The Central Bank of Suriname (CBvS) was established by the Bank Act of 1956 and started its activities on April 1, 1957. Since then, this institution has played a central role in the financial and economic development of Suriname. As a monetary authority, the CBvS' main objective is to maintain the purchasing power of the Surinamese dollar (SRD). The Bank is also the supervisor of the financial sector, banker of the commercial banks, cashier and banker of the State, as well as financial advisor to the Government. Since January 10, 2024, the CBvS has also been designated by law as the resolution authority for failing credit institutions. The CBvS is currently working on a number of fundamental reforms of its own organization and of Suriname's financial system. These reforms aim to modernize and improve the efficiency, stability and integrity of the financial system.
MAIN OBJECTIVE
The main objective of the CBvS is laid down in the Central Bank Act 2022 (S.B. 2023 no.65) and included in Article 9:
- The Bank's main objective is to achieve and maintain stability in the value of the monetary unit of Suriname, or price stability.
- Without prejudice to its main objective, the Bank strives to maintain the stability of the financial system, or financial stability.
MANDATE AND TASKS
The mandate of the CBvS is laid down in the Central Bank Act 2022 (S.B. 2023 no.65) and includes the following tasks, as included in Article 10:
- developing and conducting monetary policy;
- providing the cash circulation in Suriname;
- exercising macro-prudential supervision to develop a sound financial system in Suriname in accordance with the applicable statutory regulations;
- exercising micro-prudential supervision of the banking and credit sector, the pension and insurance sector, money exchange transactions and transfers of financial resources to and from abroad and on the capital market, in accordance with the applicable statutory regulations. Supervision focuses partly on corporate governance, soundness of management and the integrity of the institutions active in these sectors and sub-sectors;
- taking measures to restore or resolve weak or failing credit institutions in accordance with the prevailing statutory regulations;
- supervising electronic and other non-cash payment transactions, in accordance with the prevailing statutory regulations;
- promoting the proper functioning of the domestic and foreign payment systems of Suriname.
MISSION
The mission is derived from the tasks of the CBvS and is as follows:
Promoting monetary and financial stability in Suriname to stimulate national socio-economic development.
VISION
The CBvS sets its direction by establishing its vision. With this vision we want to inform all stakeholders about our ambitions and the future vision of the CBvS.
The vision is as follows:
The Bank is an autonomous monetary and financial authority that is respected and contributes in a professional manner to a prosperous Suriname.
The key points of the vision are:
- Autonomous monetary and financial authority;
- Respected;
- Professional;
CORE VALUES
Core values are the most important values of an organization, which partly determine its culture and are also called the moral compass of an organization.
To achieve our vision, the following core values are considered essential for our employees and the organization as a whole:
- Respect;
- Integrity;
- Cost awareness;
- Professionality;
ORGANIZATION
In order to be able to carry out the tasks assigned by law in a technically responsible manner, modern central banks must enjoy a certain degree of autonomy, based on best practices. Practice shows that there is a positive correlation between the degree of autonomy of central banks and the achievement of the price stability objective. Autonomy and a sound and transparent system of checks and balances, accompanied by timely accountability, are crucial components of good governance.
The CBvS is governed by the Executive Board, consisting of the Governor and a minimum of three to a maximum of five Deputy Governors. The Executive Board is chaired by the Governor, who represents the Bank in and out of court. The Governor and the Deputy Governors are appointed by the Government for a period of seven years. The Executive Board reports to the Supervisory Board.
The CBvS has four directorates. In addition, there are departments with a supporting function that report directly to the Governor.
The four directorates are:
- Directorate of Banking and Banking Affairs
- Directorate of Monetary and Economic Affairs
- Directorate of Prudential Supervision
- Directorate of Finance and Operations
As of February 19, 2024, the senior management of the CBvS consists of:
- Maurice Roemer - Governor
- Rakesh Adhin - Deputy Governor of Prudential Supervision/Alternate Governor
- Harry Dorinnie - Deputy Governor of Monetary and Economic Affairs
- Ricky Soedamah - Deputy Governor of Banking and Banking Affairs
As of the same date, the Supervisory Board consists of the following members:
- Dharmradj Parohi - Chairman
- Robbie Poetisi - Vice Chairman
- Fidesha Djemesi - Director
- Eric Feller - Director
- Tulsa Koema-Plein - Director
- Daniël Lachman - Director
- Stanley Mathura - Director
The CBvS offers employment to approximately 435 persons.