Monetary Developments

Centrale Bank of Aruba
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ORANJESTAD ― In July 2018, money supply grew by Afl. 90.3 million to Afl. 4,421.0 million, compared to June 2018, resulting from expansions in both net domestic assets and net foreign assets1 of Afl. 57.5 million and Afl. 32.8 million, respectively.

The growth in the domestic component of the money supply was mainly caused by an increase in domestic credit of Afl. 57.1 million. The expansion in domestic credit resulted from upturns in claims of the banking sector on the private sector (+Afl. 34.8 million) and net claims of the banking sector on the public sector (+Afl. 22.3 million). The rise in the claims of the banking sector on the private sector was attributed to an increase in loans to enterprises (+Afl. 23.3 million) and housing mortgages (+Afl. 13.5 million), while consumer credit registered a reduction of Afl. 1.9 million. The net claims of the banking sector on the public sector resulted primarily from a decrease in government deposits (-Afl. 22.0 million).


The increase in the net foreign assets of the banking sector was due to net purchases of foreign exchange of Afl. 214.2 million from the public mainly associated with foreign exchange revenue from tourism activities. These were largely offset by net sales of foreign exchange of Afl. 181.4 million to the public, mostly related to payments for goods.



The consumer price index (CPI) for July 2018 noted a 5.1 percent increase year-over-year (YOY). The main contributors to this rise were the components “Transport”, “Food and Non-Alcoholic Beverages”, and “Recreation and Culture”. All other components also noted increases. Excluding the effect of food and energy2, the core CPI rose by 2.5 percent (YOY). The 12-month average inflation rate was 1.3 percent in July 2018, compared to 0.8 percent in June 2018.



The number of stay over visitors amounted to 101,386 in July 2018, which is 886 less visitors (-0.9 percent) than in July 2017. This decline was mainly due to a contraction in the Latin American market and European market of 4,380 visitors (-20.8 percent), and 515 (-5.9 percent), respectively. In contrast, the North American market grew by 3,079 visitors (+4.4 percent) (Chart 5).


The downturn in the Latin American market resulted from a decrease in arrivals from Venezuela (-5,254 visitors or -53.1 percent), while the reduction in the European market was caused by a drop in arrivals from the United Kingdom (-1,262 visitors or -46.4 percent). The rise in the North American market, on the other hand, was mainly because of an expansion in arrivals from the United States (+3,059 visitors or +4.6 percent).

The number of cruise visitors rose by 14,482 passengers or 45.4 percent to 46,370 in July 2018, compared to July 2017. The number of ship calls grew from 14 in July 2017 to 16 in July 2018.


Monetary Development




Total government revenue amounted to Afl. 83.2 million in July 2018, Afl. 0.6 million more than the same month of the previous year. This outcome resulted from a growth of Afl. 6.7 million in tax revenue and a lower amount registered in non-tax revenue (-Afl. 6.1 million[1]).

The increase in tax revenue was mainly related to expansions in income from wage tax (+Afl. 2.4 million), profit tax (+Afl.1.8 million), income tax (+Afl. 1.6 million), excises on tobacco (+Afl. 1.2 million), import duties (+Afl. 1.2 million), and transfer tax (+Afl. 1.0 million). These increases were partly offset by a decrease in income from foreign exchange tax (-Afl. 2.2 million).


By Centrale Bank van Aruba

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