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Governor Hoefdraad delivers the opening speech at the financial stability seminar.

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  COSTA DO SAUÍPE, BAHIA, BRAZIL

March 29, 2014

Written statement by the Governor for Suriname

Gillmore Hoefdraad

1. I would like to take this opportunity to thank the Brazilian Government for hosting this annual event. I am grateful that you are making our stay so pleasant and fruitful.

Read more: Annual meeting of the Board of Governors of Inter-American Development Bank

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

IMF team praises authorities’ policies during the 2013 consultation visit

The IMF team working on Suriname has just completed the visit for its annual consultation process. The team noted the high quality and openness of the discussions and the remarkable progress that Suriname has achieved in the last 3 years to maintain strong and stable growth and modernize its public sector.

Read more: Suriname: IMF 2013 Article IV Consultation: Preliminary Conclusions (July 2013)

Gold is part of Suriname’s international reserves. A respectable part of our national income is derived from gold stemming from our own extraction activities. Suriname exports most of that gold. However, keeping a large portion of international reserve in the form of gold could be disadvantageous, because of the price fluctuations on the international markets. A sustained drop in the price of gold could result in large losses.

Read more: Investment approach CBvS: Gold reserves and risk control

Standard & Poor’s TV broadcast explains why they upgraded Suriname’s outlook to positive.

Source: Standard & Poor’s TV Broadcast on YouTube

Standard & Poor's Ratings Services announced on Thursday April 25th 2013 that it has revised Suriname's credit rating outlook upward from stable to positive.

Read more: Suriname's macroeconomic outlook rated positive

Suriname is about to establish its own sovereign wealth fund, named the Savings and Stabilization Fund Suriname (SSFS). Suriname is blessed with an abundance of natural resources, but these are finite and nonrenewable. Prices for mining have been unstable in the past, showing large fluctuations. One of the benefits of the SSFS is that the country can be protected from the boom and bust cycles that have plagued us in the past. Establishing the SSFS is necessary because in the past the revenues from mining have fluctuated substantially.

Read more: Draft legislation on Suriname’s sovereign wealth fund send to Parliament

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.

Read more: Central Bank starts ambitious financial education program