What is Aruban Florin (AWG)?

Aruban Florin (AWG)

The Aruban Florin (AWG) is the legal tender of Aruba, a popular tourist destination situated in the southern Caribbean Sea. This currency was introduced in 1986 to replace the Netherlands Antillean Guilder, reflecting Aruba's desire for greater economic independence. The Florin is subdivided into 100 cents, making it easy to understand and use for everyday transactions.

The symbol for the Aruban Florin is often represented as 'Afl' or simply 'ƒ', which is derived from the word 'Florin.' The currency is known for its stability, largely due to Aruba's strong tourism-driven economy and its fixed exchange rate policy with the United States dollar (USD). This stability attracts foreign investments and supports the overall economic environment of the island.

Banknotes of the Aruban Florin are available in denominations of 10, 20, 50, and 100 Florins, while coins come in denominations of 1, 5, 10, 25 cents, and 1 and 5 Florins. The designs on the banknotes feature iconic symbols and images that reflect Aruba's rich cultural heritage and natural beauty, including its flora and fauna, historical figures, and traditional crafts.

In everyday use, the Aruban Florin is commonly accepted in various establishments, including hotels, restaurants, shops, and markets. While the Florin is the official currency, many businesses also accept US dollars, especially in tourist areas, making it convenient for visitors who may not wish to exchange their money.

The Central Bank of Aruba plays a crucial role in managing the currency, ensuring its availability and stability in the market. This involves regulating the money supply and implementing monetary policy to support economic growth. Additionally, the bank is responsible for maintaining the integrity and security of the banknotes and coins.

Overall, the Aruban Florin is more than just a medium of exchange; it represents the unique identity of Aruba and its aspirations for economic growth and sustainability in a globalized world. Understanding its value and function is essential for anyone engaging with the local economy, whether for tourism or business purposes.