MP’s support motion to raise basic payment account deposit cap, law still being debated

GREAT BAY--MP Francisco Lacroes, speaking on behalf of 13 Members of Parliament, has submitted a detailed motion calling for an increase to the monthly deposit limit under the draft National Ordinance on the Basic Payment Account. The current cap of 3,000 Caribbean guilders, set by the Central Bank of Curaçao and St. Maarten, would rise to at least 5,500 guilders if Parliament’s motion is acted upon in the ongoing discussions on the ordinance itself. The MP presented the motion on Thursday.

The proposal aims to align the deposit limit with Sint Maarten’s cost of living and the practical needs of workers and small business operators. Lacroes said the 3,000 guilder threshold is outdated and does not reflect the economic reality on the island, where basic household expenses such as rent, utilities and groceries are substantially higher than in Curaçao. Applying the same ceiling to both countries, he argued, ignores local differences and leaves residents struggling to use the banking system for their full income and monthly bills.

The motion notes that many small vendors and self-employed workers regularly exceed the current limit through ordinary business turnover. For instance, a typical market vendor may spend around 540 guilders per month on transportation and storage, aim for a modest salary of 1,800 guilders, and require monthly turnover near 5,400 guilders just to earn a 30 percent profit margin. With the present cap fixed at 3,000 guilders, many of these operators are effectively pushed to keep part of their earnings outside the banking system, undermining the goal of financial inclusion.

The motion further outlines the steps government should take. It asks the Minister of Finance to formally advocate with the Central Bank for an increase to 5,500 guilders and to base the request on updated cost-of-living data and consultations with banks, consumer groups, and small business representatives. The government must also provide Parliament with a progress report within two months detailing the actions taken, the feedback received from the Central Bank, and the expected timeline for a decision.

Lacroes and the supporting MPs want this process to be data-driven and transparent. The motion sets out a system for annual reviews of the cap to ensure that it continues to reflect economic conditions. The goal, they say, is not just to change the number, but to create a living framework that keeps pace with wages, inflation, and the realities of daily life on Sint Maarten.

The legal basis for the proposal lies in the draft ordinance itself, which gives the Central Bank the power to revise the deposit cap by general binding regulation. Parliament, the motion argues, has both the right and the responsibility to advocate for adjustments that match Sint Maarten’s social and economic circumstances.

If implemented, the change would make it easier for more residents to use formal banking channels, reduce the risks associated with handling cash, and improve transparency in small-scale business transactions. Supporters believe this would advance the island’s broader goals of financial inclusion, fair access, and sound regulation.

The motion, introduced by MP Lacroes, carries the signatures of 13 MPs including MP Lindon Lewis, Ardwell Irion, Darryl York, Artwell Irion, Egbert Doran, Dimar LaBega, Viren Kotai, Sjamira Roseburg, Veronica Jansen-Webster, Chris Wever, Sarah Wescot-Williams, and Franklin Meyers.

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