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.

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Report 2020

Introduction 

The Government of Suriname is committed to continuously improving its understanding of its Money Laundering (“ML”), Terrorism Financing (“TF”) and Proliferation Financing (“PF”) risks and is in the process of strengthening its AML/CTF framework and developing policies and strategies to effectively mitigate these risks. 

Suriname’s second National Risk Assessment (“NRA 2.0”) built upon the conclusions identified in its first ever National Risk Assessment (“NRA 1.0”), which was supervised by the Organization of American States (“OAS”) and was conducted between 2019 and 2021. With the execution of NRA 2.0, Suriname is implementing its obligations under the Financial Action Task Force (“FATF”) Recommendation 1, which states that “Countries should identify, assess and understand the money laundering and terrorism financing risks to the country and take action, including designating an authority or mechanism to coordinate actions to assess risks, and dedicating resources aimed at ensuring that risks are effectively limited. Based on that assessment, countries should apply a risk-based approach (RBA) to ensure that measures to prevent or mitigate money laundering and terrorism financing are proportionate to the risks identified.” 

The purpose of NRA 2.0, is to enable Suriname to increase its understanding of Money Laundering (“ML”) risk, including those related to legal persons. It also covers the areas of Terrorism Financing (“TF”) and Proliferation Financing (“PF”), which were not broadly covered in NRA 1.0. The NRA 2.0 covers the period from 2021 to 2023, with reference to recently implemented laws and regulations up to July 2024. This exercise and the resulting report serve as a means by which Suriname can identify, assess and understand its risks related to ML, TF and PF, and, using the NRA 2.0 as a basis, adopt a risk-based approach by prioritizing actions to mitigate or manage these risks as per FATF Recommendation 1. 

Since the completion of NRA 1.0 a significant development in Suriname was the enactment of the Prevention and Combating of Money Laundering and Terrorism Financing Act (“WMFT”), which was promulgated on 19 November 2022 and recent amendments to the Penal Code, which criminalize money laundering and terrorism financing. This legislation clarifies the roles of various bodies responsible for AML/CTF policy and grants them relevant additional powers to bring them in line with the requirements of the FATF Standards. Additionally, the law formally establishes and specifies the pivotal role of the establishment of an Anti- Money Laundering Steering Council (“ASC”), which acts as the national mechanism for coordinating measures to counter ML, TF and PF at the highest policy level. The ASC is ultimately responsible for the conclusions of NRA 2.0 and monitoring and delivering the related actions. 

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MEAI bulletin mrt 2021 pdf version

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

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 5^th Edition of the Balance of Payments Manual (BPM5) issued in 1993. The 6^th 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

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