The Market Operations & Payments (MOP) Division consists of two departments: the Market Operations Department and the Payments Department. The Market Operations Department is responsible for managing the Countries’ foreign exchange reserves as well as the CBCS’s local investments. This department is also tasked with the issuance of bonds by the governments of Curaçao and Sint Maarten, and with handling the registration of outstanding bonds and arranging payments. In collaboration with the Payments Department, the Market Operations Department implements the CBCS’s monetary policy. The Payments Department is responsible for managing the (RTGS, ACH and IPS) national payment systems. This department also executes payments on behalf of the CBCS. Furthermore, it conducts payment-related research and ensures that the systems are in compliance with international standards.