Stabilization
"The Central Bank of Suriname places a very high emphasis on stabilizing the economy, the exchange rate, boosting reserves, raising industrial production, increasing exports, stabilizing exports and balancing the overall economy.

“There has been a boom in our commodity prices, but, as I always say, there is no luck without macroeconomic policies.”


Large wage increases
“Excessive wage increases produce an immediate impact on aggregate demand, which can create high inflation, which ultimately is bad for the economy and the people. If history is any guidance, a 66 percent real salary increase in 1996 led to near-hyperinflation and massive devaluations that did not stop until 2001.
The CBvS will do all it can to reverse any impact on aggregate demand, but we need to learn from history to understand and avoid the potential dangers of such abrupt increases in domestic demand.”

“We would begin increasing reserve requirements in the near-term. In addition, the CBvS would move to increase interest rates in the banking system to reduce private sector credit growth. To be clear, all these measures are intended to reduce demand in the private sector, which means reducing investment, growth, and employment in the economy. However, the CBvS would forcefully act to reduce domestic demand as long as necessary to safely maintain annual inflation rates below 4-5 percent. This is ultimately necessary to avoid the need to devalue the exchange rate.”

Capacity building
“The Central Bank currently is involved in a major process of strengthening and modernizing itself, that means, that we’ve been doing a lot on capacity building. At the same time, we say that the Central Bank would function in a more effective way if the institutionalization process is taken the right way.”

Diversification
“There’s a strong call of the government to diversify the economy further, we say that a lot can be done in the agriculture. We can be a major provider of food to the region, and this is the time that we are able to channelize funding, setting up the infrastructure for those sectors that can break our very concentrated production base. If we’re doing it the right way, I think within a couple of years Suriname will be very strong and diversified with good outlets to the region.”

Information
“We try to inform the public as quick as we can on major developments. We always say that when the Central Bank comes out, it has a major impact on the country. Whenever we come out, it’s well rated and thought over, so that we also bring out the right message.”

“It’s a small and open economy, rumors can run quickly, and any word wrongly stated can have a major impact, so we move carefully. We’re always open to answer questions.”

Monetary policies
“I have repeatedly warned that the Central Bank of Suriname will not hesitate to tighten monetary conditions if we see any indication of renewed inflationary pressures.”

Small states
“We are fully aware that Suriname is a small country with limited financial resources, with a small population of just over ½ a million people, and with a highly concentrated economic base. The high dependency of the country on a few key export commodities is the main vulnerability that affects Suriname. We have to moderate this risk through a number of measures, in particular the timely establishment of the Sovereign Wealth Fund, a continued moderation and stability-orientation of macroeconomic policies, and a permanent attention to maintaining manageable debt levels.”

Structural policies
“We face the challenge to ensure sustainable economic development and diversification away from our extractive industries base. We have chosen to invest in our people, in our human capital. We are implementing programs for early childhood cognitive development, and we are running a pilot in after-school programs for inclusive education. Our health programs extend to vulnerable groups and to rural areas. We are also continuing our focus on building a strong infrastructure. We have just completed the renovation of our international airport south of Paramaribo and are completing the northern highway to French Guiana. We are also boosting energy generation to meet the fast growing demands of our economy.”

Financial literacy
“At the Central Bank of Suriname, we are trying to act as a catalyst for knowledge. We have started an ambitious program to train young graduates in various central bank areas, with hands-on experience with policies and cooperation with other institutions and we intend to exchange young trainees with other organizations. We are also pushing beyond the central bank through activities such as financial literacy, an economics training program to educate local journalists, or an awareness seminar on money laundering and combatting the financing of terrorism.”

Exchange RatesMarch 09th and until further notice

Currency Buying Selling
USD 14,018 14,290
EUR 16,628 16,959
GBP 19,396 19,782
ANG 7,699 7,852
AWG 7,784 7,939
BRL 2,438 2,485
TTD 2,063 2,103
BBD 6,907 7,044
XCD 5,190 5,293
PER 100 GYD 6,657 6,790

Gold CertificatesMarch 09th and until further notice

Coupon SRD
5 gram 7.814,97
10 gram 15.629,94
50 gram 78.149,69
100 gram 156.299,39
500 gram 781.496,94
1000 gram 1562993,88
Gold LME: USD 1.701,00 /tr.oz.

Inflation

    Average End-of-period
2013   1.9 0.6
2014   3.4 3.9
2015   6.9 25.1
2016   55.5 52.4
2017   22.0  9.2 
2018   6.8# 5.4 
2019   4.4#  4.2 
2020   34.9 60.8
2021   59.1  60.7 
2022   52.4 54.6
       
2021   Month-to-month Year-to-year
Jan   2.6 63.8
Feb   1.3 61.9
Mar   2.1 50.4
Apr   3.5 44.4
May   4.2 43.6
Jun   10.8 54.0
Jul   5.7 58.9
Aug   11.6 74.4
Sep   1.3 69.5
Oct   1.5 60.6
Nov   3.3 63.4
Dec   1.3 60.7
       
2022   Month-to-month Year-to-year
Jan   3.1 61.5
Feb   1.7 62.1
Mar   2.2 62.2
Apr   1.9 59.8
May   2.7 57.5
Jun   9.1 55.1
Jul   1.7 49.2
Aug   4.0 39.1
Sep   3.3 41.9
Oct   6.5 49.0
Nov   3.7 49.5
Dec*   4.7 54.6

*) Preliminary figures

# 10-months inflation (Computations without data for May and June)

 

Weighted Average RatesFebruary 02 - 15:00h (Transfers)

Currency Buying Selling
USD 32.192 32.376
EUR 34.755 35.081
GBP 39.616 40.392
ANG 17.688 18.035
AWG 17.884 18.235
BRL 6.448 6.574
TTD 4.754 4.848
BBD 15.869 16.180
XCD 11.923 12.157
PER 100 GYD 15.297 15.597
CNY 4.788 4.882

Weighted Average RatesFebruary 02 - 15:00h (Banknotes)

Currency Buying Selling
USD 32.088 32.482
EUR 33.387 33.626
GBP 39.488 40.270
ANG 17.631 17.980
AWG 17.827 18.180
BRL 6.427 6.554
TTD 4.739 4.833
BBD 15.818 16.131
XCD 11.884 12.120
PER 100 GYD 15.247 15.549
CNY 4.773 4.867

Gold CertificatesFebruary 02

Coupon SRD
5 gram 20.046,92
10 gram 40.093,84
50 gram 200.469,20
100 gram 400.938,41
500 gram 2.004.692,03
1000 gram 4.009.384,05
Gold LBMA USD 1.925,90 /tr.oz.

Weighted Average Accepted
OMO Rate

Auction ID Auction Date Rate (%)
CBTD230201-1W 2023-02-01 47,9
CBTD230125-1W 2023-01-25 49,4
CBTD230118-1W 2023-01-18 59,7
CBTD230111-1W 2023-01-11 73,9

Standing Lending Facility Interest Rate

Auction ID Auction Date Rate (%)
CBTD230201-1W 2023-02-01 57,5
CBTD230125-1W 2023-01-25 59,3
CBTD230118-1W 2023-01-18 71,6
CBTD230111-1W 2023-01-11 88,7
Balance sheet

Inflation

    Average End-of-period
2013   1.9 0.6
2014   3.4 3.9
2015   6.9 25.1
2016   55.5 52.4
2017   22.0  9.2 
2018   6.8# 5.4 
2019   4.4#  4.2 
2020   34.9 60.8
2021   59.1  60.7 
2022   52.4 54.6
       
2021   Month-to-month Year-to-year
Jan   2.6 63.8
Feb   1.3 61.9
Mar   2.1 50.4
Apr   3.5 44.4
May   4.2 43.6
Jun   10.8 54.0
Jul   5.7 58.9
Aug   11.6 74.4
Sep   1.3 69.5
Oct   1.5 60.6
Nov   3.3 63.4
Dec   1.3 60.7
       
2022   Month-to-month Year-to-year
Jan   3.1 61.5
Feb   1.7 62.1
Mar   2.2 62.2
Apr   1.9 59.8
May   2.7 57.5
Jun   9.1 55.1
Jul   1.7 49.2
Aug   4.0 39.1
Sep   3.3 41.9
Oct   6.5 49.0
Nov   3.7 49.5
Dec*   4.7 54.6

*) Preliminary figures

# 10-months inflation (Computations without data for May and June)