There are five main laws governing Suriname’s financial sector: (1) the Bank Act 1956, (2) the Banking and Credit System Supervision Act 2011, (3) the Pension and Provident Fund Act 2005, (4) the Banking and Credit System Supervision Act 1968 (for insurance companies), and (5) the Foreign Exchange Houses and Money Transfer Companies Act 2012.

The Bank Act establishes the CBvS as one of Suriname´s monetary authorities and the country's governing body in monetary and economic affairs. This Act also charges the CBvS with the prime objective of promoting the value and stability of the currency of Suriname.

Click here for the Bank Act

The Bank Act, moreover, establishes the CBvS as the supervisor of the banking and credit system, a task that was expanded by amendment of article 9 in 2005, to explicitly include the pension funds, insurance companies, foreign exchange houses and money transfer companies.

The Bank Act and the Supervision Act empower the CBvS to employ several monetary instruments, such as credit ceilings, reserve requirements, discount facilities and open market operations. The Bank Act has been subject to several amendments, the latest in May 2005. In the context of prudential supervision the CBvS can set standards for, inter alia, liquidity, solvency, and corporate governance.

The Supervision Act, approved in November 2011 by Parliament, replaces the old Banking and Credit System Supervision Act of 1968, which was amended in November 1986. The current Supervision Act governs the depository corporations (banks, investment companies, finance companies, and credit unions). The old Supervision Act, however, still applies to the insurance sector, pending the preparation of a new act for this subsector.
The Pension and Provident Fund Act of 2005 is the main law governing Suriname's pension funds.

The Act for supervision of foreign exchange houses and money transfer companies was approved in October 2012. Prior to the approval of this Act the CBvS only had regulations in place for foreign exchange houses regarding their daily operations and reporting requirements to the CBvS. With this new Act the supervisory tools to regulate the foreign exchange houses and money transfer companies have been broadened enabling the CBvS to implement a more structured supervision in this area.