DOMESTICO NETTO Y RESERVA DI DIVISA NETTO A SUBI Resumen di e Relato Mensual di October 2016 / NET DOMESTIC ASSETS AND NET FOREIGN ASSETS INCREASED Summary of the Monthly Bulletin of October 2016

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DOMESTICO NETTO Y RESERVA DI DIVISA NETTO A SUBI Resumen di e Relato Mensual di October 2016

Desaroyo monetario
Den e luna di October 2016, e cantidad di placa den circulacion a subi cu Afl. 19,1 miyon te na Afl. 4.063,8 miyon, compara cu e luna anterior. Esaki a resulta for di un crecemento den tanto e activo domestico netto como e reserva di divisa netto di Afl. 16,0 miyon y Afl. 3,1 miyon, respectivamente. E subida den e activo domestico netto a surgi door di un crecemento di Afl. 17,3 miyon den transaccionnan no relata na credito y un caida di Afl 1,3 miyon den credito domestico. E expansion den transaccionnan no relata na credito a resulta for di crecemento den e asina yama “shareholders’ equity”, “premises and equipment” y “accounts receivables and prepayments” y un reduccion den “borrowings” como tambe transaccionnan di clearing. Credito domestico a mengua cu Afl. 6,6 miyon den credito bancario na e sector priva y un crecemento di Afl. 5,3 miyon den credito netto na e sector publico. E caida den credito bancario na e sector priva ta debi na bahada den credito na consumidor (-Afl. 10,2 miyon), cual a wordo parcialmente mitiga pa crecemento den hipoteca pa vivienda (Afl. 2,2 miyon) y credito na empresa (Afl. 1,4 miyon). E subida den credito bancario netto na e sector publico ta debi principalmente na un caida den depositonan di gobierno di Afl. 6,0 miyon. Di otro banda, e fondo pa desaroyo a subi cu Afl. 1,9 miyon. E expansion den reserva di divisa netto di e sector bancario ta debi na compra netto di divisa di Afl. 197,8 miyon for di publico, principalmente asocia cu turismo, trasferencia netto for di cuentanan den exterior di companianan local y inversion directo. Esaki a wordo parcialmente mitiga pa benta di divisa di Afl. 194,7 miyon na publico, primordialmente relaciona cu pago netto pa importacion di mercancia, otro servicionan y e asina yama “income account”.

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 October 2016, compara cu October 2015. 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” y “Paña y Sapato” a registra un aumento. Si exclui e componentenan di cuminda y energia for di e indice di prijs di consumo, inflacion ta mustra un crecemento di 0,7 porciento compara cu October 2015. Pa loke ta trata e promedio anual di e tasa di inflacion, esaki a registra un bahada di 1,0 porciento na October 2016, mescos cu September 2016.

Turismo
Na October 2016, e cantidad di turista a registra 76.491 bishitante, cual tabata 29,8 porciento (-32.533 bishitante) menos cu na October 2015. E caida aki a resulta principalmente door di bahadanan den e mercado di Latino Americano di 64,7 porciento (-30.862 bishitante) y e mercado Norte Americano di 3,2 porciento (-1.598 bishitante). Di otro banda, e mercado Europeo a registra un subida di 14,3 porciento (+1.037 bishitante). E caida den e mercado Latino Americano a wordo primordialmente causa pa menos den bishitante for di Venezuela (-30.975 bishitante of -76.7 porciento). E bahada den e mercado Norte Americano a resulta pa gran parti for di un reduccion di 3,6 porciento den bishitante for di Merca (-1.701 bishitante). E aumento den e mercado Europeo ta debi pa un gran parti na un crecemento di 52,3 porciento den bishitante for di Gran Britania (+753 bishitante). E cantidad di turista crucero a baha cu 24,7 porciento (-12.604 bishitante) te na 38.349 na October 2016, compara cu October 2015. E cantidad di barconan a registra un bahada, for di 20 na October 2015 pa 17 na October 2016.

Entrada di Gobierno
Na October 2016, entrada di gobierno a suma Afl. 95,7 miyon, un aumento di Afl. 11,5 miyon compara cu e mesun luna di e aña anterior. Esaki a resulta for di un subida di Afl. 14,1 miyon den entrada di impuesto, cual a wordo parcialmente mitiga pa un caida di Afl. 2,6 miyon den entrada no relata na impuesto. E crecemento den entrada di impuesto ta relata principalmente na aumento di accijn riba gasolin (+Afl. 16,8 miyon), impuesto riba entrada (+Afl. 1,6 miyon), accijns riba cerbes (Afl. 0,8 miyon) y benta di negoshi (B.B.O) (+Afl. 0.5 million). Di otro banda, a registra caida den impuesto riba ganashi (-Afl. 3,6 miyon), impuesto riba importacion (-Afl. 0,9 miyon) y impuesto riba e asina yama “grondbelasting” (-Afl. 0.8 miyon).

Banco Central di Aruba
11 Januari 2o17

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NET DOMESTIC ASSETS AND NET FOREIGN ASSETS INCREASED Summary of the Monthly Bulletin of October 2016

Monetary developments
In October 2016, money supply registered a rise of Afl. 19.1 million to Afl. 4,063.8 million, compared to the previous month, resulting from increases in both the net domestic assets and net foreign assets of Afl. 16.0 million and Afl. 3.1 million, respectively. The growth in the domestic component of the money supply was the result of an Afl. 17.3 million increase in non-credit related balance sheet items and an Afl. 1.3 million decline in domestic credit. The rise in the non-credit related balance sheet items resulted mostly from expansions in ‘shareholders equity’, ‘premises and equipment’ and ‘accounts receivables and prepayments’ and a decrease in ‘borrowings’, as well as clearing transactions as well. Domestic credit declined as a result of an Afl. 6.6 million drop in the claims of the banking sector on the private sector and an Afl. 5.3 million increase in the net claims on the public sector. The decrease in claims of the banking sector on the private sector was due to a decrease in consumer credit (-Afl. 10.2 million), which was largely offset by increases in housing mortgages (+Afl. 2.2 million) and loans to enterprises (+Afl. 1.4 million). The upsurge in net claims on the public sector resulted mainly from the drawing down of government deposits of Afl. 6.0 million. In contrast, the development funds increased by Afl. 1.9 million. The growth in the net foreign assets of the banking sector resulted from net purchases of foreign exchange of Afl. 197.8 million from the public, mainly associated with tourism, net transfers from foreign accounts and direct investment, which were partly counter-balanced by net sales of foreign exchange of Afl. 194.7 million to the public, largely related to net payments for goods, other services and income.

Inflation
The consumer price index (CPI) for October 2016 noted a 0.1 percent decrease year-over-year (YoY). The main contributor to this decrease was the component “Housing”, which was largely driven by a fall in electricity costs. In contrast, the components “Transport”, “Food and Non-Alcoholic Beverages”, and “Clothing and Footwear” registered an increase. Excluding the effect of food and energy , the growth in the core CPI was 0.7 percent (YoY). The 12-month average inflation rate remained unchanged at -1.0 percent in October 2016, compared to September 2016.

Tourism
In October 2016, the number of stay-over visitors totaled 76,491, which was 29.8 percent (-32,533 visitors) less than in October 2015. The decreases in the Latin American market of 64.7 percent (-30,862 visitors) and the North American market of 3.2 percent (-1,598 visitors) contributed to the contraction in stay-over visitors. On the other hand, the European market registered an increase of 14.3 percent (+1,037 visitors). The decrease in the Latin American market was predominantly caused by a drop in visitors from Venezuela (-30,975 visitors or -76.7 percent). The decline in the North American market resulted mainly from a 3.6 percent decrease in arrivals form the United States (-1,701 visitors). The growth in the European market resulted largely from a 52.3 percent increase in arrivals from the United Kingdom (+753 visitors). The number of cruise visitors registered a downturn of 12,604 or 24.7 percent to 38,349 in October 2016, compared to October 2015. The number of ship calls fell, from 20 in October 2015 to 17 in October 2016.
Government revenue
In October 2016, total government revenue amounted to Afl. 95.7 million, which was Afl. 11.5 million higher than in the same month of the previous year. This increase was caused by a rise of Afl. 14.1 million in tax revenue, which was somewhat offset by a decrease of Afl. 2.6 million in non-tax revenue. The expansion in tax revenue was largely related to growth in excises on gasoline (+Afl. 16.8 million), wage tax (+Afl. 1.6 million), excises on beer (+Afl. 0.8 million) and turnover tax (+Afl. 0.5 million). On the other hand, decreases were mostly registered in profit tax (-Afl. 3.6 million), import duties (-Afl. 0.9 million) and land tax (-Afl. 0.8 million).

Centrale Bank van Aruba
January 11, 2017

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