Click here for an overview of the Suriname's Business Environment.

In its First Semi-Annual Report for 2013 (2013-I) the Central Bank of Suriname reports that the global economic situation had not changed much since the last semi-annual report was published (2012-II). However, international financial institutions had revised the growth prospects downwards, as they considered the risk of the reversal of the monetary policy stimulus in the United States real.

Click here for the Suriname Semi-Annual Report CBvS 2013-I

Click here for the Suriname Semi-Annual Report CBvS 2013-I.

The global economic situation did not change much during the first half of 2013 since the last semi-annual report was published. An overall downward revision of growth prospects by international financial institutions signaled the still existing downside risks. Growth declined in most major economies, as well as in the larger emerging economies. This has led to a decline in global demand, which in turn was largely responsible for downward pressure on commodity prices.

The Surinamese economy was affected by the decline in international commodity prices in the first half of 2013. Production and export volumes declined in Suriname’s commodity export sectors. As a result, foreign exchange and fiscal revenue from the mining sector fell. Agricultural production and exports were also affected by unfavorable prices. However, ongoing capital investments in the oil and mining sectors were not affected. Together with a strong domestic demand this resulted in an increase in imports. The Central Bank maintained a stable exchange rate by supplying foreign exchange to the banking system. Inflation has continued to decelerate.

The fiscal deficit widened in the first half of 2013 as mining revenue declined and public expenditure increased. Debt financing notwithstanding, government debt has remained manageable and within its statutory limits.

Banking sector credit has continued to grow and tertiary sectors have remained the prime beneficiaries. Financial soundness indicators illustrate that the banking sector is sufficiently capitalized, reasonably profitable, and liquid.

In a press conference on Sunday 15 September, Governor Gillmore Hoefdraad explained: (a) the status of the economy, (b) the government’s proposed spending cuts, (c) the credit policy of the banks in the past few months, (d) new monetary policy measures, and (e) agreements with players in the currency market. 

Read more: Monetary measures per September 2013

Click here for the Suriname Semi-Annual Report CBvS 2012-II.

Suriname has experienced high growth rates in the past; yet the country has been plagued by boom and bust cycles, which have mainly stemmed from volatility in the income from mining. The economy is very dependent on exports of bauxite and oil, and more recently, gold in addition. As international prices for these commodities have gone up and down, so did the revenue for the country. The first impact has always been delivered on the government finances, and deficits emerged.

Read more: Recent Macroeconomic Stabilization

Click here for the Selected Macroeconomic Indicators

Suriname is rapidly capturing the attention of the global community from impressive economic performance and an ambitious social economic policy agenda.

Read more: Macro-economic Policy Overview

Contract signed between CBvS and Inclusive Resource Management Ltd.(Pvt) Consultancy

The Islamic Development Bank has awarded the Centrale Bank van Suriname (CBvS) to conduct the project “Technical Assistance for the Central Bank of Suriname for the improvement in regulatory environment for Islamic Banking and Finance”.

The technical assistance that will be provided to the CBvS will contribute in the maintenance of the required professional skills, expertise and technical resources that are needed to train and guide designated employees in the supervision of financial institutes that are based on Islamic Banking and Finance in Suriname.

The procurement procedures that were used to select the consultant were based on the standard request for proposals by the Islamic Development Bank. At the start of the recruitment process, thirteen local and international consultants applied and were invited, to indicate their interest in providing these services. Hereafter six consultants were selected on the bases of the minimum requirements. At the end four consultants received the request to submit a technical and financial proposal. In these proposals they had to present their, expertise, strategy and work plan to conduct this task. These were carefully assessed by the examination committee of the CBvS which led to the selection of the consultant “Inclusive Resource Management (Pvt.) Ltd.”.

The contract signing took place on Friday October 2, 2020 and the kick start meeting was on Monday October 5, 2020. Having done this, we now look forward to working together to achieve the expected objectives for not only the CBvS Bank but also Suriname.

Paramaribo, October 8th 2020

CENTRALE BANK VAN SURINAME