Aruban guilder / florin (AWG)

The Aruban guilder (also called florin), denoted by AWG, is the official currency of Aruba. It is divided into 100 cents and its best-known coin is the uniquely squared shape 50-cent "yotin" coin. The guilder has held a peg to the US Dollar since 1986 at the exchange rate of 1.79 AWG to 1 USD. The guilder may not be exchanged outside of Aruba.

Political Structure

The head of state in Aruba is the ruling monarch of the Netherlands, who is represented in Aruba by a governor serving a six-year term. The governor oversees the formation of local government, which is headed by a prime minister and legislated by a seven-member Council of Ministers (the latter of which is comprised of 21 members from various island districts). Aruba handles its own internal affairs such as customs and immigration, aviation, communication, and the like - however, Holland maintains jurisdiction over defense and foreign affairs.

Prominent Figures

Governor: Fredis Refenjol

Prime Minister: Nelson Oduber

President of Central Bank of Aruba: R. Henriquez

Unique Characteristics

Out of the whole Caribbean region, Aruba maintains one of the highest standards of living. The country has both low poverty and low unemployment rates. The one downside, however, is that low unemployment rates combined with the expansion of the oil and tourism industry have led to many jobs remaining unfilled, even with large wage increases.

Key Economic Factors

Tourism:

Tourism is extremely important to Aruba's small, open economy, as it accounts for about 50% of Aruba's Gross National Product. The Americas, mainly the United States, provide the bulk of Aruba's tourists, with the U.S. also being Aruba's largest trading partner. The September 11th terrorist attacks caused a dip in the inflow of tourists from the U.S.,

however, that has been brought back to normal, as Americans are more willing to travel years later. As the tourism industry has been continuously expanding, this has triggered growth in other sectors such as construction, which has created a hotel capacity that is five times what it was in 1985.

Oil:

Another important part of Aruba's economy is oil refining and storage. Even with the expansion of the tourism sector, oil processing remains the leading industry in Aruba. In 1993, Aruba reopened its oil refinery, which in turn spurred growth and became an important source of employment and foreign exchange earnings.

source: gocurrency.com