Veiligheidselementen die op alle bank­biljetten voorkomen

  1. 2-kleuren in elkaar grijpende Guilloche-patronen
  2. 3-kleuren tastbare diepdruk
  3. goud-iriserende strook
  4. latente afbeelding “SR$” wordt zichtbaar als het biljet schuin wordt gehouden
  5. watermerk met tekst “CBvS”
  6. doorzichtvenster (perfecte aansluiting voor- en achterzijde)
  7. reliëfdruk t.b.v. visueel gehan- dicapten
  8. zichtbare vezels
  9. holografische strook
  10. van kleur veranderende veilig- heidsdraad met “SRD”-tekst
  11. verstevigde randen en hoeken voor meer duurzaamheid

 

Veiligheidselementen op hoge coupures

  1. metallieke drukplaatinkt
  2. optisch variabele inkt

 

Uitwerking elementen

3. iriserende gouden strook   4. latente afbeelding
Een optisch variabele strook met de letters “CBvS” krijgt een iriserende gouden kleur wanneer het biljet gekanteld wordt. “SR$” wordt zichtbaar wanneer het biljet schuin bij een lichtbron wordt gehouden
5. Watermerk   6. doorzichtvenster
Een veelkleurige afbeelding van het gebouw van de Centrale Bank is in het papier zichtbaar wanneer het biljet tegen het licht gehouden wordt. Corresponderende patronen aan beide kanten van biljet sluiten precies op elkaar aan en vormen samen het logo van de Centrale Bank als het biljet tegen het licht gehouden wordt.
7. reliëfdruk t.b.v. visueel gehandicapten   8. Zichtbare Vezels
Een serie symbolen in relië verhoogt de tastbaarheid, zodat het makkelijker is voor visueel gehandicapten om het biljet te herkennen. Willekeurig gespreide rode en groene vezels zijn zichtbaar in het papier van iedere denominatie.
9. Holografische Strook   10. van kleur veranderende veiligheidsdraad met “SRD”-tekst.
De holografische strook loopt in de lengte over het bankbiljet en verandert van kleur wanneer hij bekeken wordt vanuit verschillende hoeken. De kleur van de gevensterde veiligheidsdraad verandert wanneer hij bekeken wordt vanuit verschillende hoeken.
11. verstevigde randen en hoeken voor meer duurzaamheid   13. Optische Variabele Inkt
De randen en hoeken van het bankbiljet zijn op onzichtbare wijze verstevigd zodat de biljetten langer meegaan. Hiervan verandert de kleur afhankelijk van de hoek waaronder het biljet bekeken wordt.
Date Name  Author
WP/19/01 Towards Financial Inclusion: An Assessment for Suriname Nancy Fraser, Cherique MacDonald & Gavin Ooft
     
WP/18/04 Modelling and Forecasting Inflation for the Economy of Suriname Gavin Ooft
     
WP/18/03 A Monthly Economic Activity Index System for Suriname    Sailesh Bhaghoe
     
WP/18/02 The Impact of Value Added Tax on Economic Growth - Can Suriname draw a Lesson from Value Added Tax in the Caribbean? Albert W. Mungroo
     
WP/18/01 Financial Resource Curse:  the Role of Commodity Price Shocks in Suriname Jennilee Brunings, Xanegay Huur, Peggy Tjon Kie Sim-Balker
     
WP/17/01 Strategic Assets Allocation for the Saving and Stabilization Fund of Suriname (SSFS) D. Wondel
     
WP/16/03 Inflation and Economic Activity in Suriname Gavin Ooft
     
WP/16/02 The Impact of the Foreign Exchange Market and Exchange Rate Policy on the Trade Balance in Suriname 1971-2012 Janice Narain
     
WP/16/01 Determining a Debt Threshold for Suriname - Is there an Optimal Level? Peggy Tjon Kie Sim-Balker & Albert Mungroo
     
WP/14/04 Financial Development in Suriname and its Relationship with Economic Growth Nancy Ong-A-Kwie-Jurgens & Daniel Boamah
     
WP/14/02 Twin Deficits in Suriname: An Empirical Analysis Peggy Tjon Kie Sim-Balker Albert Mungroo, Natalie Piqué-Lont & Gavin Ooft
     
WP/14/01 Measuring the impact of Suriname’s Monetary Policy on the Business Cycle: 1970-2012 Nancy Ong a Kwie & Ansjela-Devi Bhagwandin
     
WP/13/04 Government Expenditure in Suriname: A stimulus or impediment to growth Albert Mungroo, Gavin Ooft & Peggy Tjon Kie Sim-Balker
     
WP/13/03 Human Capital Development & Economic Growth in Suriname Gavin Ooft & Karel Eckhorst
     
WP/13/02 The Feasibility of Open Market Operations in Suriname: The pass-through of the policy interest rate Nancy Ong a Kwie & Natalie Pique
     
WP/13/01 Towards an Inflation Targeting Framework for Suriname Nancy Fraser & Ansjela-Devi Bhagwandin
WP/12/04 The International Investment Position of Suriname Rosminie Warsosemito
     
WP/12/03 The money demand function in Suriname Sanjay Gaurisankar & Nancy Ong A Kwie-Jurgens
     
WP/12/02 Tourism and Agricultural intersectoral linkages in Suriname 1980-2010 Karel Eckhorst & Daniëlla Wondel
     
WP/12/01 Coping with Financial Dollarization in Suriname Rakesh Adhin
     
WP/11/01 Short-Run and Long-Run Relationship between Money and Prices: The Case of Suriname Sanjay Gaurisankar with Saira Jahangir-Abdoelrahman, Karel Eckhorst, Wendy Amatali-Sisal, Rosminie Warsosemito, Daniëlla Wondel

 

GENERAL

The basis of the supervisory task of the Centrale Bank van Suriname (henceforth referred to as CBvS) is laid down in Article 9 of the Central Bank Act 2022 (Official Gazette 2022 no. 65). According to this article, the CBvS has, among other things, the task of supervising the banking and credit system, the pension and insurance system, the exchange of money and the transfer of financial resources to and from abroad, against the background of the applicable legal regulations. The supervision focuses on the soundness and integrity of the institutions in these sectors and sub-sectors. 

 

The Prudential Supervision Directorate is responsible for the prudential and integrity supervision of financial institutions. This directorate consists of a secretariat and the Pension Funds Supervision Department, Banking Supervision, Money Transfer Offices Supervision and Capital Market Supervision Department, Insurance Supervision Department, Credit Union Supervision Department, Financial Stability Department and Staff Unit.

 

The Pension Funds and Provident Funds Act (Official Gazette 2005 no. 75) forms the basis for the supervision of voluntary pension schemes, including pension funds and provident funds. The technical implementation of the supervision of pension funds and provident funds has been delegated to the Pension Funds Supervision Department. The names of the supervised pension funds and provident funds are published in the first half of January of each year in the Advertising Gazette of the Republic of Suriname according to the situation as at 31 December of the previous year. 

Supervision of pension and provident funds includes:

  • prudential supervision that focuses on the financial structure, expertise and integrity of board members of institutions and therefore on protecting the interests and increasing the trust of the participants in their institution and the funds entrusted to the institution.
  • the integrity supervision that focuses on:
    • a “clean” and honest pension sector by tackling financial and economic crime;
    • managing integrity risks at supervised institutions;
    • fit and proper board members who, based on a code of conduct, formulate responsible policy for their institutions. 

The intent is through adequate supervision mitigate the risk of institutions getting into difficulties, as well as the sector as a whole, as a result of, among other things, money laundering activities, financing of terrorism and/or corruption, as well as insolvency. 

In accordance with the Act to prevent and combat Money Laundering and Terrorist Financing – Official Gazette 2022 no. 138 (henceforth referred to as WMTF), the CBvS conducts AML/CFT supervision, part of the integrity supervision, on all financial institutions. In this context, the Pension Fund Supervision Department supervises all pension funds and provident funds, including the General Pension Fund, which does not fall under the prudential supervision of the CBvS. 

In this context, the CBvS has issued the guideline “Regulation Code of Conduct for Pension funds and Provident Funds” and, pursuant to the provisions of the WMTF, the “AML/CFT and Corruption directive for Pension funds and Provident Funds”.

 

Integrity risk management includes preventing involvement in criminal activities including, but not limited to, money laundering, financing terrorism and other violations of the WMTF or acting contrary to generally accepted standards.

 

The starting point of the CBvS is that integrity risk management promotes ethical behavior and an ethical corporate culture. To prevent conflicts of interest, integrity risk management should be included in the institutions' code of conduct.

 

Necessary to know 

What is a pension fund?

According to the Pension Funds and Provident Funds Act a pension fund is an institution affiliated with one or more companies, in which funds are collected for the benefit of persons affiliated with the company or companies for the purpose of securing retirement. 

What is a provident fund?

According to the Pension Funds and Provident Funds Act, a provident fund is an institution associated with one or more companies, in which funds are collected for the benefit of persons associated with those companies to save for purposes of providing a one-off payment by way of old-age provision.

Establishment of a pension fund or provident fund

The establishment of a pension fund or provident fund must be done according to legal procedures. It is recommended to follow this process carefully. The employer must report the pension commitment to the CBvS. The board of pension funds or provident funds must also register the pension fund or provident fund with the CBvS within 3 months after its establishment by means of a registration form. Below is an overview of the obligations of this process: 

What legal form should the pension fund or provident fund have?

Pension funds and provident funds must have the legal form of a foundation under Surinamese law.

 

When must a pension fund or provident fund be registered with the CBvS?

The board of a pension fund or provident fund is obliged to register the pension fund or provident fund with the CBvS within 3 months after its establishment.

When must the board of the pension fund or provident fund submit a request to the CBvS for the issue of a declaration of no objection?

When registering, the board of a pension or provident fund submits a request to the CBvS for the issue of a declaration of no objection to be allowed to operate as a pension fund or provident fund.

Which documents must be submitted when registering a pension fund or provident fund (in formation)?

The documents to be submitted are as follows.

  • A copy of the deed of incorporation or the statutes;
  • Proof of registration in the Foundation Register;
  • A copy of the articles of association and regulations certified by the board;
  • A copy, certified by the board, of the agreement regarding the arrangement regarding the payment of the contributions.

Where should the notification of the establishment of a pension fund or provident fund be made?

The notification of the establishment of a pension fund or provident fund should be made to the CBvS.

Which provisions must the articles of association and the (pension) regulations of the pension fund or provident fund contain as a minimum?

The articles of association and the regulations of a pension fund or provident fund must at least contain provisions that comply with the provisions of the Pension Funds and Provident Funds Act.

What information is also required by the CBvS during the same period of this process?

The following information is required by the CBvS:

  • Statement of the actuary charged with the actuarial activities for the benefit of the pension fund, if the pension fund have all or part of its obligations under own management.
  • Statement of the external auditor charged with auditing the annual accounts.
  • Statement of the administrator of the pension fund or provident fund.
  • Statement of the persons with signing power, stating the respective authorization rights.

 

Declaration of no objection

If the pension fund or provident fund has been registered with the CBvS, a request must also be made to the CBvS, on the basis of the Pension Funds and Provident Funds Act, for the issuance of a declaration of no objection. 

Pursuant to the legal provisions, the CBvS decides on the request to issue a declaration of no objection within 3 months after receipt of the required data, evidence and information. 

The decision is notified by the CBvS to the pension fund or provident fund by registered letter. 

For the purpose of the aforementioned process, the “Guideline for the supervision and issuance of a declaration of no objection for pension funds and provident funds” has been issued.

 

Testing fit and proper of board members

In accordance with the Pension Funds and Provident Funds Act, the CBvS tests the board members of a pension fund or provident fund who determine or help determining the policy on their expertise and integrity. Lower requirements are set for a provident fund with regard to expertise. 

When will the assessment take place and which persons?

The assessment takes place when the board of a starting pension fund or provident fund registers or when registering prospective board members and if current board members from existing pension funds and provident funds apply for re-election. 

Which documents are required?

The following documents are required under the Pension Funds and Provident Funds Act:

  • The curriculum vitae
  • A statement from the Attorney General regarding the antecedents
  • A recent extract from the population register
  • A recent matching photo
  • A recent nationality statement
  • A copy of the identity card
  • The fully completed application form

 

This assessment takes place on the basis of the “Guideline regarding requirements for board members in the field of integrity and expertise”.

 

The supervision of pension funds or provident funds 

Off - site inspection

The off-site inspection can be described as the processing, analysis and assessment of information or reports from the pension or provident funds, the findings of which act as a signal for possible problems, grouped by risk areas. 

On-site inspection

On-site inspection is carried out, among other things, at a pension fund or provident fund based on (the extent of) identified risks to which the pension fund or provident fund is exposed or red flags that have been identified during the off-site inspection. The operational management of the institution is assessed on site, among other things on the basis of the documentation made available. 

Periodic meetings

These discussions take place if the CBvS deems it necessary or at the request of a pension fund or provident fund and have the following objectives:

  • To inform board members of responsibilities and accountability when accepting the position of board member.
  • Keeping abreast of developments within the pension fund or provident fund.
  • To assist the pension fund or provident fund in all kinds of matters.
  • Discuss observed developments directly with the board of the pension fund or provident fund to prevent (insurmountable) problems.

 

End of supervision 

Settlement of pension funds or provident funds

If a pension fund or provident fund has achieved its goal or will no longer achieve its goal, it is necessary to have this institution terminated. A pension fund or provident fund can be dissolved by administrative decision or by a decision of the sub-district court judge. After all formalities as included in the articles of association as well as the rules of the Pension Funds and Provident Funds Act and the CBvS have been complied with, the supervision can be terminated, after which the pension fund or provident fund can be closed, followed by the deregistration of the pension fund or provident fund from the Foundation Register.

General

The Centrale Bank van Suriname (CBS) strives to maintain the stability of the financial system, as stated in Article 9 of the Central Bank Act 2022. It aims to achieve this goal by carrying out the supervisory tasks stated in Article 10 of the aforementioned law. According to this article, the CBS has, among other tasks, the duty of supervising the banking and credit system, the pension and insurance system, currency exchange providers, money transfer remittances from and to foreign countries and the capital market, with the applicable legislation and regulations taken into account. Supervision focuses on the soundness and integrity of the institutions in these sectors, for which the Supervision Directorate is responsible.

 

This Directorate consists of:

  • a secretariat;
  • a Staff Unit;
  • the Credit Union Supervision Department;
  • the Pension Funds Supervision Department;
  • the Banking, Money Transaction Offices and Capital Markets Supervision Department;
  • the Insurance Supervision Department;
  • the Financial Stability Department.

 

The Banking and Credit System Supervision Act 2011 (BCSS 2011) forms the basis for the technical implementation of the supervision on credit institutions. According to the BCSS 2011, a credit institution is a legal person whose business mainly consists of obtaining immediately or repayable funds, whether or not in the form of savings or against the issue of one or more types of debt securities, and the extension of loans or investments on its own account. Based on this definition, credit unions are classified as credit institutions and supervision on credit unions has been delegated to the Credit Union Supervision Department.

 

Considering the definition, a credit union is more than a financial institution. A credit union is a democratically managed organization on a cooperative basis and does not have a profit as main goal. Members pay an entrance fee to become a member. This enables the members to take ownership of the credit unions and grants them the right to elect a Board that sets the policy. An executive director may also be appointed.

Subsequently, the names of the supervised Credit Unions are published annually in the first half of January in the National Gazette Of The Republic Of Suriname.

 

Establishment of a credit union

The establishment of a credit union must be done through a legal process.

Pursuant to the BCSS 2011, a license from the CBS is required to carry out the activities of a credit union, with the legal form of a cooperative association. With regard to Article 3 of the BCSS 2011, this license must be requested from the CBS by registered letter.

 

In addition, the documentation listed in Article 3 of the BCSS 2011 must be submitted for approval of the CBS. Besides, the documents mentioned in Article 3, the CBS may also require further information to be provided. Articles 2, 4 to 11 must also be considered for the establishment of a credit union. Furthermore, The Cooperative Associations Act 2017, the Annual Accounts Act 2017 and the Act on preventing and combating Money Laundering and Terrorism Financing 2022 must also be taken into account.

 

The license application process

Before a credit union is established, documents will have to be prepared. This may take some time. In addition, a Board must be formed consisting of at least five members. A Supervisory Committee (supervisory body) will also have to be formed. Only members of the credit union can staff these bodies. The names and functions of these persons must also be provided to the Bank. In accordance with Article 19 paragraph 2 of the BCSS 2011, permission from the CBS is required for the staffing of the aforementioned bodies. Before permission is granted, the members of the Board and the Supervisory Committee and if present the director will undergo a fit and proper test, in which the availability and time, the importance of the institution and independence, professional competence, financial soundness, personal characteristics and the integrity are tested by completing an application. Also, assessment and introductory interviews are held.

 

Furthermore, a preliminary investigation must be carried out, demonstrating that the credit union will be viable. The results of this investigation must be included in a business plan, among other things. This plan should also include the following:

  • The goal and vision, including the need for establishment, activities and target groups.
  • The staffing.
  • The segregation of duties (front office, back office, internal audit and compliance officer).
  • An organization chart.
  • The procedure regarding the manner and frequency of reporting to management.
  • A minimum number of members of 250 to establish a viable credit union.
  • Financial projections for the first three years of operation, consisting of a balance sheet, income statement and cash flow statement. This must also include a forecast of the expected solvency and liquidity position in accordance with the applicable standards of the CBS.
  • Risk management process (including automation and security).
  • The competitive position of the credit union.
  • Name of the external auditor.

 

After all documentation is submitted in accordance with Article 3 of the BCSS 2011, the CBS will proceed with the assessment. Furthermore, costs will be charged with regard to the license application.

 

When the documents have been approved and the members of the Board and the Supervisory Committee have received permission from the CBS, the license is issued by means of an order.

 

Hereafter, the credit union will have to comply with the monthly/quarterly and annual reporting obligation. Credit unions are also institutions of public interest, which means that annual accounts must be prepared in accordance with the Annual Accounts Act 2017.

 

Supervision on credit unions

The supervision on credit unions consists of:

  • prudential supervision that focuses on the financial structure. The aim is to create a healthy credit union sector in order to protect the entrusted funds and to enhance the trust of the members in the institutions;
  • integrity supervision that focuses on:
    • corporate governance (good governance), which relates to honest and expert directors, who formulate and implement responsible policy for the institutions based on provided guidelines;
    • combating Money Laundering and Terrorism Financing (ML/FT). The aim here is to provide credit unions with a minimum framework to adequately and proactively combat ML/FT by identifying, assessing, investigating and taking actions to mitigate these risks.

 

Furthermore, supervision is conducted through off-site monitoring and on-site inspections:

  • Off-site monitoring

After a credit union is granted a license to, the institution must report on a regular basis, in a form prescribed by the CBS (off-site monitoring). The off-site monitoring consists of analyzing these reports, which is carried out periodically (monthly, quarterly, semi-annually, annually) based on the prescribed reporting statements, instructions and guidelines. The results of these analyses act as a warning signal for possible problems, whereas, it may be necessary to write a letter or arrange a meeting. In addition, periodic meetings are held with the aim of keeping the supervisor abreast of developments within the institutions.

 

  • On-site inspection

During the on-site inspections, the business operation and management of the institution are assessed on the spot based on its books and records. The basis of this is the off-site monitoring.

 

Termination of supervision

Liquidation of a credit union

If a credit union is no longer viable and/or will no longer achieve its purpose, it must be liquidated. A credit union can be dissolved by administrative decision or by a decision of the sub district court. Once all formalities have been complied with, in accordance with the laws and regulations as well as the articles of association, the supervision is terminated and the credit union is dissolved, followed by the removal of the credit union from the register of the CBS.

De hedendaagse financiële markten, ontwikkelen zich snel. Waar men vroeger gewend was goederen en diensten in contanten te betalen, zijn er tegenwoordig verschillende kredietproducten, zoals creditcards, betaalpassen en elektronische mogelijkheden. Er worden steeds meer financiële producten en diensten op de markt gebracht, waaruit de consumenten moeten kiezen. Gezien deze ontwikkelingen in de moderne samenleving, kan het ontbreken van financiële geletterdheid zeer schadelijk zijn voor het financiële succes van een individu op de lange termijn. Onwetendheid over het gebruik van de financiële producten en diensten kan leiden tot een aantal valkuilen, zoals het niet in staat zijn krediet terug te betalen, fraude, faillissement, verlies van woning of bedrijf en andere negatieve gevolgen. De Centrale Bank van Suriname vindt het daarom ook belangrijk haar consumenten financiële educatie aan te bieden en hen hierdoor financiële kennis bij te brengen, teneinde hen in staat te stellen verantwoorde beslissingen over hun persoonlijk financiën te nemen. Als onderdeel van haar financiële educatie beleid zal de Bank In de komende weken financiële begrippen behorend bij een specifiek thema posten op haar sociale media.

 

Klik op onderstaande thema's voor de specifieke begrippen. 

      

      

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
2022   52.4 54.6
       
2023   Month-to-month Year-to-year
Jan   3.7 55.6
Feb   3.2 57.9
Mar   3.2 59.6
Apr   5.7 65.4
May   2.4 65.0
Jun   2.3 54.6
Jul   3.0 56.6
Aug   2.0 53.5
Sep   1.5 50.8
Oct   1.0 42.9
Nov   0.6 38.7
Dec   0.1 32.6
       
2024   Month-to-month Year-to-year
Jan   0.9 29.0
Feb*   0.4 25.4

*) Preliminary figures

 

 

Weighted Average RatesMarch 28 - 15:00h (Transfers)

Currency Buying Selling
USD 34.932 35.252
EUR 37.492 38.178
GBP 44.164 45.030
ANG 19.193 19.570
AWG 19.407 19.787
BRL 6.989 7.126
TTD 5.162 5.263
BBD 17.220 17.558
XCD 12.938 13.191
GYD PER 100 16.599 16.924
CNY 4.833 4.927

Weighted Average RatesMarch 28 - 15:00h (Banknotes)

Currency Buying Selling
USD 34.562 34.799
EUR 35.862 36.532
GBP 43.697 44.562
ANG 18.990 19.366
AWG 19.201 19.581
BRL 6.915 7.052
TTD 5.108 5.209
BBD 17.038 17.375
XCD 12.801 13.054
GYD PER 100 16.423 16.748
CNY 4.782 4.876

Gold CertificatesMarch 28

Coupon SRD
5 gram 24.851,56
10 gram 49.703,13
50 gram 248.515,63
100 gram 497.031,27
500 gram 2.485.156,35
1000 gram 4.970.312,69
Gold LBMA USD 2.192,70 / tr.oz

Weighted Average Accepted
OMO Rate

Auction ID Auction Date Rate (%)
CBTD240327-1W 2024-03-27 37,2
CBTD240320-1W 2024-03-20 37,3
CBTD240313-1W 2024-03-13 35,8
CBTD240306-1W 2024-03-06 31,8

Standing Lending Facility Interest Rate

Auction ID Auction Date Rate (%)
CBTD240327-1W 2024-03-27 44,6
CBTD240320-1W 2024-03-20 44,8
CBTD240313-1W 2024-03-13 43,0
CBTD240306-1W 2024-03-06 38,2
Balance sheet

Inflation

    Average End-of-period
2022   52.4 54.6
       
2023   Month-to-month Year-to-year
Jan   3.7 55.6
Feb   3.2 57.9
Mar   3.2 59.6
Apr   5.7 65.4
May   2.4 65.0
Jun   2.3 54.6
Jul   3.0 56.6
Aug   2.0 53.5
Sep   1.5 50.8
Oct   1.0 42.9
Nov   0.6 38.7
Dec   0.1 32.6
       
2024   Month-to-month Year-to-year
Jan   0.9 29.0
Feb*   0.4 25.4

*) Preliminary figures