The Statistics Department (STA) of the Central Bank of Suriname (the Bank) is responsible for the compilation of the External Sector Statistics (ESS) e.g. the balance of payments and international reserves of Suriname. The ESS are compiled in line with internationally accepted guidelines of the International Monetary Fund (IMF), namely the Balance of Payments Manual.
Until recently, the Bank compiled and reported the ESS according to the 5th Edition of the Balance of Payments Manual (BPM5) issued in 1993. The 6th edition of the Manual (BPM6) was published by the IMF in 2009.
The Bank has followed a gradual process to integrally adjust and improve the ESS in order to meet the BPM6 requirements. Although countries were recommended to execute the implementation in phases, the IMF started publishing the data reported by member countries in the BPM6 format in 2012. The IMF has thus carried out a mechanical conversion of the data from the BPM5 to BPM6 format.
The changes in the BPM6 compared to the BPM5 largely refer to the way increases and decreases are presented, terminology and re-classification with shifts mainly in the goods and services account of the balance of payments. In addition, the financial account in the BPM6 version is presented on a net basis for both assets and liabilities and transactions of foreign investments are classified according to the relationship between the parent and subsidiaries or sister companies.
The Bank has fully completed the transition from the BPM5 to the BPM6, and is now proceeding to publish the ESS according to the BPM6 format. In addition to the conversion, recommendations from the IMF to further improve the quality of the ESS have also been implemented in the new data series.
To familiarize data users with the new presentation, the Bank will publish the ESS for the period 2017-2020 in both the BPM5 and BPM6 format. Starting with the ESS of the first quarter of 2021, the Bank will only compile and publish the statistics in the BPM6 version. The associated metadata, i.e. a description of the compilation of the statistics, will also be updated accordingly.
Publication of the ESS according to the BPM6 format promotes the international comparability of Suriname's ESS and harmonizes it with the most recent international statistical standards.
The balance of payment as part of the ESS provides valuable information about Suriname's imports, exports, foreign investments, foreign loans and interest payments and amortization, and international reserves.
The Bank is willing to provide further clarification to data users if needed. Requests for clarification sessions can be directed to the Bank via This email address is being protected from spambots. You need JavaScript enabled to view it..
Centrale Bank van Suriname
January, 18th 2021