Historical Sketch

The Italian navigator Amerigo Vespucci discovered the island for the Europeans in 1499. After a century of Spanish colonization, it became part of the Dutch West Indies in the mid-17th century, later Netherlands Antilles. In 1986, Aruba left the Netherlands Antilles and became a separate separate constituent country of the Kingdom of the Netherlands, with the option of full independence within 10 years. The transition to full independence was suspended in 1995. The process could be restarted if so decided in a referendum.

Monetary History Overview

With the separation from the Netherlands Antilles in 1986, Aruba also left the common monetary area. The Central Bank of Aruba began operations immediately in January 1986. The Aruban Florin was issued as the new national currency, replacing the Netherlands Antilles Guilder on par, which continued to be legal tender. Like its predecessor, the Florin is pegged to the US Dollar. The establishment of the central bank and the creation of the separate currency were based on the Aruban constitution of 1985, the corresponding legislation was passed in 1991 and 1992.

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Monetary History Sources