Role of the Central Bank of Suriname
The Central Bank of Suriname (‘The Central Bank’) opened its doors on the 1st of April 1957 and has ever since fulfilled an important role in the Surinamese economy.
The Central Bank is assigned several tasks as provided in the Bank Act of 1956 (Prevailing Text S.B. 173 of 2010). The Central Bank’s duties are as follows:
- promoting stability in the value of the Surinamese currency;
- attending to the circulation of money in Suriname with respect to banknotes and facilitating non-cash payments; (the circulation of coins -1, 10, 25, 100, 250 cents – and of banknotes denominations SRD1,= and SRD 2,50 is authorized to the Ministry of Finance);
- promoting the development of a sound banking and credit sector in Suriname;
- supervising the banking and credit sector, the pension and insurance sector, currency exchange operations, and transfers of financial resources from and to other countries, all on the basis of the applicable provisions of law; supervision is also aimed at ensuring the integrity of the institutions active in these sectors and sub-sectors;
- promoting and facilitating payment transactions by Suriname with other countries; and
- promoting the balanced socio-economic development of Suriname.
Supervision of financial institutions
An important task of the Central Bank is the supervision of the banking, credit union, insurance, and pension systems. The Central Bank shall ensure that banks, insurers, pension funds and other financial services providers are solid companies that can meet their current and future obligations to clients. Supervision focuses on optimal protection of the interests of consumers of financial services (natural persons and businesses). The Central Bank, as a one peak supervisor, in particular monitors the type of products offered in the market and also ensures the smooth operation of payment systems. One of the main objectives of this supervision is the protection of the interests of the participants. The Central Bank issues Directives on various aspects of their supervision.
Country financial information and ratings are presented by the Central Bank at their website.