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Notice of Release 2020 Regional Financial Stability Report
Notice of Release 2020
Regional Financial Stability Report
The Regional Financial Stability Coordinating Council (FRSCC) is pleased to announce the release of the 2020 Regional Financial Stability Report. This edition of the Regional Financial Stability Report (RFSR) was produced in the midst of the COVID-19 pandemic. The economic, financial and social fallout from the pandemic and the policy responses to address the ongoing crisis have defined the efforts of the monetary and regulatory authorities to maintain financial stability in the Caribbean. The pandemic is still unfolding and continues to cause global economic and financial disruptions. The 2020 Report covers several areas that are required to comprehensively assess the stability of the financial system in the Caribbean.
Follow link to access the "Regional Financial Stability Report 2020":
Report 2020
Suriname and the IMF Reach Staff-Level Agreement
Suriname and the IMF Reach Staff-Level Agreement on the Second Review of the Extended Arrangement Under the Extended Fund Facility
May 18, 2023
- The IMF staff team and Surinamese authorities reached a staff-level agreement on the second review of the authorities’ economic recovery program supported by the Extended Fund Facility (EFF). The review is subject to approval by the IMF’s Executive Board.
- Suriname’s economy continues its slow post-pandemic recovery, but the shock of higher commodity and food prices in the second half of 2022 on the Suriname’s import-dependent economy compounded significant pre-existing policy challenges and eroded performance under the program. The economic environment remains fragile, with rapid exchange rate depreciation and high inflation imposing a heavy burden on the society.
- The Surinamese authorities have made concerted efforts to bring the program back on track. The government’s near-term priority is to implement a prudent fiscal policy that is consistent with stabilizing the economy while protecting vulnerable households and supporting growth-enhancing investment.
Communiqué - Government Debt Restructuring - 02-06-2021
Today, the government of Suriname has announced the proposed modalities of the restructuring of its external debt. The objective is to bring this debt back on a sustainable path, which will benefit the economy of Suriname and its people.
Another smaller part of public debt is owed to Surinamese residents. The Government and the Central Bank of Suriname are determined to make sure that the interests of local creditors are secured in a way that does not endanger banking and financial stability.
The safety of our domestic financial system is also a priority of the International Monetary Fund, which will assist Suriname in its economic program for recovery and growth.
CENTRALE BANK VAN SURINAME
June 2nd, 2021
Communiqué - External Sector Statistics - 18-01-2021
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
Cash Reserves of the Commercial Banks
Monthly Economic Activity Index bulletin September 2019
Monthly Economic Activity Index bulletin July 2019
Monthly Economic Activity Index bulletin May 2019
Central Bank of Suriname conducted CEMLA Financial-economic Education Experiment
Communiqué-Issue of money shipment to the next phase April 25, 2019 April 25, 2019
April 25, 2019 Communiqué-Issue of money shipment to the next phase
Suriname has been experiencing the adverse effects of the cessation of regular money shipments for a long time, after a shipment was unexpectedly seized by the Dutch public prosecution service last year April. The earlier mentioned effects are shortage of cash us dollars and a surplus of cash euros and a negative influence on the exchange rate.
The time has come that the central bank and the commercial banks have unanimously decided to request the Dutch court to remove the order to seize the shipment.
The banks, which have never been designated as suspects, have fully cooperated with the investigation and have tried to resolve the matter in consultation with the Dutch public prosecution service.
However, the Dutch public prosecution service appeared to have insufficient ear for the arguments of the banks and for the negative impact on the Surinamese economy. That is why the matter is now being referred to the court. the team of lawyers awaits the outcome with confidence because the originally stated ground of the seizure has expired and there is no other reasonable ground for continuation of the seizure.
Besides removing the order of the current seizure, the banks are working towards a solution for future money shipments so they can resume in the foreseeable future and the monetary situation normalizes.
Central Bank of Suriname
April 25, 2019
Announcement- Central Bank facilitates payments for the public March 18, 2019
18th of March 2019 ANNOUNCEMENT- CENTRAL BANK FACILITATES PAYMENTS FOR THE PUBLIC
The Centrale Bank van Suriname, in consultation with the commercial banks, has made arrangements that should result in the preservation and increase of confidence in the Surinamese dollar. The managements of the banks have promised their support to the policy actions of the Central Bank.
One of the arrangements is that account holders and clients no longer have to pay any transaction costs on cash deposits and withdrawals in Surinamese dollars. On the other hand, the Central Bank stopped the costs of SRD transactions that it charged the banks for its services.
Earlier the public was obliged to prove the origin of the cash with deposits from USD 3,000 and EUR 3,000, with underlying documents. Deposits in foreign currencies are stimulated by the measure that from now on amounts of USD 5,000 and Euro 5,000 must be given a declaration of origin. Furthermore, the commercial banks have been strongly encouraged to minimize transaction costs for cash deposits in euros.
Suriname is known as a so-called "cash economy", because, compared to other countries, payment for goods and services still occur in cash most of the time but to keep up with international developments and obligations, changes must be made to our payment system. The Central Bank strongly urges the public to make use of the various options of cashless payments, which commercial banks offer, as much as possible.
Central Bank of Suriname
March 18, 2019