Page 19 - ARUBA BANK

A14 LOCAL
Tuesday 27 November 2018

Banking credit to private sector surges

Summary of the Monthly Bulletin of September 2018 by Central Bank of Aruba

Non-Alcoholic Beverages”, and “Recreation
and Culture”. Excluding the effect of food
and energy, the core CPI grew by 2.7 percent
(YOY). The 12-month average inflation rate was
2.3 percent in September 2018, compared to
1.8 percent in August 2018.

Tourism
The number of stay over visitors amounted to
76,017 in September 2018, which is 1,627 less
visitors (-2.1 percent) than in September 2017.
This drop was mainly due to a reduction in
the Latin American market (-4,937 visitors or
-24.4 percent), which was largely offset by an
increase in the North American market (+3,781
visitors or +8.2 percent).
The decline in the Latin American market was
caused by a downturn in arrivals from Venezuela
(-6,035 visitors or -52,2 percent), while the upturn
in the North American market resulted primarily
from a growth in arrivals from the United States
(+3,651 visitors or +8.4 percent).
ORANJESTAD — Monetary developments offset by an Afl. 22.6 million decrease in non- The number of cruise visitors rose by 17,151
informed by the Central Bank of Aruba: credit related balance sheet items. The rise in passengers or 71.9 percent to 41,014 in
Compared to August 2018, in September 2018, domestic credit resulted from an Afl. 42.1 million September 2018, compared to September
money supply contracted by Afl. 16.8 million to surge in claims of the banking sector on the 2017. The number of ship calls grew from 12 in
Afl. 4,371.6 million, resulting from a decrease private sector, which was somewhat mitigated September 2017 to 13 in September 2018.
in net foreign assets (-Afl. 26.4 million) and by an Afl. 9.8 decline in net claims of the banking
an increase in net domestic assets (+Afl. 9.6 sector on the public sector. The surge in claims Government
million). The drop in the net foreign assets of the of the banking sector on the private sector Total government revenue amounted to Afl.
banking sector was due to net sales of foreign resulted from expansions in loans to enterprises 96.1 million in September 2018, Afl. 1.6 million
exchange of (-Afl. 201.9) million to the public, (+Afl. 30.1 million), housing mortgages (+Afl. 11.7 less than the same month of the previous year.
mainly associated with net sales of foreign million), and consumer credit (+Afl. 0.3 million). This outcome resulted from a reduction in non-
exchange related to payments for goods and The drop in the net claims of the banking tax revenue (-Afl. 8.2 million) and an increase in
other services. These were largely offset by net sector on the public sector was attributed to tax revenue (+Afl. 6.7 million).
purchases of foreign exchange of (+Afl. 175.5) an increase in government deposits (+Afl. 10.8 The surge in tax revenue was mainly related to
million from the public, mostly associated million). increases in income from turnover tax (B.B.O./
with foreign exchange revenue from tourism B.A.V.P.) (+Afl. 7.5 million) stemming from the
activities. Inflation introduction of the B.A.V.P. , foreign exchange
The consumer price index (CPI) for September tax (+Afl. 2.3 million), and import duties (+Afl. 2.7
The growth in the domestic component of the 2018 noted a 4.9 percent increase year-over- million). These expansions were partly offset by
money supply was caused by an Afl. 32.3 million year (YOY).The main contributors to this rise a drop in income mostly related to excises on
increase in domestic credit, which was partly were the components “Transport”, “Food and gasoline (-Afl. 4.7 million).q

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