.P) (+Afl. 5.7 million), import duties (+Afl. 3.8 million), and excises on beer (+Afl. 2.1 million).


The number of stay-over visitors amounted to 60,293 in September 2021, which is 13,335 less visitors (-18.1 percent) than in September 2019. The North American market, the Latin American market, and the European market declined by 6,767 visitors (-12.3 percent), 3,449 visitors (-40.1 percent), and 2,954 visitors (-36.0 percent), respectively.

For further information or a more detailed analysis, visit our website ( or contact the Statistics Department of the Centrale Bank van Aruba, tel. +297-525-2100, e-mail