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A14 LOCAL
Saturday 3 February 2018

NET FOREIGN ASSETS DECREASED
Summary of the Monthly Bulletin of November 2017

ORANJESTAD - Monetary clined mainly because of
developments: In Novem- an increase in the deposits
ber 2017, money supply of the government of Afl.
contracted by Afl. 23.2 1.3 million.
million to Afl. 4,151.2 mil-
lion, compared to October The decrease in the net
2017, resulting from an Afl. foreign assets of the bank-
30.9 million decline in net ing sector resulted from net
foreign assets and an Afl. sales of foreign exchange
7.8 million growth in do- of Afl. 234.3 million to the
mestic assets. public, mainly associated
with goods, net transfers
The expansion in the do- to foreign accounts, other
mestic component of the services and income. This
money supply was caused was partially offset by net
by an Afl. 20.0 million rise purchases of foreign ex-
in domestic credit, which change of Afl. 203.3 million
was partly offset by an Afl. from the public, mainly re-
12.2 million contraction in lated to foreign exchange
non-credit related balance revenue from tourism activ-
sheet items. The increase ities, transportation services
in domestic credit was re- and direct investments.
lated to the claims of the
banking sector on the pri- Inflation
vate sector (+Afl. 21.1 mil- The consumer price in-
lion), while net claims of dex (CPI) for November age inflation rate was -0.5 The increase in the North 104,242 in November 2017,
the banking sector on the 2017 noted a 0.9 percent percent in November 2017, American market was compared to November
public sector contracted decrease year-over-year compared to -0.4 percent largely due to a rise in ar- 2016. The number of ship
(-Afl. 1.1 million). The drop in (YoY). The main contributor in October 2017. rivals from the United States calls expanded from 38 in
non-credit related balance to this decline was the com- (+7,623 visitors or +15.4 per- November 2016 to 51 in No-
sheet items was mostly re- ponent “Housing”, which Tourism cent). The decline in the vember 2017.
lated to clearing transac- was mainly driven by a fall In November 2017, the Latin American market was
tions. in electricity. Other compo- number of stay-over visi- mainly because of a reduc- Government
nents also noting decreas- tors amounted to 86,064, tion in arrivals from Venezu- In November 2017, to-
The upturn in the claims es were “Recreation and which is 7,442 visitors (+9.5 ela (-1,375 visitors or -17.0 tal government revenue
of the banking sector on Culture”, “Household Oper- percent) more than in No- percent, partially mitigated amounted to Afl. 90.0 mil-
the private sector was at- ation” and “Miscellaneous vember 2016. This growth by increases in visitors from lion, which was Afl. 13.2
tributed to expansions in Goods and Services”. Con- was mainly due to the ex- Brazil (+465 visitors or +43.3 million less than the same
loans to enterprises (+Afl. versely, the components pansion in the North Ameri- percent), Argentina (+269 month of the previous year.
11.3 million) and housing “Transport”, “Education”, can market of 7,958 visitors visitors or +19.2 percent) This resulted from reduc-
mortgages (+Afl. 11.0 mil- and “Restaurant and Ho- (+15.1 percent), which was and Colombia (+241 visitors tions in both tax revenue
lion). Consumer credit, on tels” registered increases. partially counterbalanced or +10.8 percent). and nontax revenue of Afl.
the other hand, decreased Excluding the effect of by a reduction in the Latin 8.1 million and Afl. 5.0 mil-
by Afl. 1.2 million. The net food and energy, the core American market of 879 The number of cruise visi- lion, respectively.
claims of the banking sec- CPI rose by 0.1 percent visitors (-5.7 percent). tors surged by 26,416 pas-
tor on the public sector de- (YoY). The 12-month aver- sengers or 33.9 percent to The contraction in tax rev-
enue was mainly related to
declines in profit tax (-Afl.
20.1 million) and transfer
tax (-Afl. 2.8 million). These
decreases were partially
offset by increases in ex-
cises on gasoline (+Afl. 5.3
million), wage tax (+Afl. 4.9
million), turnover tax (B.B.O)
(+Afl. 1.8 million), import
duties (+Afl. 1.5 million)
and income tax (+Afl, 1.2
million).q