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Resumen di e Relato Mensual di April 2017 – NET DOMESTIC ASSETS AND NET FOREIGN ASSETS DECLINED Summary of the Monthly Bulletin of April 2017

Resumen di e Relato Mensual di April 2017

Desaroyo monetario
Den e luna di April 2017, e cantidad di placa den circulacion a baha cu Afl. 43.1 miyon te na Afl. 4.137,8 miyon, compara cu Maart 2017. Esaki a resulta door di menos reserva di divisa netto (-Afl. 25,2 miyon) y activo domestico netto (-Afl. 17,9 miyon).

E bahada den e activo domestico netto a surgi door cu transaccionnan no relata na credito (-Afl. 11,2miyon) y credito domestico a mengua (-Afl. 6,8 miyon). E caida den transaccionnan no relata na credito a wordo causa principalmente door di subidanan den e asina jama “shareholders’ equity” y “accounts receivable and prepayments” y “other liabilities” y tambe transaccionan di clearing. Credito domestico a disminui door di menos credito bancario netto na e sector publico (-Afl. 34,6 miyon), cual a wordo pa gran parti neutralisa pa un crecemento den credito bancario na e sector priva (+Afl. 27,9 miyon).

E bahada den credito bancario netto na e sector publico ta relaciona principalmenta cu un subida den depositonan di gobierno (+Afl. 131,4 miyon) cu a surgi door cu gobierno a saca bono (+Afl. 125,0 Miyon). E expansion den credito na e sector priva (+Afl. 27,9 miyon) a resulta for di mas credito na empresa (+Afl. 17,4 miyon), mas hipoteca pa vivienda (+Afl. 6,0 miyon) y mas credito na consumidor (+Afl. 4,5 miyon).

E caida den e reserva di divisa netto di e sector bancario (-Afl. 25,2 miyon) ta debi na benta netto di divisa na publico (-Afl. 216,0 miyon), principalmente relaciona cu entrada for di importacion di mercancia, otro servicionan y e asina jama ‘income account’. Esaki a wordo mitiga pa un gran parti pa compra netto di divisa for di publico (+Afl. 190,7 miyon), primordialmente relaciona cu entrada for di turismo, transferencia netto pa cuentanan den exterior di companianan local y servicio di transportacion.

Inflacion
E nivel general di prijs, cu ta wordo midi door di e indice di prijs di consumo, a registra un bahada di 0,1 porciento den e luna di April 2017, compara cu April 2016. E contribuyente principal na e caida aki ta e componente “Vivienda”, cual ta debi primordialmente na un reduccion den prijs di electricidad. Di otro banda, e componentenan “Transporte”, “Cuminda y bebida no-alcoholico”, “Educacion” y “Restaurant y Hotel” a registra un subida. Si exclui e componentenan di cuminda y energia for di e indice di prijs di consumo, inflacion ta mustra un crecemento di 0,5 porciento compara cu April 2016. Pa loke ta trata e promedio anual di e tasa di inflacion, esaki a registra un bahada di 0,6 porciento na April 2017, compara cu un caida di 0.7 porciento na Maart 2017.

Turismo
Na April 2017, e cantidad di turista a registra 96.915 bishitante, cual tabata 1,9 porciento (-1.908 bishitante) menos cu na April 2016. Esaki a resulta principalmente door di 40,4 porciento (-11.394 bishitante) menos turista for di Latino America (-11.394 bishitante). Di otro banda, e mercado Norte Americano a crece cu 13,9 porciento (+8.527 bishitante).

E caida den e mercado Latino Americano a wordo causa pa menos bishitante for di Venezuela (-13.828 bishitante of -63,9 porciento). E crecemento den e mercado Norte Americano a resulta for di un expansion den bishitante for di Merca (+7.657 bishitante of 13,1 porciento).

E cantidad di turista crucero a registra un subida di 12.642 bishitante of 25,0 porciento te na 63.221 na April 2017, compara cu April 2016. E cantidad di barconan a expande for di 26 na April 2016 pa 28 na April 2017.

Entrada di Gobierno
Na April 2017, entrada di gobierno a suma Afl. 73,6 miyon, cual ta Afl. 13,2 miyon menos compara cu e mesun luna di e aña anterior. E bahada aki a resulta di un caida den entrada di impuesto (-Afl. 13,8 miyon) y un subida den entrada no relata na impuesto (+Afl. 0,8 miyon).
E bahada den entrada di impuesto ta relata principalmente na menos impuesto riba ganashi (-Afl. 8,0 miyon), e asina yama “overdrachtsbelasting” (-Afl. 4,6 miyon), menos accijns riba cerbes (-Afl. 1.2 miyon) y impuesto riba entrada (-Afl. 1,1 miyon). Di otro banda, crecemento a wordo registra den entrada di impuesto riba importacion (+Afl. 1,0 miyon) y benta di negoshi (B.B.O) (+Afl. 0,9 miyon).

Banco Central di Aruba

15 Augustus 2o17

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NET DOMESTIC ASSETS AND NET FOREIGN ASSETS DECLINED
Summary of the Monthly Bulletin of April 2017

Monetary developments
In April 2017, money supply decreased by Afl. 43.1 million to Afl. 4,137.8 million, compared to March 2017, resulting from less net foreign assets and net domestic assets of Afl. 25.2 million and Afl. 17.9 million, respectively.

The decline in the domestic component of the money supply resulted from a reduction in non-credit related balance sheet items (-Afl. 11.2 million) and a decrease in the domestic credit (-Afl. 6.8 million). The contraction in the non-credit related balance sheet items was mostly related to increases in shareholders’ equity and accounts receivable and prepayments, other liabilities and clearing transactions. Domestic credit contracted due to a fall in the net claims on the public sector (-Afl. 34.6 million), which was largely offset by a gain in the claims of the banking sector on the private sector (+Afl. 27.9 million).

The fall in the net claims on the public sector was mainly due to a rise in government deposits (+Afl. 131.4 million), which was caused by a bond issuance (+Afl. 125.0 million). The rise in claims on the private sector (+Afl. 27.9 million) was attributed to increases in loans to enterprises (+Afl. 17.4 million), housing mortgages (+Afl. 6.0 million) and consumer credit (+Afl. 4.5 million).

The decline in the net foreign assets of the banking sector (-Afl. 25.2 million) resulted from net sales of foreign exchange (-Afl. 216.0 million) to the public, mainly associated with goods, other services and income accounts. These were largely counter-balanced by net purchases of foreign exchange from the public (+Afl. 190.7 million), mainly related to foreign exchange revenue from tourism activities, net transfers from foreign accounts and transportation services.

Inflation
The consumer price index (CPI) for April 2017 noted a 0.1 percent decrease year-over-year (YoY). The main contributor to this decline was the component “Housing”, which was mainly driven by a fall in electricity. In contrast, the components “Transport”, “Food and Non-Alcoholic Beverages”, “Education” and “Restaurant and Hotels” registered increases. Excluding the effect of food and energy , the growth in the core CPI was 0.5 percent (YoY). The 12-month average inflation rate was to -0.6 percent in April 2017, compared to -0.7 percent in March 2017.

Tourism
In April 2017, the number of stay-over visitors amounted to 96,915, which is 1.9 percent (-1,908 visitors) less than in April 2016. The decline in tourism from the Latin American market of 40.4 percent (-11,394 visitors) was primarily responsible for this contraction. On the other hand, the North American market registered an increase of 13.9 percent (+8,527 visitors).

The decrease in the Latin American market was caused by a drop in visitors from Venezuela (-13,828 visitors or -63.9 percent). The rise in the North American market was due to an expansion in arrivals from the United States (+7,657 visitors or 13.1 percent).

The number of cruise visitors registered a rise of 12,642 or 25.0 percent to 63,221 in April 2017, compared to April 2016. The number of ship calls increased from 26 in April 2016 to 28 in April 2017.

Government
In April 2017, total government revenue amounted to Afl. 73.6 million, which was Afl. 13.2 million lower than the same month of the previous year. This downturn resulted from a decrease in tax revenue (-Afl. 13.8 million) and a rise in non-tax revenue (+Afl. 0.8 million).

The decline in tax revenue was largely related to decreases in profit tax (-Afl. 8.0 million), transfer tax (-Afl. 4.6 million), excises on beer (-Afl. 1.1 million) and income tax (-Afl. 1.1 million). On the other hand, increases were registered in import duties (+Afl. 1.0 million) and turnover tax (+Afl. 0.9 million).

Centrale Bank van Aruba
August 15, 2017

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