The Governor of the Aruban Central Bank, Rob Henriquez, has expressed concern over the government's intended financial policies over the next four years, and has called for a new law to prevent ministers from exceeding the budget.
"The government is spending way too much money. They have to stop doing that, otherwise the Central Bank can no longer be responsible for the position of the florin," cautioned Mr Henriquez, according to a report by Amigo.com.
“The government puts emphasis on the income side by botching up with the taxes. But this way they will ruin the economy," he added.
Mr Henriquez is worried that excessive spending on a continual basis by successive cabinets will erode the value of the local currency, the florin.
“The Bank determines the monetary policy, but the government’s monetary loans cause enormous creation of money, causing the balance between the gross domestic product and the money quantity to go astray," he observed.
Mr Henriquez wants a new law to make it harder for governments to exceeding spending limits.
“It must require a majority of two-thirds of the Parliament for this," he stated.
“A sound budgetary police will have to be forced," he added.
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