The Central Bank of Suriname is trying to act as a catalyst for knowledge. The central bank has started an ambitious program to train young graduates in various central bank areas, with hands-on experience with policies and cooperation with other institutions. We intend to also exchange young trainees with other organizations.
We are also pushing beyond the central bank through activities such as:
- The start-up of a financial literacy program for the financial sector
- Financial education for SME
- An economics training program to educate local journalists
- An awareness seminar on money laundering and combating the financing of terrorism for public sector managers
1. Financial Literacy Program
The Central Bank of Suriname joined the OECD as a regular member of the OECD International Network on Financial Education (INFE) in January 2013.
This membership is important for the Central Bank especially because we want to support the financial literacy of Suriname’s society. The Central Bank of Suriname strongly believes that a financial literate population will impact all aspects of society in a favourable manner, which will lift the social wellbeing and thus impact the overall social-economic development. The OECD has gained extensive knowledge and experience over the years in several countries, which will be helpful for the local implementation of financial education programs.
One of the first highlights in this regard was the hosting of the IV Conference on Economic and Financial Education on December 6th and 7th 2012 in Paramaribo, in cooperation with the Center for Latin American Monetary Studies (CEMLA) and OECD.
Moreover, the Central Bank of Suriname is already in the process of developing a financial literacy-training program for several target groups. We work with the supply side of financial products as well as with the demand side, or consumers.
Training for the supply side, or servicers:
- We are setting up a project “Suriname Financial Campus” in cooperation with Welten (A Dutch based company) with a basic curriculum in financial services for employees in the financial sector
Training for the demand side, or consumers:
- The general public
- Youth and children
- Women
- Small and Medium Scale Entrepreneurs
- Journalists
- Public sector managers
2. Financial education for Small and Medium Enterprises
To support the growth of the private sectors, mainly small and medium enterprises, the Central Bank invests in a train the trainer program. The program is expected to start in 2013.
The goal of the program is to train people from the field in subjects like budgeting, investing, credit possibilities, et cetera. The trainers will be selected in consultation with, for example, local NGOs and institutes or organisations that are already represented in these sectors.
The initial three target groups are people working in the:
- Agricultural sector
- Small-scale gold mining
- Tourism
More groups could be included as needed.
3. Economics training program for journalists
From March 4 to 8, 2013 the Central Bank organised the second economics training for local journalists, with support of the IMF and Reuters. The first economics workshop for journalists was in January 2011.
Due to Suriname’s prudent macroeconomic policy and the start of financial sector policy reforms, both local and international reports on the status of the economy are coming in, for example the upgrades by three different rating agencies. The higher intensity of news articles and thus a need for comprehensive economic reporting became evident. Evaluation showed the economics training was helpful in upgrading the economic reporting skills of participants.
Experts from the Central Bank of Suriname educated the journalists on the main macro economic indicators and how to interpret these statistics; they spoke about the role of the Central Bank, its supervision and the legal aspects. Moreover the speakers gave an overview of Suriname’s macro economic situation and outlook.
International experts from Reuters and IMF explained the role of journalists in economic news reporting as well as how to write comprehensive economic reports for a news outlet. Reuters went into detail about public finance and reporting on currencies, governments bonds and debt crises. The IMF explained their role and gave an economic outlook for the Caribbean and Suriname.
The Central Bank committed itself to further educate key stakeholders on economic subjects. The Financial literacy program is one of the examples of a broad based education program for society. Also, the Central Bank will engage journalists in their future activities in a more accessible manner.
4. Anti-money laundering seminar for Public Sector Managers
On November 28th and 29th 2012 the Central Bank of Suriname, with support of the IMF, organised a seminar on money laundering and combating the financing of terrorism. Representatives of local financial institutes like banks; insurance companies and money exchangers have participated in this two-day event.
The seminar was a direct result of the amendment to the law “Reporting Unusual Transactions” which was passed by parliament at August 2012. Also, the Central Bank wants to support local financial institutes by providing them the knowledge and tools to upgrade their efficiency and enable the servicers to ensure their customers safe products. This seminar was strengthening for the key players in the financial sector on the impacts of this law.
The main subject of the seminar was the recent revised suggestions of the Financial Action Task Force (FATF), a UN organisation. National and international experts explained the changed insights, the implications for Suriname and the integration with our local legislation.
Last year the following laws were passed by parliament in this regard:
- Law Reporting Unusual Transactions (August 2012)
- Law Obligatory Identification for Servicers
- Law Control on Money Transaction Offices (October 2012)
- Permission to enter into the ‘International Convention for the Suppression of the Financing of Terrorism ‘ (October 2012)
In fact, Suriname received international recognition at the Plenary Meeting of the CFATF on November 14th and 15th 2012 at the British Virgin Islands for its endeavours to prevent money laundering and the combating of terrorism financing.