Aruban Florin

Overview

The Aruban Florin is pegged to the US Dollar at 1.79 Florin = 1 USD. The Central Bank of Aruba issues the currerncy. Aruba is a 33-km long island in the southern Caribbean Sea, 27 km north of the coast of Venezuela and approximately 130 km east of the peninsula of Guajira in Colombia. Together with Bonaire and Curacao, it is part of a group known as the ABC islands of the Leeward Antilles, the southern island chain of the Lesser Antilles.

Economy

• Aruba enjoys one of the highest living standards in the Caribbean region and has a low unemployment rate.
• Tourism and related activities account for about 75% of Aruba’s GNP. Most tourists are from Venezuela or the United States.
• Before the “Status Aparte”, when Aruba became a separate, completely autonomous country/state in the kingdom of the Netherlands, oil processing was the dominant industry in spite of the expanding tourism sector.
• Today the influence of the oil processing business is minimal. The agricultural and manufacturing sectors are also minimal.

History

• In 1986, the Aruban Florin replaced the Netherlands Antillean Guilder, inheriting its peg to the United States Dollar. Coins were introduced in denominations of 5, 10, 25 and 50 cents, as well as 1 and 2½ guilders. Later, the 5-florin note was replaced by a square coin and the 2½ guilder coin was discontinued.
• In 2005 the 5-florin note was replaced by a gold coin. All coins are struck in nickel-steel except the 5-guilder, which is a combination of copper and other metals. The 50-cent coin is the only square coin and is also known as the Yotin.